The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 3,462.8 million in 2021 and is expected to exhibit a CAGR of 6.0% over the forecast period of 2021-2028, according to a new report published by Coherent Market Insights. The market is witnessing significant growth due to the increasing demand for targeted cancer therapies. Oncology radiopharmaceuticals play a crucial role in cancer diagnosis and treatment by using radioactive substances to target and destroy cancer cells.
One of the major obstacles in the market is the high cost associated with the development and production of radiopharmaceuticals. Additionally, regulatory challenges and complex reimbursement policies also act as hindrances for market growth. However, technological advancements in imaging techniques and the growing prevalence of cancer worldwide are driving the demand for oncology radiopharmaceuticals.
Market key trends:
A key trend in the oncology radiopharmaceuticals market is the increasing preference for theranostics. Theranostics refers to the use of diagnostic tests to identify specific targets in tumors and then delivering personalized targeted therapies based on the results. This approach allows for a more precise and effective treatment of cancer.
For example, Lutetium-177 PSMA therapy is being extensively used for the treatment of metastatic castration-resistant prostate cancer (mCRPC). It combines the diagnostic capabilities of PSMA PET/CT scans with targeted therapy using Lutetium-177 labeled PSMA. This theranostic approach not only helps in accurately detecting and staging tumors but also in providing an effective treatment option.
The Oncology Radiopharmaceuticals Market Growth is segmented based on the type of cancer indication. Among these segments, the prostate cancer indication is dominating the market. Prostate cancer is one of the most commonly diagnosed cancers in men and the demand for targeted therapies for the treatment of this cancer is increasing significantly.
Prostate-specific membrane antigen (PSMis an emerging target for radionuclide therapy in prostate cancer. PSMA-targeted radiopharmaceuticals, such as Lutetium-177 PSMA therapy, have shown promising results in clinical trials and are gaining traction in the market. These therapies have been found to improve overall survival rates and quality of life in patients with metastatic castration-resistant prostate cancer.
The global oncology radiopharmaceuticals market is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period. This growth can be attributed to various factors, including increasing adoption of targeted cancer therapies and advancements in imaging techniques. The market is also driven by factors such as rising prevalence of cancer globally and the growing demand for personalized medicine.
In terms of regional analysis, North America is the fastest-growing and dominating region in the oncology radiopharmaceuticals market. The presence of well-established healthcare infrastructure, increasing investment in research and development activities, and high adoption rate of advanced cancer treatments contribute to the region’s growth.
Key players operating in the global oncology radiopharmaceuticals market include Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., International Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health. These companies are focusing on strategic collaborations, partnerships, and acquisitions to strengthen their market position and expand their product offerings.