July 19, 2024
Italy Peptide Receptor Radionuclide Therapy (PRRT) Market

The Booming Biotechnology Industry Is Anticipated To Open Up The New Avenue For Italy Peptide Receptor Radionuclide Therapy (PRRT) Market

Peptide receptor radionuclide therapy (PRRT) is a form of radiotherapy treatment that combines targeted radiotherapy with chemotherapy. It involves administering radiolabelled peptides that bind to specific receptors on cancer cells. Some of the commonly used radiolabelled peptides in PRRT include octreotide, lanreotide, and pentetreotide, which bind somatostatin receptors expressed on neuroendocrine tumors. PRRT has shown effectiveness in treating cancers such as neuroendocrine tumors, prostate cancer, and renal cancer.

 

The Italy Peptide Receptor Radionuclide Therapy (PRRT) Market is estimated to be valued at US$ 591.83 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:
Rising prevalence of neuroendocrine tumors and other cancers treatable with PRRT is a key factor driving the Italy PRRT market growth. According to the Italian Association of Medical Oncology (AIOM), the incidence rate of neuroendocrine tumors in Italy is 5.86 cases per 100,000 inhabitants. Furthermore, more than 6,000 new cases of neuroendocrine tumors are diagnosed every year in Italy. Growing adoption of targeted radionuclide therapy over conventional chemotherapy owing to its higher efficacy with fewer side effects is also boosting the market growth. Additionally, increasing R&D investments by key players for development of more effective radiolabelled peptides is expected to provide lucrative opportunities for market expansion over the forecast period.

Segment Analysis
The Italy Peptide Receptor Radionuclide Therapy (PRRT) market comprises the neuroendocrine tumors (NETs) and other solid tumors segments. The NETs segment currently dominates the market and accounts for over 70% market share. This is because PRRT is widely used for treatment of NETs as it is safer and more effective than other treatment options and leads to better patient outcomes for advanced cases of NETs.

PEST Analysis
Political: The Italian government actively supports healthcare modernization and has introduced favorable regulations to approve new radiopharmaceuticals which has boosted domestic PRRT adoption.
Economic: Growing per capita healthcare spending in Italy and rising incidence of cancer has increased demand for advanced treatments like PRRT.
Social: Rising awareness among patients and physicians about benefits of PRRT for NETs and other tumors have positively influenced the market growth.
Technological: Advancements in radiopharmaceutical preparation and optimized patient dosage regimens have enhanced clinical efficacy and safety of PRRT.

Key Takeaways
The Global Italy Peptide Receptor Radionuclide Therapy (PRRT) Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing incidence of neuroendocrine tumors.

The Northern region of Italy currently dominates the market and accounts for over 40% share due to strong diagnostic infrastructure and availability of specialized cancer centers in the area.

Key players operating in the Italy Peptide Receptor Radionuclide Therapy (PRRT) market include Advanced Accelerator Applications (AAA), Novartis, IPEN and ANM. AAA holds over 55% market share on the back of its differentiated product portfolio and widespread brand presence across Italy.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it