April 24, 2024

Oncology Radiopharmaceuticals Market Expected To Be Flourished By Increasing Adoption Of Theranostics

Oncology radiopharmaceuticals are radioactive compounds used in the diagnosis and treatment of cancer. They localize selectively in tumors or move through the body in the same way as naturally occurring substances. Some key product types include PET radiopharmaceuticals and therapeutic radiopharmaceuticals. PET imaging agents are invaluable for the staging and recurrence monitoring of cancers like lymphoma, melanoma, and lung cancers. Therapeutic radiopharmaceuticals deliver targeted radiation to tumors for palliative pain relief or as an alternative to other cancer therapies.

The global Oncology Radiopharmaceuticals Market is estimated to be valued at Us$ 7,351 Million in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing adoption of theranostics represents a major driver for the oncology radiopharmaceuticals market, as referenced in the heading. Theranostics involves using the same compound for both diagnosis and treatment by pairing a radioactive tracer molecule with a targeting molecule such as an antibody. This allows personalized diagnosis and treatment for each patient. For example, combining PSMA-targeted PET imaging agents with radiolabeled PSMA therapy provides a theranostic approach for prostate cancer. The use of theranostics simplifies clinical pathways, improves patient outcomes, and boosts the clinical potential of radiopharmaceuticals.

Another key driver is the rising incidence and prevalence of cancer globally. According to the International Agency for Research on Cancer (IARC), the global burden of cancer is estimated to rise from 19.3 million new cases per year in 2020 to 28.4 million by 2040. This growing cancer population will necessitate higher diagnostic testing and therapeutic interventions, fueling demand for nuclear oncology solutions like radiopharmaceuticals.

Segment Analysis

The global oncology radiopharmaceuticals market is dominated by the diagnostic segment, which holds a share of over 80%. Within diagnostics, positron emission tomography (PET) scans dominate as they help detect cancer at an early stage with high accuracy and help monitor cancer treatment. PET scans use radioactive tracers that are injected into the body and accumulate in tumors and other tissues. This allows physicians to see the tumors and affected areas in great detail.

PEST Analysis

Political: Governments across countries have increased funding for cancer research and treatment. This is promoting the development and usage of advanced diagnostics and therapeutics including radiopharmaceuticals.

Economic: Rising healthcare spending on cancer by governments and individuals is driving the demand for cost-effective radiopharmaceuticals. As cancer treatment and diagnosis becomes more personalized, radiopharmaceuticals are seeing higher uptake.

Social: Growing cancer prevalence coupled with increasing awareness about early detection and treatment is propelling the adoption of radiopharmaceuticals across applications. People are more willing to undergo nuclear imaging scans for accurate diagnosis and evaluation of treatment response.

Technological: Continuous investments in research are enabling product innovations. Companies are developing new types of radioactive tracers, better imaging devices, and combination products to widen the scope of application of radiopharmaceuticals in multi-modality diagnostic and therapeutic procedures.

Key Takeaways

The Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global oncology radiopharmaceuticals market is estimated to be valued at US$ 7,351 million in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

 

Regional analysis:

 

North America currently dominates the global market due to factors such as rising healthcare spending, fast regulatory approvals, and technological advancements. However, Asia Pacific is emerging as the fastest growing regional market with growing cancer prevalence and healthcare infrastructure development in countries like China and India.

 

Key players:

 

Key players operating in the oncology radiopharmaceuticals market are Bayer AG, IBA Radiopharma Solutions, Eczacıbaşı-Monrol Nuclear Products, Novartis AG, and Advanced Accelerator Applications. They are focusing on expanding their product portfolios and enhancing manufacturing and distribution networks across regions to strengthen market presence.

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