by The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 45% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Oncology radiopharmaceuticals are radioisotopes conjugated or attached to peptides, monoclonal antibodies or small molecules that target and kill cancer cells. They combine the properties of radiotherapy and chemotherapy with minimal side effects thereby enabling personalized treatment approach for cancer.
Market key trends
One of the key trends in the market is the increasing demand for targeted alpha therapy as an alternative to chemotherapy and external beam radiation therapy. Targeted alpha therapy helps deliver alpha emitting radioisotopes directly to tumor cells reducing radiation exposure to healthy tissues. Further, development of theranostic radiotracers which can be used for both imaging and targeted radionuclide therapy is also expected to drive the market growth. Growing awareness regarding benefits of nuclear medicine and increasing preference for non-invasive treatment options for cancer are some other factors fueling the market expansion over the forecast period.
SWOT Analysis
Strength: Oncology radiopharmaceuticals play a crucial role in the diagnosis and treatment of cancer. They help detect cancer at an early stage and provide targeted radiation therapy with minimal side effects. This improves clinical outcomes and quality of life for patients.
Weakness: High cost of imaging equipment and radiopharmaceuticals poses significant financial barriers, especially in developing countries. Over-reliance on import of critical radioisotopes also affects supply chain stability.
Opportunity: Rising cancer burden worldwide along with increasing affordability and accessibility of precision cancer care present a massive market opportunity. Technological advancements in drug development and digital healthcare further expand the scope of personalized radiotherapy solutions.
Threats: Stringent regulatory approvals and inventory management of short-lived radioisotopes pose operational challenges. Substitutes like externally delivered radiation also compete for market share. Intense competition and price erosion can squeeze profit margins.
Key Takeaways
Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth, exhibiting CAGR of 45% over the forecast period, due to increasing cancer prevalence globally. Factors such as growing geriatric population, unhealthy lifestyles, increased accessibility to advanced diagnostics are driving the cancer incidence rates higher.
Regional analysis: North America dominated the market and held largest market share in 2023. However, Asia Pacific region is expected to witness fastest growth during forecast period owing to rapid economic development, rising healthcare investments and expansion of healthcare infrastructures in major markets like India and China. Large patient pool and growing cancer awareness also boosts the regional market.
Key players operating in the oncology radiopharmaceuticals are 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. Major players are focused on developing innovative radiotracers and imaging agents through strategic collaborations with research institutes to strengthen their product portfolio and market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
