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Market Overview:
Radiopharmaceuticals are radioactive compounds used in nuclear medicine for both diagnostic and therapeutic purposes. Diagnostic radiopharmaceuticals help physicians diagnose and evaluate medical conditions like cancer, heart disease, gastrointestinal, endocrine, neurological disorders and other abnormalities within the body using imaging scans. Radiopharmaceuticals such as Technetium (Tc-99m), Iodine (I-131), Gallium (Ga-67) and more are used with imaging modalities Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT) and others to form radiotracers. These radiotracers temporarily concentrate in specific organs, bones or tissues and enable detection of abnormalities. PET and SPECT are commonly used as non-invasive imaging techniques especially for cancer diagnosis and staging. Therapeutic radiopharmaceuticals containing radioisotopes like iodine, strontium, yttrium and lutetium are used for targeted radiotherapy of cancer. They deliver radiation directly to the tumor without affecting surrounding healthy tissues.
The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 6,700.5 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The radiopharmaceuticals market is expected to witness significant growth during the forecast period owing to increasing incidences of cancer and cardiac ailments. Growing geriatric population, rising adoption of PET and SPECT scans for early disease diagnosis, and technological advancements in radiotracers increasing diagnostic accuracy are some other factors driving market growth. Moreover, increasing recognition of targeted radionuclide therapy for treatment of various cancers including prostate, brain and neuroendocrine tumors is further propelling demand for therapeutic radiotracers. However, short half-lives of radiotracers necessitating on-site production and stringent regulations for production and use of radiopharmaceuticals remain key challenges. Ongoing research for development of radiotracers with improved specificity, stability and reduced radiation dose is also expected to offer lucrative growth opportunities in the market.
Porter’s Analysis
Threat of new entrants: The radiopharmaceutical industry requires huge R&D investments and regulatory approvals which make the entry difficult for new players in this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market is dominated by few big players. The switching costs are also low for buyers.
Bargaining power of suppliers: The suppliers have low bargaining power due to the presence of many global suppliers for raw materials.
Threat of new substitutes: There are limited substitutes for radiopharmaceuticals used in nuclear medicine procedures.
Competitive rivalry: The competitive rivalry is high among the existing players to gain major market share.
Key Takeaways
The global Radiopharmaceuticals in Nuclear Medicine market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of cancer & cardiac ailments.
The North American region is expected to dominate the global market during the forecast period owing to increasing healthcare spending and presence of major market players in the region.
Key players operating in the Radiopharmaceuticals in Nuclear Medicine market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
