July 13, 2024
Radiopharmaceuticals in Nuclear Medicine Market

The increasing applications of radiopharmaceuticals in Nuclear Medicine is anticipated to openup the new avenue for Radiopharmaceuticals in Nuclear Medicine Market

The Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 9115.96 Mn or Billion 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 Overview:

Radiopharmaceuticals are radioactive pharmaceuticals used as tracers in nuclear medicine functional imaging technologies such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT). They are applicable across diverse clinical areas such as cardiology, neurology, and oncology to diagnose and examine the functioning of tissues and organs. Commonly used radiopharmaceuticals are technetium-99m (Tc-99m), fluorine-18, iodine-123, iodine-131, gallium-67, thallium-201, yttrium-90.

Market Dynamics:

Increasing incidence of cancer and cardiovascular diseases are the primary factors fueling the growth of Radiopharmaceuticals in Nuclear Medicine Market. It is estimated that 1.8 million new cancer cases will be diagnosed in the U.S. in 2023, thereby increasing the demand for diagnostic radiotracers used for cancer imaging. Furthermore, the increasing R&D investments by key players for developing new radiotracers with better sensitivity and specificity is also propelling the market growth. However, short half-life of radiopharmaceuticals requiring on-site production and restrictions over radioactive waste disposal may hamper the market growth.
The developing economies offer significant growth opportunities for players due to increased healthcare expenditure and growing public awareness.

Segment Analysis

The radiopharmaceuticals market in nuclear medicine can be segmented into diagnostic and therapeutic radiopharmaceuticals. Diagnostic radiopharmaceuticals dominate the market currently, accounting for over 70% share. This is because diagnostic nuclear imaging has become the gold standard for non-invasive diagnosis of various diseases. SPECT radiotracers like Tc-99m account for the bulk of the diagnostic radiopharmaceuticals market.

PEST Analysis

Political: Governments across regions are taking initiatives to boost nuclear medicine infrastructure and reimbursement policies to increase access to radiopharmaceuticals. Economic: The cost-effectiveness of nuclear medicine procedures compared to other diagnostic imaging modalities is driving the market growth. Social: Rising prevalence of cancer, cardiac & neurological diseases is increasing the demand for radiopharmaceuticals for diagnosis and treatment. Technological: Advancements in radiotracers development, equipment and imaging techniques are expanding clinical applications of nuclear medicine.

Key Takeaways

The Global Radiopharmaceuticals In Nuclear Medicine Market Size is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases.

North America dominates the market currently owing to presence of advanced healthcare infrastructure and favorable reimbursement scenario. Asia Pacific is expected to witness the fastest growth during the forecast period driven by growing medical tourism industry and rising healthcare expenditure.

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. Key players are focusing on new product launches and strategic collaborations to expand their market share.

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