Radiopharmaceuticals Market Size to Gain Traction of US$ 8.5 Billion, Growth Opportunities by 2031
Radiopharmaceuticals Market: Introduction
According to the report, the global radiopharmaceuticals market was valued at US$ 3.9 Bn in 2020 and is projected to expand at a CAGR of 7.3% from 2021 to 2031. The market declined in 2020 due to COVID-19 outbreak. Radiopharmaceuticals include a group of radioactive agents used for either diagnostic or therapeutic interventions. Radiopharmaceuticals compounds used for diagnostic interventions usually either emit beta particles (positrons or electrons) or gamma rays, while compounds that emit Auger electrons or alpha particles are used generally for therapeutic interventions. When radiopharmaceuticals are used for diagnostic purposes, the drugs are known as “tracers.” Diagnostic radiopharmaceuticals contain smaller amounts of radiation than those used for treatment.
Increase in Application of Radiopharmaceuticals Compounds as Imaging Agents in Non-oncology Conditions to Drive Market
Clinical applications of positron emission tomography/computed tomography (PET-CT) with the glucose analogue 2-[fluorine 18] fluoro-2-deoxy-D-glucose (FDG) radiopharmaceuticals compound are spreading beyond oncology. Apart from its high usage in clinical oncology, FDG PET-CT is widely used in various non-oncologic specialties such as cardiology, neurology, and cognitive neuroscience. In several centers, cardiac FDG PET is becoming the gold standard for assessment of myocardial viability. In patients with cardiac sarcoidosis, FDG PET has proven useful as a follow-up tool for disease monitoring. This is likely to drive the global market.
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Technetium-99m to Dominate Global Market
The global radiopharmaceuticals market has been segmented based on compound, indication, system, and end-user. In terms of compound, the global radiopharmaceuticals market has been classified into fluorine-18 derivatives, tc-99, Lu-177, Ga-68, Zr-89, 11C-choline, 14C-urea, and others. The tc-99 segment is anticipated to account for major share of the global market by 2031 due to lower price and easy production process. Moreover, the compound is suitable for imaging the thyroid, lacrimal glands, vascular perfusion, pulmonary perfusion, bones, myocardial, etc.
Oncology to be Key Indication
Based on indication, the global radiopharmaceuticals market has been categorized into oncology, neurology, cardiology, and others. The oncology segment is expected to expand at a high CAGR during the forecast period due to increase in demand for radiopharmaceuticals agents for better treatment access in oncology across the globe.
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Hospitals to be Major End User
In terms of end-user, the global radiopharmaceuticals market has been divided into hospitals, diagnostic labs, and others. The hospitals segment is expected to expand at a high CAGR during the forecast period due to increase in demand for installation of new PET-CT machines in the upcoming hospital projects across the globe.
North America to Lead Global Market
The global radiopharmaceuticals market has been segmented into four major regions: North America, Europe, Asia Pacific, and Rest of the World. North America dominated the global radiopharmaceuticals market in 2020, followed by Europe. North America accounted for major share of the global radiopharmaceuticals market in 2020, due to rise in installations of PET-CT scanner device and increase in demand for disease risk assessment services for oncology treatment. The radiopharmaceuticals market in Asia Pacific is likely to expand at a high CAGR from 2021 to 2031. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by local players, especially in China and India, are projected to drive the radiopharmaceuticals market in the region.
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The report also presents profiles of leading players in the global radiopharmaceuticals market. These include Siemens Healthineers, GE Healthcare, Advanced Accelerator Applications (a Novartis AG Company), Jubilant Pharma Limited, Bayer AG, ITM Isotopen Technologien München AG, Telix Pharmaceuticals, Lantheus Holdings, Inc., Eli Lilly and Company, Nihon Medi-Physics, and Avanos Medical, Inc.
Leading companies in the global radiopharmaceuticals market focus on strengthening the distribution network and expanding product range & applications to gain market share. For instance, in January 2018, Advanced Accelerator Applications received the U.S. FDA approval for Lutathera for the treatment of gastroenteropancreatic neuroendocrine tumors.
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