Market Overview:
Radiopharmaceuticals are radioactive pharmaceutical drug compounds meant for research, diagnosis, and therapeutic medical procedures. They are used in diagnostic imaging techniques such as SPECT (single-photon emission computed tomography) and PET (positron emission tomography) scans to detect abnormalities such as cancerous tumors, infections, and other related medical conditions. Molecular imaging techniques using radiopharmaceuticals provide important information at cellular and sub-cellular levels to visualize and measure the biological processes in the body.
The radiopharmaceuticals market in nuclear medicine 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 high growth owing to increasing use of molecular imaging techniques such as PET and SPECT for diagnosis of various diseases. These techniques provide improved detection and localization of abnormalities associated with diseases such as cancer and neurodegenerative disorders such as Alzheimer's and Parkinson's. For instance, the use of radiolabeled agents labelled with isotopes such as 18F-FDG, 18F-FLT, and 11C-PIB help in accurate diagnosis of cancer metastases at earlier stages. Additionally, radiopharmaceuticals labelled with neuroimaging agents such as 18F-flutemetamol (amyloid), 18F-THK-5351 (tau), and 18F-AV-1451 are used to detect amyloid deposits and neurofibrillary tangles associated with Alzheimer's disease. Furthermore, introduction of new radiotracers and diagnostics increases availability of radiopharmaceuticals for use in applications such as oncology, neurology, cardiology, and nephrourology using PET/CT and SPECT/CT modalities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as biotechnology infrastructure, R&D capabilities and high capital investment poses significant entry barriers.
Bargaining power of buyers: The bargaining power of buyers is low as the market is dominated by few global players and branded products have strong brand loyalty.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials are specialized and suppliers have some control over prices. However, presence of many suppliers mitigates the threat.
Threat of new substitutes: Threat of new substitutes is low as there are limited substitutes for radiopharmaceuticals used in diagnosis and treatment.
Competitive rivalry: High due to presence of major global players investing in R&D and product innovation.
SWOT Analysis
Strengths: Growing aging population prone to diseases, advancements in diagnostic techniques, and increasing healthcare expenditure globally.
Weaknesses: Stringent regulations for drug approval, high cost of drugs, short half-life of radiopharmaceuticals requiring on-site production.
Opportunities: Emerging economies providing growth avenues, personalization of treatment, integration of artificial intelligence.
Threats: Risks associated with radioactive exposure, social security over high cost burden, dependency on few active pharmaceutical ingredients suppliers.
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 and cardiovascular diseases. North America dominated the market with largest share in 2023 due to supportive reimbursement policies and continuous technological advancements in the region.
Regional analysis
Asia Pacific is expected to grow at the fastest rate during the forecast period owing to increasing healthcare spending, large patient populations and growing awareness. Countries like China, India, Japan and South Korea are expected to significant growth opportunities due to expanding medical infrastructure, rising per capita income and large untapped markets.
Key players
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. Major players are focused on new product launches, acquisitions and geographic expansions to gain higher market shares.
Bharat Book Bureau Provides the Trending Market Research Report on “Radiotherapy, Radio pharmaceuticals and Nuclear Medicine: Global Markets Outlook and Forecast 2021-2026” under Life Sciences Market Research Reports Category.
The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
This report examines the current and forecast market potential of Radiotherapy, Radiopharmaceuticals and Nuclear Medicine Market.
It offers a detailed analysis of the technological advancement, competitive environment, market background, drivers and restraints, and market growth trends.
The scope of this report is broad and covers type, production method, technology and applications of radiopharmaceuticals and therapeutics.
Revenue forecasts from 2021 to 2026 are provided for each segment and regional market, with estimated values derived from manufacturers’ total revenues.
