Radiopharmaceuticals Market Estimated to Reach US$8.5Bn by 2031: TMR Study

24 Aug 2022
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Radiopharmaceutical compounds have been deployed increasingly in different fields such as cardiology and neurology
Rising installation of PET-CT scanner devices helps North America emerge as leader in global radiopharmaceuticals market
WILMINGTON, Del., Aug. 24, 2022 /PRNewswire/ -- The global radiopharmaceuticals market is expected to grow at a CAGR of 7.3% during the forecast period between 2021 and 2031.Growing research and development undertakings is fueling the growth in radiopharmaceuticals market. Increasing application of radiolabeled peptides and monoclonal antibodies to detect and treat malignant tumors is fueling demand for radiopharmaceutical product, thereby stimulating global market growth.
Surge in demand for disease risk assessment services for oncology treatment as well as growing installation of PET-CT scanner devices in countries such as the U.S. and Canada helped North America in emerging as leader in overall market in 2020.
Asia Pacific is expected to witness significant growth in overall market during the forecast period between 2021 and 2031 owing to factors such as launch of new products as well as leading market players signing collaborative agreements with smaller players in countries such as India and China.
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Radiopharmaceuticals Market –Key Findings of the Report
Patients worldwide are becoming increasingly aware of radiopharmaceutical compounds and their deployment in different medical areas such as oncology, neurology, and cardiology.
Nuclear medicine has contributed significantly to radiopharmaceuticals market in the last few decades.Increasing availability of technetium-99m to diagnose different diseases has contributed significantly to growth of nuclear medicine field and in turn, assisted in creating revenue-generating opportunities for well-established players in overall market.
Disease-targeted cancer therapy has witnessed increased demand to treat patients suffering from different types of cancer which has contributed to growth in radiopharmaceuticals market
99m Tc isotope has witnessed increased demand for numerous diagnostic procedures such as neuroendocrine tumor and continuous. Furthermore, ongoing research and development activities to produce improved quality of products could further product demand in future.
Oncology indication segment is projected to make largest contribution to global radiopharmaceuticals market in the coming years. The key reason for maximum revenue contribution is growing radiopharmaceuticals demand for improved treatment access in clinical oncology which is expected to help generate revenue for leading players in radiopharmaceuticals market.
Technetium-99m compound segment is expected to emerge as largest revenue-contributor to global market because of increasing demand for use in imaging applications of different body parts such as pulmonary perfusion bones, lacrimal glands, and thyroid. Also, in comparison to other compounds, technetium-99m is cost-effective and can be manufactured easily, resulting in increased demand
The hospital segment is expected to make largest contribution to overall market in years to come. Surge in demand for installation of novel PET-CT machinery at hospitals in is expected to help create revenue-generating opportunities
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Radiopharmaceuticals Market: Growth Drivers
Growing application of radiopharmaceutical compounds in neurology, cognitive neurosciences, and cardiology augments growth in overall market
Increased deployment as disease monitoring tool in patients suffering from cardiac sarcoidosis is propelling global market
Surge in number of diagnostic centers in developed countries such as the U.S. fuels growth in radiopharmaceutical market
Radiopharmaceuticals Market: Key Players
Global radiopharmaceuticals market has several prominent players, who have accounted for a large share in overall market for several years.
Presence of leading players has led to intense competition in radiopharmaceuticals market. It is anticipated that competition will further intensify with emergence of new players in the coming years.
Some of the key players operating in global radiopharmaceuticals market are:
Jubilant Pharma Limited
ITM Isotopen Technologize München AG
Eli Lilly and Company
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The global radiopharmaceuticals market is segmented as follows:
By Compound
Fluorine-18 Derivatives
Fluorine-18 Sodium Fluoride
Fluorine-18 Flucicovine
Fluorine-18 Florbetapir
Fluorine-18 Florbetaben
Others
Technetium-99
Gallium-68
Dotatate
Dotatoc
Zirconium 89
11C-choline
14C-urea
Others
Radiopharmaceuticals Market, by Indication
Oncology
Neurology
Cardiology
Others
Radiopharmaceuticals Market, by System
PET
Standalone PET systems
Hybrid PET/MRI
Radiopharmaceuticals Market, by End-user
Hospitals
Others
Radiopharmaceuticals Market, by Region
North America:
U.S.
Canada
Europe:
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia Pacific:
China
India
Japan
Australia & New Zealand
Rest of Asia Pacific
Rest of the World
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