Radiopharmaceuticals Market Scope
Radiopharmaceuticals market 2020 is on track to advance at a decent rate of 8.10% between 2019 and 2025 (evaluation period), says MRFR (Market Research Future). MRFR also expects the market size to touch USD 15,060.87 Million by 2025. We will provide COVID-19 impact analysis along with the report, combined with all the extensive key developments in the market post the coronavirus disease outbreak.
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Key Boosters and Main Challenges
Key application areas of radiopharmaceuticals include neurology, thyroid, oncology, cardiology, hematology, to name a few. Some of the major oncology applications are cancer diagnosis as well as treatment, with the effectiveness determined by the use of radiolabeled therapeutics. Apart from this, primary cancer physiology detection is also facilitated by radiopharmaceuticals. There are available a number of radiopharmaceuticals used for therapeutic and diagnostic purposes, each with same and different indications for disorders like Alzheimer (Amyvid, Neuraceq and Vizamyl). At present, almost 50 radiopharmaceuticals are USFDA approved and are used for diagnostic and therapeutic applications, with Technetium alone owing more than 30 FDA approved drugs available for diagnosis applications. Simply put, the surge in FDA and other authority approvals for new drugs can be a huge growth booster in the global industry.
The life of radiopharmaceuticals is primarily dependent on the half-life of the radioactive medicine. These medicines are mainly used for treating metastatic bone pain, cancer, and many others. Radiopharmaceuticals’ main advantages include noninvasive monitoring and high efficacy, which help foster demand as well as the market size. A few other growth rendering factors can be the steady rise in R&D activities, particularly in emerging economies, and players focusing on boosting the application scope of radiopharmaceuticals in oncology, bone pain palliations and thyroid. Increased use of radioisotopes in healthcare, alarming rise in chronic ailments worldwide, and the continuous technological advances in the diagnostics segment are likely to enhance the market share in the following years.
Majority of the firms are focused on adopting inorganic strategies such as acquisitions and mergers to further make a mark in the radiopharmaceuticals industry. They are also fixated on the development of radiopharmaceuticals and product range expansion, concentrating primarily on enhancing their properties, which could help facilitate effective treatment of several diseases. To illustrate, in October 2020, RayzeBio Inc. received USD 45M funding to accelerate the advancements in its extensive series of targeted radiopharmaceuticals. The company is currently focusing on bolstering its range of rationally developed radiopharmaceutical for cancer that can ensure higher success rates with respect to the patients’ outcomes.
Radiopharmaceuticals Market Segmentation
Type and application are the top market segments specified in the MRFR report.
The types of radiopharmaceuticals are diagnostics and therapeutics. The diagnostics diagnostic type radiopharmaceutical can most likely seize the highest share of 82.9% in the global market, over the review period, thanks to the rising significance of diagnostic radiopharmaceuticals in the prediction of the effects of the surgery and also monitor the changes. Therapeutic type radiopharmaceutical can also scale the global market at a rapid pace, given the mounting cases of chronic disorders worldwide.
Application-wise, the key segments can be oncology, cardiology, neurology, and more. Neurology has emerged as the biggest market, due to the growing burden of neurological diseases worldwide. The burgeoning patient pool is resulting in greater use of advanced radioactive imaging for diagnosing the disease.
Radiopharmaceuticals Market Regional Insight
Radiopharmaceuticals Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The American market can expect to take the lead in the coming years, backed by factors like the robust patient pool afflicted with several chronic ailments like coronary disorders, strokes and cancer. Change in lifestyles, along with the surge in extensive research & development activities to facilitate therapies that are more effective and have lower side effects can also benefit the market. Frequent advances in technologies with respect to manufacturing of radioisotopes, strong government support, and increase in initiatives by top players also induce major growth in the region.
Europe can claim the fastest CAGR of 9.67% over the forecast period, in view of the rising spending on researches along with the robust presence of a massive patient populace. Presence of highly developed countries like Germany, France and the UK with considerable healthcare budgets also encourage market expansion. The escalating popularity of a number of radiopharmaceuticals could also be a key growth inducer in the European market.
The radiopharmaceuticals market in APAC is primarily concentrated in Japan, Australia, Pakistan, China, South Korea, India, New Zealand, and whole of South-East Asia. Top South East Asian countries are Malaysia, Singapore, Thailand, Indonesia, the Philippines and Vietnam. Radiopharmaceutical firms are striving to boost their operational capacity in China, Singapore and India, taking into account the massive pool of elderly people that require non-invasive therapies for treating the escalating cases of neurological diseases, cardiovascular disorders, and more.
Radiopharmaceuticals Market- Key Firms
Key firms profiled in the MRFR study include Australian Nuclear Science and Technology Organization (ANSTO), Curium, Novartis AG, Siemens Healthineers, Lantheus Medical Imaging, Inc., JSC Isotope, NTP Radioisotopes SOC Ltd, BWX Technologies, Inc., IRE ELiT, GE Healthcare, to mention a few.
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