Wilmington, Delaware, United States, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A research report by Transparency Market Research (TMR) states that the global radiopharmaceuticals market is prognosticated to reach a value of US$ 8.5 Bn by the end of 2031. Besides, the TMR review notes that the market for radiopharmaceuticals is expected to grow at a CAGR of 7.3% during the forecast period, from 2021 to 2031.
The application of radiolabeled peptides and monoclonal antibodies is being increasing in the identification as well as treatment of malignant tumors. This treatment solution is gaining popularity as a radiopharmaceutical-based customized therapy. This factor is expected to create profitable prospects in the market during the forecast period, states a TMR review that delivers in-depth insights on the size and trends of radiopharmaceuticals market.
Some of the important factors driving growth prospects in the global market include increase in the demand for precise diagnosis and surge in the patient awareness. This aside, the market is being driven by rise in the demand for disease-targeted cancer therapies and growing application of molecular imaging technology worldwide, according to the radiopharmaceuticals market forecast by TMR.
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The popularity of nuclear medicine is being increasing in the recent years owing to rise in the availability of 99m Tc, which is an isotope utilized in about 80% of diagnostic procedures. Presently, approximately 25 million diagnostic procedures are being performed per year in which 99m Tc radiopharmaceuticals are used. The number of diagnostic procedures carried out worldwide is projected to increase in the near future. Increase in the accessibility to short-lived 99m Tc is boosting the application of Technetium 99 globally. Moreover, there has been a surge in the R&Ds in order to drive total production capacity of 99 Mo. These factors, in turn, are likely to show positive impact on the overall market growth, note analysts at TMR.
Key Findings
- The market is expected to observe dominance of the hospitals end user segment during the forecast period, notes a TMR review that sheds light on the future strategies of radiopharmaceuticals market. The growth of the segment is ascribed to many key factors including the availability of skilled medical practitioners in the radiology departments of major hospitals.
- Over the period of past few years, there has been increase in the number of diagnostic centers worldwide, specifically in developed countries including the U.S. This factor is anticipated to fuel the market growth during the forecast period, note analysts at TMR.
Growth Boosters
- Surge in the need for risk assessment services intended for cancer treatment is expected to help in the expansion of the radiopharmaceuticals market size during the forecast period
- Increase in the demand for precise diagnostics and rise in adoption of molecular imaging solutions are projected to fuel the market growth in the near future
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Regional Analysis
- The market is prognosticated to gain lucrative prospects in North America owing to surge in the demand for disease risk assessment services for cancer treatment and increase in the number of PET-CT scanner equipment installations in the region
- Asia Pacific is projected to show expansion at significant pace during the forecast period owing to rise in the number of new product launches, distribution agreements, acquisitions, and partnerships, and regional expansions by local players, specifically in emerging economies such as China and India
Key Players
Some of the key players profiled in the report are:
- Advanced Accelerator Applications (a Novartis AG Company)
- Siemens Healthineers AG
- Jubilant Pharma Limited
- GE Healthcare
- Bayer AG
- ITM Isotopen Technologien München AG
- Telix Pharmaceuticals
- Lantheus Holdings, Inc.
- Eli Lilly and Company
- Nihon Medi-Physics
- Avanos Medical, Inc.
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Market Segmentation
Compound
- Fluorine-18 derivatives
- Fluorine-18 Fludeoxyglucose (FDG)
- Fluorine-18 Sodium Fluoride
- Fluorine-18 Flucicovine
- Fluorine-18 Florbetapir
- Fluorine-18 Florbetaben
- Others
- Technetium-99
- Lutetium (Lu) 177
- Gallium-68
- Dotatate
- Dotatoc
- Zirconium 89
- 11C-choline
- 14C-urea
- Others
System
- PET
- Standalone PET Systems
- Hybrid PET/CT
- Hybrid PET/MRI
- SPECT
Indication
- Oncology
- Neurology
- Neurodegenerative Diseases (AD, PD, and Others)
- Epilepsy
- Cardiology
- Others
End User
- Hospitals
- Diagnostic Labs
- Others
Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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