Newark, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 9.78 billion in 2022 radioligand therapy market will reach USD 14.91 billion by 2030. The rising rates of alcohol and tobacco use and prolonged sun exposure have all contributed to the rise in cancer cases. Obese populations have grown due to unhealthy lifestyles and are frequently more susceptible to cancer. Given that their immunity declines with age, the growing geriatric population considerably impacts the rising number of cancer patients. Expanding the radioligand therapy market will also be aided by increased government healthcare spending to make treatments available and cheap for the populace. During the anticipated period, the market for radioligand therapy will provide attractive prospects due to the rising emphasis on molecular biology research and development by private and public companies.
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Key Insight of the Radioligand Therapy Market
North America to account for the largest market size during the forecast period.
North America is also expected to have the largest market share in the radioligand therapy market during the forecast period. The United States dominates the market for radioligand therapy. The Center for Disease Control and Prevention (CDC) estimates about 1.7 million new cancer diagnoses and over 500,000 cancer-related deaths in the U.S. in 2019. In the U.S., there are 439 new instances of cancer and 146 cancer-related deaths per 100,000 people. Therefore, the growing incidence and prevalence of cancer will contribute to the region's dominance in the radioligand therapy market. The growing radioligand therapy market in North America is also a consequence of the growth boost by the government's favourable reimbursement rules.
The prostate cancer segment is expected to augment the radioligand therapy market during the forecast period.
The indication segment is divided into prostate cancer, neuroendocrine tumor and other indications. The prostate cancer segment dominated the market with a revenue share of around 52% in 2022.
The approved products segment market size is 5.47 billion in 2022
The product type segment is divided into approved products and pipeline products. The approved products segment dominated the market with a market share of around 56% in 2022.
The prostate-specific membrane antigen segment is expected to augment the radioligand therapy market during the forecast period.
The biomarker segment is divided into prostate-specific membrane antigen, cytochrome P450 17A1 inhibitor and Ki 67 expression and grading. The prostate-specific membrane antigen segment dominated the market with a revenue share of around 45% in 2022.
The hospitals segment market size is 4.89 billion in 2022
The end-user segment is divided into hospitals, clinics, academic & research institutes and others. The hospital segment dominated the market with a market share of around 50% in 2022.
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Advancement in market
June 2022 - Novartis restarted radioligand treatment (RLT) production at its facilities in Ivrea, Italy, and Millburn, New Jersey, and resumed dose administration to patients in a gradual manner. The company has resolved the problems that resulted in the brief, voluntary suspension of production in May. There was no risk to patients from the doses previously produced at these facilities, and these problems had no impact on patient safety. Additionally, Novartis has resumed screening and enrollment for clinical trials with 177Lu-PSMA-617, marketed as PluvictoTM in the U.S. and Canada. Further, Novartis is investing in developing RLT production capacities in Millburn and Ivrea and creating a new radioligand manufacturing facility in Indianapolis, Indiana, which will be operational in 2023, to meet the rising demand for our RLT platform.
Market Dynamics
Driver: increasing cancer patient pool
Given the high environmental and lifestyle factors causing an increase in the incidence and prevalence of cancer, the number of cancer deaths is likely to increase in the future. With age, the chance of cancer rises. As a result, there will be more cancer patients as the global senior population grows. The sedentary lifestyle and consumption of unhealthy foods result from long work hours and the hustle culture. Given that obesity raises the chance of developing cancer, greater consumption of highly processed, sugary foods and beverages will also help explain the rise in cancer cases. Cancer sufferers will rise in tandem with the expanding diabetic population. The current healthcare system is providing more and more treatment alternatives as the number of cancer patients rises. Radioligand is a cutting-edge therapy treatment that is in demand for cancer patients. As a result, global radioligand therapy will be driven by the rising number of cancer patients.
Restraint: Expensive radioligand therapy
The development of drugs and therapies used to treat cancer is quite expensive. Market participants use the most modern technology and advancements to increase the efficacy and safety of drugs, therapies, and treatments. Due to the high expense of these technologies, treatments have become expensive. The lengthy and extensive stages of testing and regulatory clearances add to the company's costs. Additionally, monitoring and vigilance are required throughout the supply chain when using radioisotopes in treatment. The isotopes must be cautiously handled since they are extremely sensitive and have a brief shelf life. The limited lifespan also raises the logistical requirements, which push up expenses even more. The high price of outsourced cancer immunotherapy drug discovery therapies will restrict the market's growth.
Opportunities: Product innovations
In response to the rising demand for cancer therapies, major corporations are increasing their investments in developing improved diagnostics, drugs, equipment, technologies, and treatment alternatives. Research on radioligand therapy has gained popularity, giving market participants more chances to capitalize on its potential. With the ability to provide better services at lower costs and greater expertise, market participants now have new opportunities, given the development of contract research organizations. Government funding for public healthcare facility improvements has increased, which has sparked greater research into more efficient treatment options. Major market players are partnering to create cutting-edge technology and diagnosis using radioligand therapy to capture a sizeable market share in emerging nations. With the technical developments and advancements in the radioligand therapy market, the industry will become more competitive and effective, promoting sector growth and offering appealing opportunities for market participants.
Challenge: Comprehensive and time-consuming regulatory approval procedures
Several products, treatments, and therapies are carefully tried, evaluated, and put through several monitoring and safety processes to assure consumer security and protect their interests. Before being certified for use in clinical cases in hospitals and clinics, radioligand treatment and its subsequent improvements must pass several rigorous tests. Even after a successful trial, the relevant authorities must still approve the treatments. The authorities uphold strict accountability and compliance criteria for the same. The inspection process takes time for the market participants to go through. administrative issues cost market participants a lot of time and can occasionally delay. Because there is no longer a chance to make above-average earnings and cover the high expenditures of R&D, market participants suffer financial losses. As a result, the market's expansion may be hampered by such checks and balances before permission and authorization.
Some of the major players operating in the radioligand therapy market are:
• Bayer AG
• ITM Isotope Technologies Munich SE
• Janssen Global Services LLC
• Johnson & Johnson Services Inc.
• Molecular Partners
• Novartis International AG
• Pfizer Inc
• POINT Biopharma Global Inc.
• Radio Medix
• Telix Pharmaceuticals
Key Segments cover in the market:
By Indication
• Prostate Cancer
• Neuroendocrine Tumor
• Other Indications
By Product Type
• Approved Products
• Pipeline Products
By Biomarker
• Prostate-Specific Membrane Antigen
• Cytochrome P450 17A1 Inhibitor
• Ki 67 Expression and Grading
By End User
• Hospitals
• Clinics
• Academic & Research Institutes
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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