Market Overview:
Radiopharmaceuticals are radioactive pharmaceutical drugs used in medical imaging and therapeutic procedures. They comprise of radioisotopes bound to biochemicals that selectively target organs, tumors or other tissues. This allows imaging and treatment using radiation. Some key benefits of radiopharmaceuticals include non-invasive disease detection with high specificity and sensitivity, improved diagnosis and targeted disease treatment.
The global Radiopharmaceuticals in Nuclear Medicine Market 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:
Radiopharmaceuticals play a significant role in nuclear medicine as radiotracers or molecular beacons. One of the key trends in the market is the increasing demand for targeted alpha therapy using alpha-emitting radionuclides like Radium-223 and Actinium-225. These novel alpha emitters have shown promising results for treating various cancers with high radiosensitivity and reduced damage to surrounding healthy tissues compared to traditional chemotherapeutics or beta emitters. Recent advancements in radiopharmaceutical chemistry have also enabled novel molecular imaging probes used in precision oncology for early cancer detection and effective treatment monitoring.
Segment Analysis
The global radiopharmaceuticals in nuclear medicine market is dominated by oncology radiopharmaceuticals sub-segment. Oncology radiopharmaceuticals held the largest market share of over 50% in 2023 owing to the rising prevalence of cancer globally and increasing usage of nuclear medicine in cancer diagnosis and treatment. Radiopharmaceuticals plays a vital role in single-photon emission computed tomography (SPECT) and positron emission tomography (PET) scans which helps physicians to detect and stage cancer.
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 rising awareness regarding benefits of nuclear medicine.
Regional analysis
North America dominated the global market with a share of over 40% in 2023 owing to increasing adoption of nuclear medicine procedures for diagnosis and presence of major market players in the region. Asia Pacific is expected to be the fastest growing region registering a CAGR of around 10% owing to large population base, rising healthcare expenditure, and growing awareness.
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. These players are focusing on new product launches and strategic collaborations to strengthen their market position
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