Radiopharmaceuticals Market

Key Points Covered in Radiopharmaceuticals Market Study

• Market estimates and forecast 2021-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Radioisotope Innovations and Regulatory Climate
• COVID-19 Impact on Radiopharmaceuticals market and How to Navigate
• Recommendation on Key Winning Strategies

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2016-2020 Global Radiopharmaceuticals Market Outlook in Comparison to 2021-2031 Forecast

Improving penetration of radio-therapeutics is expected to be the major driver of the radiopharmaceuticals market. Radiopharmaceuticals are increasingly used in the diagnosis and treatment of several diseases such as cancer, cardiovascular diseases, and neurological disorders.

Owing to characteristics of radioactive decay and ability of targeted therapeutic irradiation, radiopharmaceuticals are extensively used for the treatment of these diseases. However, unprecedented outbreak of COVID-19 severely impacted the growth of the market.

Production of radioisotopes was disrupted across the globe and research activities were halted. Disruption in the demand and supply chain resulted in the drop of global market value.

Nonetheless, FMI predicts the global sales to be up by 4.66% CAGR during the forecast period of 2021 and 2031. Increasing application of nuclear medicine in oncology will create lucrative opportunities by the end of 2031.

Rapid introduction of advanced technologies in nuclear imaging systems such as SPECT and Positron Emission Tomography (PET) will significantly contribute to market growth. Increasing research and development from leading players is aiding the growth of radiopharmaceuticals market.

For instance, GE Healthcare introduced cloud and IT based solutions and apps to connect medical imaging with analytics and insights. Increasing clinical applications of radiopharmaceuticals in oncology, cardiology, endocrinology, and neurology are improving the market growth.

Additionally, increased funding and favorable initiatives from the government will bolster the demand of radiopharmaceuticals across the globe, reaching a valuation of US$ 6107.2 Mn in 2021.

Focus on Developing Centralized Pharmacies Bolstering Growth

The radiopharmaceutical industry has a lack of formalized good manufacturing practice (GMP) guidelines along with stringent policies governing the use of radiopharmaceuticals.

However, to address the quality assurance concerns, nuclear medicine physicians are encouraging establishing centralized radio-pharmacies.

This is due to the growing interest from administrators and legislators in context with regulations for radiopharmaceuticals, Positron Emission Tomography (PET), and for clinical trials.

A centralized radio pharmacy model enforces several advantages to patients as well as governing bodies including minimizing the radiation exposure with ability to dispense patient specific prescription, delivering specified products from all sources and services available.

These initiatives, in turn, are expected to accelerate the market growth over the forecast period.

Country-wise Insights

Why is the U.S. the Most Lucrative Market for Radiopharmaceuticals?

Growth of radiopharmaceuticals market across the U.S. is attributed to the rising prevalence of cancer and cardiovascular diseases in the country. Growing geriatric population and unhealthy living habits resulting in increasing cases of cancer and obesity have improved the sales of nuclear medicines.

Adoption of novel technologies for radioisotope production to treat these diseases is anticipated to bolster the growth of radiopharmaceuticals in the country. According to American Heart Association, around 17.3 million people die each year due to cardiovascular disease.

Radiopharmaceuticals provides an upper hand to the radiologists for the treatment of these diseases. Targeted therapies and advanced technology integrated in cyclotrons for the treatment of cardiovascular disease and cancer will improve the demand for radiopharmaceuticals in the U.S.

Based on these aforementioned factors, the U.S. will lead the North America radiopharmaceuticals market during the forecast period, accounting for over 45% of market share.

Why is the Demand for Radiopharmaceuticals Rising in India?

Expansion of the healthcare sector and adoption of advanced technology are the major factor driving the growth of radiopharmaceuticals market in India. Alongside this, prevalence of cancer cases in the country have bolstered the adoption of targeted therapies and improved the production of radioisotopes.

Increasing preference for non-invasive therapies in India and high efficacy that radiopharmaceuticals provide are the chief reason why radiopharmaceuticals is thriving. Government and private healthcare companies are increasing the funding and research & development activities to develop efficient targeted therapies with less side-effects.

Incorporation of cutting-edge technologies to develop advanced radiotracers for the treatment of cancer and cardiovascular disease are aiding the growth. Several research programs initiated by National Cancer Institute have improved the production and adoption of radioisotopes for the treatment of cancer across India.

For instance, in 2018, the U.S. Food and Drug Administration approved the lutetium Lu 177-dotatate for the treatment of certain cancerous neuroendocrine tumours affecting the digestive tract.

What are the Factors Fueling Demand for Radiopharmaceuticals in Germany?

As per FMI’s analysis, Germany is anticipated to register healthy growth over the forecast period. Germany is anticipated to be the key region leading the growth of Europe’s radiopharmaceuticals market.

Rising adoption of novel technologies including radiotherapy and adoption of radioisotope for cancer treatment have bolstered the demand of radiopharmaceuticals across Germany. Thanks to the presence of leading players across the country, application of nuclear medicine in radiopharmaceuticals is increasing with increasing research & development activities across the country.

Advent of novel technologies such as advanced PET-computed tomography and positron emission tomography-magnetic resonance are facilitating the rising demand of non-invasive therapies for cancer across the country.

Increasing mortality rate in the country due to cancer have compelled the healthcare professionals and governing bodies to improve radioisotope production for usage in molecular imaging and in therapeutic nuclear medicines.

For instance, in 2018, Advancing Nuclear Medicine consortium, led by the Nuclear Research and Consultancy Group (NRG), was awarded a USD7.7 million subsidies to develop FIELD-LAB. This initiative intended to accelerate the development and introduction of new radiopharmaceuticals.

Why is Demand for Radiopharmaceuticals Rising the U.K.?

The U.K. is expected to be a dominant country in Europe, anticipated to account for maximum share in Europe radiopharmaceuticals market.

Rising prevalence of cancer in the U.K. resulted in burgeoning production of radioisotopes to develop advanced molecular imaging and therapies for the cancer treatment. Advantages of radiopharmaceuticals such as high efficacy and non-invasive external monitoring have increased radioisotope production

According to the Cancer Research UK report, approximately 367,167 cases of cancers are diagnosed in the U.K. each year and around 166,000 cancer death recorded every year. Rising situations like this is anticipated to boost the growth of radiopharmaceuticals market across the country.

Expansion of healthcare infrastructure and increasing research on the development of non-invasive targeted therapies to reduce the burden will significantly boost radiopharmaceuticals demand in the U.K.

Growing interest of healthcare professionals, administrators, and legislators in the context with norms for radiopharmaceuticals, positron emission tomography, and clinical trials will certainly aid the market growth.

Category-wise Insights

Which Radioisotope Will Dominate the Radiopharmaceuticals Market?

Future Market Insights estimates, in terms of radioisotopes technetium-99 will dominate the segment during the assessment period.

As technetium-99 is extensively used in over 85% of the total diagnostic imaging procedure in nuclear medicine, it is anticipated to remain highly preferred radioisotope in the radiopharmaceuticals market.

Growth in demand for technetium-99 is attributed to the long shelf life to perform medical examinations to be done on the patient and protracted half-life.

Why are Cyclotrons Considered Primary Source for Radiopharmaceuticals?

Based on source, the market is segmented into cyclotrons and nuclear reactors. As per Future Market Insights, cyclotrons are expected to dominate the market. Increasing cases of cancer and thyroid across the globe, have increased the application of nuclear medicine in radiopharmaceuticals market.

Widespread availability of the PET scanning machines and PET cyclotron & radiopharmaceutical facility have bolstered the segment growth over the past few years. Rising cases of cancer across the globe will increase the adoption of cyclotron as adoption of radioisotopes increases for the treatment of cancer.

Radiopharmaceuticals are produced either using cyclotrons or in nuclear reactors. The former is expected to hold over 2/3^rd of the radiopharmaceuticals market share throughout the assessment period.

Benefit of using cyclotron is the possibility of on-site production of radionuclides of interest which propels the market for radiopharmaceuticals even further. Hence, cyclotrons will dominate the segment over the forecast period, boosting market demand.

Which is the Chief Application of Radiopharmaceuticals?

Rising prevalence of cancer and cardiovascular diseases such as coronary heart disease, heart failure, across the globe are providing a certain boost to the market growth.

Increasing cases of lifestyle disorder, obesity, and tumor due to unhealthy habits among elder population are the major drivers accelerating the demand for radiopharmaceuticals. As per FMI, increasing application in oncology due to rising cases of breast cancer, lung cancer, and prostate cancer will propel the segment growth.

Rising application of nuclear medicine in oncology and cardiology are the chief drivers for the growth of the market. As per American Cancer Society, 1.9 million new cancer cases were reported in 2021, and nearly 608,570 people died due to cancer in the U.S.

With rising new cancer cases healthcare professionals are developing advanced new techniques to develop nuclear medicine for the treatment. Rapid introduction of advanced techniques in radiopharmaceuticals to treat cancer will propel the growth.

Radiopharmaceuticals play an imperative role in the diagnosis and treatment of cancer by providing better understanding of disease staging. FMI estimates, increasing application of nuclear medicine in oncology will garner over 50% of the global market value through 2031.

Competitive Landscape

Severe competition among the key players have led to market consolidation, opines Future Market Insights. Siemens AG, G E Healthcare, Curium, Lantheus Holdings Inc., and Eckert & Ziegler are the top 5 players dominating the market.

Nearly 90% of the global market share is held by these top 5 aforementioned players. Offering advanced technology and nuclear medicines for the treatment are among the winning strategies adopted by the top players.

Some of the leading companies such as GE Healthcare and Siemens Healthcare are focusing on introducing new product based technologies, pharmaceutical services, and IT based solutions maintaining their lead in the industry.

• In March 2021, Aktis Oncology, a biotechnology company developing a novel class of targeted radiopharmaceuticals to treat a broad range of solid tumor cancer cases, announced the completion of a series for solid tumors.
• In November 2020, Canadian radiopharmaceuticals leading company, Fusion Pharmaceuticals announced the collaboration with Anglo-Swedish Pharma leader AstraZeneca to commercialize and develop next-generation alpha emitting radiopharmaceuticals and combination therapies for the treatment of cancer.

Scope of Report

Key Questions Answered in the Report

• What is the current radiopharmaceuticals market value?

  The radiopharmaceuticals market is expected to surpass a valuation of US$ 6,107.2 Bn in 2021

• At what rate did the Radiopharmaceuticals market grow between 2016 and 2020?

  The radiopharmaceuticals market witnessed steady growth at 5.33% CAGR between 2016 and 2020.

• Who are the leading players of radiopharmaceuticals?

  Siemens AG, General Electric Co. (GE Healthcare), Curium, Lantheus Holdings, Inc., and Eckert & Ziegler are the top players leading the radiopharmaceuticals market.

• What is the demand outlook for North America radiopharmaceuticals market?

  North America accounted for over 47% of global radiopharmaceuticals market, and is expected to hold major share during the forecast period.

• What is the Europe market outlook for radiopharmaceuticals?

  Europe radiopharmaceuticals market will exhibit sluggish growth at 4.9% CAGR during the forecast period.

• Which are the top countries driving the radiopharmaceuticals market demand?

  Top countries in terms of radiopharmaceuticals sales are the U.S., the U.K., Germany, India, and China.

• What is the market share of leading players in radiopharmaceuticals market?

  Leading players of global radiopharmaceuticals market is expected to contribute nearly 90% of total market share.

• What is the current market share of Japan in the global radiopharmaceuticals market?

  Japan, in 2020, accounted for over 11% market share of global radiopharmaceuticals market in 2021.

Radiopharmaceuticals Market by Category

By Radioisotope Type:

• Technetium-99
• Fluorine-18
• Iodine-131
• Leutetium-177
• Yttrium-90
• Gallium-68
• Gallium-67
• Rubidium-82
• Iodine-123
• Iodine-125
• Indium-111
• Others

By Application:

• Oncology
• Cardiology
• Gastroenterology
• Neuroendocrinology
• Neurology
• Nephrology
• Others

By Source:

• Cyclotrons
• Nuclear Reactors

By End-User:

• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers
• Cancer Research Institute

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan
• Japan
• Middle East & Africa (MEA)