Radiopharmaceutical Theranostics Market Size, Share | 2032

Report Description

Radiopharmaceutical Theranostics Market Outlook 2032 

The global radiopharmaceutical theranostics market size was USD 4.0 Billion in 2023 and is likely to reach USD 14.8 Billion by 2032, expanding at a CAGR of 15.5% during 2024–2032. The market growth is attributed to the ­­increasing prevalence of cancer across the globe.

Radiopharmaceutical theranostics is a field that uses radiopharmaceuticals for both diagnostics and therapy, including cancer treatment. It combines the use of these agents for imaging and therapy, providing increased accuracy. Theranostics allows for targeted therapy, targeting cancer cells while sparing healthy tissue. It also opens up possibilities for personalized medicine, allowing for effective treatment and treatment of various diseases.

The global radiopharmaceutical theranostics market is expected to grow in the coming years, due to the rise in cancer prevalence, advancements in technology, and demand for personalized medicine. The use of PET-CT and SPECT-CT imaging technologies is expected to accelerate the market during the forecast period. Leading market players are focusing on developing novel radiopharmaceuticals targeting specific biomarkers associated with diseases, aiming to increase the market share through research and development.

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Impact of Artificial Intelligence (AI) in the Radiopharmaceutical Theranostics Market

AI algorithms enhance diagnostic accuracy by analyzing PET and other theranostic imaging data with high accuracy, improving cancer detection rates. They automate image analysis and reporting, leading to increasingly consistent interpretations and reducing inter-reader variability. AI-powered tools detect subtle changes in theranostic images, enabling earlier disease detection and intervention than before. Personalized treatment planning is achieved through patient selection, treatment optimization, and predictive modeling. AI algorithms analyze patient data, tailor treatment plans based on individual characteristics, and predict patient responses to theranostic therapies, leading to improved treatment efficacy and reduced side effects.

Radiopharmaceutical Theranostics Market Dynamics

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Major Drivers

Increasing prevalence of cancer and rising the global burden of death rates due to cancer are driving the market. The prevalence of cancer is increasing globally. The World Health Organization (WHO) estimated that cancer has taken 9.6 million lives in 2018, making it the second most common cause of death across the globe. The rise in cancer has prompted the development of innovative treatments such as radiopharmaceutical theranostics, which use radioactive isotopes to identify cancer cells through molecular imaging and deliver targeted radiation therapy without damaging healthy tissue.

Existing Restraints

High cost of development and production is limiting the accessibility of these procedure and hindering the market. Developing and producing radiopharmaceuticals, especially those with short half-lives, are expensive. This translates to high costs for theranostics procedures, limiting accessibility for some patients. Furthermore, theranostics procedures require trained professionals such as nuclear medicine physicians and radiologists. A shortage of such skilled personnel hampers the implementation of theranostics techniques in some regions, impeding the market.

Emerging Opportunities

Researchers are developing theranostics agents with longer half-lives, better targeting capabilities, and more favorable biodistribution profiles than before, which offer growth opportunities in the market. This is expected to address challenges such as limited availability and improve the overall effectiveness of theranostics. New production methods using cyclotrons and generators are making radioisotopes with short half-lives readily available. This improves accessibility and expands the range of theranostic procedures. Development of targeted delivery systems such as nanoparticles are expected to improve the specific delivery of theranostic agents to diseased tissues, minimizing side effects and enhancing therapeutic efficacy.

Scope of the Radiopharmaceutical Theranostics Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Radiopharmaceutical Theranostics Market Segment Insights

Product Type Segment Analysis

Based on product type, the radiopharmaceutical theranostics market is divided into PET tracers, beta emitters, and alpha emitters. The PET tracers segment is expected to expand at a significant growth rate during the projection period, due to its large application in oncology and tumor diagnosis.

PET tracers are used in various applications, primarily in oncology for tumor diagnosis, staging, and treatment monitoring. They also have applications in neurology, cardiology, and other areas. This versatility contributes to the large market share of PET tracers. PET tracers offer high accuracy and sensitivity for detecting abnormalities, making them a valuable tool for early diagnosis and treatment planning, driving the segment.

The alpha emitters segment is anticipated to expand at a substantial CAGR during the forecast period, owing to it being a highly targeted therapy. They are primarily used in targeted alpha therapy (TAT) for specific cancers, contributing to a smaller market share as compared to PET tracers.

Researchers are developing novel strategies to attach alpha emitters to molecules that specifically target cancer cells. This is expected to minimize radiation exposure to healthy tissues and enhance therapeutic efficacy, driving the segment.

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Radioisotopes Segment Analysis

On the basis of radioisotopes, the global market is segregated into Technetium-99m (Tc-99m), Gallium-68 (Ga-68), Iodine-131 (I-131), Radium-223 (Ra-223), Fluorine-18 (F-18), Yttrium-90 (Y-90), Lutetium-177 (Lu-177), Copper-64 (Cu-64) & Copper-67 (Cu-67), and Samarium-153 (Sm-153). The Lutetium-177 (Lu-177) segment is anticipated to register a considerable CAGR in the coming years, due to its potential in targeted radionuclide therapy (TRT) and imaging in the field of nuclear medicine. A therapeutic radiopharmaceutical lutetium-177 has demonstrated encouraging outcomes in the treatment of a number of cancers, including neuroendocrine tumors and prostate cancer.

The high efficacy, comparatively low toxicity, and convenient production is driving the segment. The lutetium-177 segment is anticipated to dominate the radiopharmaceutical theranostics market in the coming years, due to a rise in its demand and increased acceptance.

Source Segment Analysis

On the basis of source, the radiopharmaceutical theranostics market is bifurcated into nuclear reactors and cyclotrons. The cyclotrons segment is expected to register a robust growth rate during the forecast period, due to the increasing demand for PET imaging. The use of radiopharmaceuticals made by cyclotrons has grown significantly in the last several years, due to the growing significance of PET imaging in the diagnosis and staging of numerous cancer types.

Radioisotopes utilized in PET imaging, such as F-18, C-11, and N-13, are generally produced in cyclotrons. These radioisotopes are required to be created locally at the hospital where they are utilized, due to their short half-lives. Therefore, imaging facilities and hospitals frequently house cyclotrons, boosting the segment.

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Applications Segment Analysis

Based on applications, the radiopharmaceutical theranostics market is divided into oncology, neurology, cardiology, and others. The oncology segment is expected to expand at a significant growth rate in 2023, due to growing use of radiopharmaceuticals in this field.

Physicians use radiopharmaceuticals to target malignant cells with radiation therapy while limiting damage to healthy tissues. This allows for increasingly precise tumor location and diagnosis. Increasing development of efficient radiopharmaceuticals and frequent use of targeted therapies to treat cancer boost the segment.

The cardiology segment is anticipated to expand at a substantial CAGR during the forecast period, owing to the increasing prevalence of cardiovascular disease. Cardiovascular diseases are one of the leading causes of mortality globally. This creates a significant demand for diagnostic and therapeutic tools to manage these conditions.

Growing use of radiopharmaceuticals for imaging techniques such as myocardial perfusion imaging (MPI) to assess heart function and blood flow is boosting the segment. Moreover, theranostic approaches are being explored for targeted therapies in cardiology, such as radioembolization for inoperable liver tumors that affect blood flow to the heart.

End-users Segment Analysis

On the basis of end-users, the global market is segregated into hospitals, academics & research institute, and others. The hospitals segment is anticipated to register a considerable CAGR in the coming years, due to the rising demand for cancer therapies driving hospitals. Increasing number of cancer patient admissions and favorable reimbursement policies of hospital admissions is boosting the segment exponentially.

Hospitals have the preferred settings for radiotracers required for diagnostics and therapeutics. Hospitals increasingly utilize radiopharmaceuticals for cancer diagnosis, staging, and treatment, driven by the increasing demand for personalized medicine and new imaging & therapeutic options.

Regional Analysis

In terms of region, the global radiopharmaceutical theranostics market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the increasing number of product launch and collaboration among key players. For instance,

• In November 2023, GE HealthCare Technologies Inc. introduced theranostics therapies for cancer for the advancement of precision medicine. Theranostics combines imaging technology with therapeutic medicines to locate and destroy cancer cells.

North America boasts a sophisticated healthcare infrastructure that is ready to facilitate the use of radiotracers in clinical settings. A further factor driving up demand for cancer and other disease-related diagnostic and treatment choices is the aging and expansive population of the US.

The market in Asia Pacific is projected to grow at a significant pace in the coming years, owing to the increasing number of patients across the region. The growing initiatives by government organizations for improving the diagnostics and therapeutic strategies in this region is boosting the regional market significantly.

Increasing usage of radioactive isotopes to diagnose and treat diseases is projected to drive the regional market during the forecast period. Furthermore, the increasing incidence of cancer and prescription of a targeted radiation therapy is propelling the regional market.

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