Radiopharmaceuticals Market Size, Share & Growth Report 2031

Report Description

The global radiopharmaceuticals market size is estimated to register a significant CAGR during the forecast period, 2021-2028. The growth of the radiopharmaceuticals market is attributed to the wide prevalence of chronic disorders. Increasing research & development activities by leading pharmaceutical companies along with the introduction of new technology in radiopharmaceuticals are anticipated to boost the market growth to further extent.

Radiopharmaceuticals mainly focuses on medicinal formulations that are unique in nature, which are majorly consisting of radioactive materials or radioisotopes. Radiopharmaceuticals are majorly used for the purpose of diagnostic, therapeutic, and treatment of a particular disease. This is a field of molecular imaging where special types of cameras are connected with the computer that produces detailed pictures of the particular body area needed to be examined by detecting radioisotopes.

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Radiopharmaceuticals are majorly divided into four categories namely radiopharmaceutical precursor, radiopharmaceutical preparation, radiopharmaceutical preparation kit, and radionuclide generator. Radiopharmaceutical precursor is a radionuclide produced for radio labeling. Radiopharmaceutical preparation is a medicine that contains radionuclide suitable for human products and is ready to use.

Radiopharmaceutical preparation kit is used for the preparation of radiopharmaceuticals that consist of non-radionuclide components. Lastly, radionuclide generator is a type of system that is used for the generation of daughter radionuclide.

Radiopharmaceuticals have a huge potential to treat cancer and cardiac disorders. As per the reports by the National Cancer Institute (NCI) in 2018, approximately 1,735,350 new cancer cases were diagnosed in the U.S., which resulted into increase in the adoption of radiopharmaceuticals. Moreover, the U.S. Food and Drug Administration has eased its strict regulatory procedures on radiopharmaceuticals diagnostic & therapeutic and all pharmaceutical agents.

However, radiopharmaceuticals diagnostic needs a lengthy process as it has to pass through unique investigations for approvals and regulations, which can cause financial burdens to the investors due to the immense toxicology testing.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing incidence of cancer cases along with several other cardiac disorders across the globe is anticipated to fuel the market growth during the forecast period.
• Technological advancements for the treatment & diagnosis of cancerous tumors using monoclonal antibodies & radiolabeled peptides are expected to propel the market growth.
• Growing level of awareness of patients regarding radiopharmaceuticals for the surging demand of accurate diagnosis is anticipated to drive the market growth.
• High cost of diagnostic & therapeutic equipment and procedures related to radiopharmaceuticals and stringent regulatory guidelines for approval are expected to restrain the market growth.
• Growing demand for image guiding diagnostics & procedures coupled with increasing application of molecular imaging are projected to create key opportunities for the market expansion in the coming years.

Scope of Radiopharmaceuticals Market Report

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

Radiopharmaceuticals Market Segment Insights

Diagnostic radiopharmaceuticals segment is anticipated to dominate the market

On the basis of applications, the global radiopharmaceuticals market is bifurcated into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. The diagnostic radiopharmaceuticals segment is anticipated to dominate the market during the forecast period owing to the increasing usage of molecular imaging in the field of diagnosis.

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Diagnostic centers segment is expected to grow at a rapid pace

Based on end-users, the market is divided into diagnostic centers and hospitals.

The hospitals segment constituted a major share of the market in 2019 and is projected to account for a major market share during the projected period owing to the presence of medical practitioners in the hospitals who are highly skilled. On the other hand, the diagnostic centers segment is expected to grow at a rapid pace in the coming years attributed to the increasing number of diagnostic centers across the globe.

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Asia Pacific is projected to account for a key market share

In terms of regions, the global radiopharmaceuticals market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America held a major share of the market in 2019 and is anticipated to exhibit a high CAGR during the forecast period owing to the high demand for radioisotopes in the region. However, the regional market growth is slightly hampered due to the disruption of supply-demand chain impacted by the shutdown of the National Research Universal Reactor.

However, Asia Pacific is estimated to account for a key market share during the forecast period attributed to the increasing level of awareness among the patients along with the increasing demand for photon emission computerized tomography (PECT) and positron emission tomography (PET) devices in the region.

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