ID: MRFR/Pharma/1119-CR | 203 Pages | Author: Rahul Gotadki | February 2021
The radiopharmaceutical market size was valued at USD 3.3 billion in 2021 and is projected to grow from USD 3.5 billion in 2022 to USD 5.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2022 - 2030). One of the key market driver for the growth of the market is the rising prevalence of acute and chronic diseases like cancer throughout the world as a result of numerous factors.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Radiopharmaceutical Market Trends
Chronic conditions such cardiovascular diseases (CVDs), cancer, chronic lung illnesses, stroke, Alzheimer's disease, chronic kidney disease, and various neurological problems are becoming more and more common worldwide. Among the top causes of death are these illnesses. The World Health Organization (WHO) estimates that cancer will be responsible for 10 million deaths worldwide in 2020. Additionally, the American Cancer Society projects that in the US in 2020, 1,806,590 new cases of cancer will be diagnosed. According to the European Heart Network, CVDs account for about 1.8 million of the 3.9 million annual deaths in the European Union (EU) and in Europe as a whole. They make up 37.0% of all deaths in the EU and 45.0% of all fatalities in Europe. In the US, congestive heart failure (CHF) affects 5 million people in 2018, according to Emory Healthcare. Additionally, 1.71 billion individuals worldwide suffer from musculoskeletal problems, according to the WHO. Nuclear substances are utilised for diagnosis and examination reasons, and they are used in diagnostic tests like positron emission tomography (PET) and single-photon emission computerized tomography, which are essential for the treatment of chronic disorders (SPECT). Thus, as the prevalence of chronic diseases rises, so does the demand for radiopharmaceuticals, fueling market expansion. Thus, this factor is driving the market CAGR.
The main applications of nuclear medicine are in the diagnosis of cancer and CVD. Numerous businesses and stakeholders are concentrating on extending the overall uses of radiopharmaceuticals as a result of the saturation of these markets. The demand for and adoption of radiopharmaceuticals are anticipated to rise in the upcoming years as a result of their growing application fields. By meeting the need for radiopharmaceuticals in neurological applications, businesses may be able to diversify their product portfolios and increase their market shares.
Another main factors influencing the growth of the nuclear medicine imaging market is an increased understanding of the potential effects of early and timely diagnosis and the related favorable influence in the management and treatment of chronic illnesses. The development of nuclear imaging technologies, notably PET/PET-CT, has helped to expand the field of uses for this modality from oncology to cardiology, neurology, and infection detection. The number of PET and SPECT procedures has significantly increased as a result of these technological advancements. In 2020, there were 2,220,300 PET treatments carried out in the United States, up from 2,200,800 in 2019. Thus, it is anticipated that this aspect will accelerate radiopharmaceutical market revenue.
Radiopharmaceutical Market Segment Insights
Radiopharmaceutical Type Insights
The radiopharmaceutical market segmentation has been segmented by type into Diagnostic and Therapeutic. The diagnostic segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Technetium-99m is a radioisotope that is frequently used in nuclear medicine diagnostics. The radioisotope binds to a number of certain molecules, making it possible to diagnose a number of illnesses, including some forms of cancer.
Figure 2 Radiopharmaceutical Market by Type, 2021 & 2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Radiopharmaceutical Application Mode Insights
The radiopharmaceutical market segmentation has been segmented by application mode into Neurology, Cardiology, Oncology and Others.. The oncology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 ascribed to the rise in cancer incidence. One of the serious health issues with a high mortality rate is cancer. It poses a risk to world health. According to the WHO, there were 9.6 million cancer-related deaths and an estimated 18 million new cancer cases worldwide in 2018.
Radiopharmaceutical Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America radiopharmaceutical market accounted for USD 1.5 billion in 2021 and is expected to exhibit a 44.20% CAGR during the study period. Due to the quick uptake of effective nuclear imaging technologies and the expanding usage of technically sophisticated and advanced therapeutic radiopharmaceuticals in the region, the market is expected to grow. Additionally, it is anticipated that the market expansion in North America would be fueled by the increased prevalence of various cancers as well as other chronic illnesses throughout the forecast period.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 RADIOPHARMACEUTICAL MARKET SHARE BY REGION 2021 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific radiopharmaceutical market accounts for the fastest growing market share due to the rise in government initiatives to spread awareness, the rise in medical tourism, the expansion of research activities in the region, the presence of significant market players, the availability of vast untapped markets, a large population pool, the availability of well-established infrastructure, the rise in cardiovascular disease cases, and the expanding demand for high-quality healthcare in the region. Further, the China market of radiopharmaceutical held the largest market share, and the India market of radiopharmaceutical was the fastest-growing market in the region.
Europe radiopharmaceutical market is expected to grow at a substantial CAGR from 2022 to 2030 due to increased research spending, an increase in the prevalence of cardiovascular disorders, a larger patient base, and the existence of major players. The market is expanding as a result of an increase in the approval of radioisotopes for particular therapies, such as Tc-99m and F-18 radioisotopes. Moreover, UK market of radiopharmaceutical held the largest market share, and the Germany market of radiopharmaceutical was the fastest-growing market in this region
Radiopharmaceutical Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the radiopharmaceutical industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the radiopharmaceutical industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, radiopharmaceutical industry has provided medicine with some of the most significant benefits. The radiopharmaceutical market major player such as GE Healthcare, Lantheus Medical Imaging Inc., Novartis AG, BWX Technologies Inc., Siemens Healthineers, IRE EliT, JSC Isotope, NTP Radioisotopes SOC Ltd, Curium and Australian Nuclear Science and Technology Organization (ANSTO).
A multinational provider of medical technology, GE HealthCare Technologies Inc., doing business as GE Healthcare, has its corporate office in Chicago, Illinois. On January 4, 2023, it was separated from GE, with GE keeping 20% of the company. In March 2022, the first patient dosed in the phase III clinical trials for GE Healthcare's PET radiopharmaceutical imaging agents was revealed. The strategic approach seeks to enhance patient care by more accurately identifying adult Parkinson's disease. GE Healthcare will broaden its portfolio of radiation patents.
A worldwide pharmaceutical company with offices in Basel, Switzerland, and Cambridge, Massachusetts, the United States, is known as Novartis AG ( research). The company is one of the biggest in the pharmaceutical industry. Novartis is a full member of the Pharmaceutical Research and Manufacturers of America (PhRMA), the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), and the European Federation of Pharmaceutical Industries and Associations (EFPIA) (PhRMA)
Key companies in the radiopharmaceutical market includes
Radiopharmaceutical Industry Developments
In August 2021, GE Healthcare and NorthStar Medical Radioisotopes, LLC, a manufacturer of radiopharmaceuticals, will begin producing and distributing iodine-123 (I-123) capsules in the United States under an exclusive agreement. By adding the item to its lineup, GE Healthcare will strengthen its position in the market.
In June 2021, Bayer AG bought PSMA Pharmaceuticals Inc. and Noria Therapeutics Inc. Each radiotherapy company is working on developing targeted therapeutic and diagnostic radiopharmaceuticals. Bayer's current nuclear medicine oncology portfolio is anticipated to grow as a result of the acquisition.
Radiopharmaceutical Market Segmentation
Radiopharmaceutical Type Outlook (USD Billion, 2018-2030)
Radiopharmaceutical Application Outlook (USD Billion, 2018-2030)
Radiopharmaceutical Regional Outlook (USD Billion, 2018-2030)
|Market Size 2021||USD 3.3 Billion|
|Market Size 2022||USD 3.5 Billion|
|Market Size 2030||USD 5.2 Billion|
|Compound Annual Growth Rate (CAGR)||5.80% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||GE Healthcare, Lantheus Medical Imaging Inc., Novartis AG, BWX Technologies Inc., Siemens Healthineers, IRE EliT, JSC Isotope, NTP Radioisotopes SOC Ltd|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Dynamics||Increasing prevalence of chronic diseases Increasing application of radiopharmaceuticals for the diagnosis & treatment of chronic diseases|
The market size was expected to be USD 3.3 billion in 2021.
The market is expected to register a CAGR of ~5.80% over the next ten years.
North America held the largest market share in the market.
GE Healthcare, Lantheus Medical Imaging Inc., Novartis AG, BWX Technologies Inc., Siemens Healthineers, IRE EliT, JSC Isotope, NTP Radioisotopes SOC Ltd are the key players in the market.
The diagnostic category led the segment in the market.
The oncology category had the largest market share in the market.
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