ID: MRFR/Pharma/1119-CR | February 2020 | Region: Global | 203 pages
Global Radiopharmaceuticals Market is expected to register a CAGR of 8.10% to reach USD 15,060.87 Million by 2025.
The global radiopharmaceuticals market is expected to exhibit lucrative growth during the forecast period. One of the significant factors characterizing the market growth is the growing application of radioisotopes in the healthcare industry. However, the short half-life of radiopharmaceuticals and the high cost of radiopharmaceuticals is anticipated to limit market growth over the forecast period.
Radiopharmaceuticals (RPh) are pharmaceutical formulations that contain radioisotopes that are bound with the biological molecules that are targeted for the specific organs. The molecules resulting from these formulations are used extensively in therapeutic and diagnostic applications. Radiopharmaceuticals are administered to patients for treatment or diagnosis procedures. Radiopharmaceutical products are available in the markets as liquid and solids. These products are distributed through the radio pharmacies that specifically dispense radioactive pharmaceutical products.
The increasing application of radioisotopes in the healthcare industry, surge in use of radiopharmaceuticals for the diagnosis & treatment of chronic disease, and technological advancements in the diagnostics sector are likely to drive the growth of the global radiopharmaceuticals market during the forecast period.
Global Radiopharmaceuticals Market Share, by Application, 2018 & 2025 (USD Million)
Source: MRFR Analysis
On the basis of type, the global radiopharmaceuticals market has been classified into diagnostics, and therapeutic. The diagnostics segment is likely to hold a maximum market share of 82.9% during the forecast period due to the growing importance of diagnostic radiopharmaceuticals to predict the effects of surgery and assess the changes. The diagnostics segment is further divided into SPECT radiopharmaceuticals and PET radiopharmaceuticals. SPECT radiopharmaceuticals are further segmented into Tc99m, I-123, and Others. PET radiopharmaceuticals segment is classified into F18, C11 Choline, and Others. Radiopharmaceuticals are used to treat chronic medical conditions, especially cancer, and used to weaken or destroy targeted cells. Radiopharmaceuticals such as I-131, Y-90, Sm-153, Re-186, Lu-177, among others have been employed for treatment of cancers including thyroid cancer, non-Hodgkin lymphomathe and bone pain.
A radiopharmaceutical is a type of pharmaceutical product with radioactive isotopes. These products are used for both therapeutic as well as diagnostic purposes and have various applications. Radiopharmaceuticals have their most extensive application in the medical field due to their inherent properties. Based on the application, the global radiopharmaceuticals market has been segmented into neurology, cardiology, oncology, and others. Neurology is the largest segment in the global radiopharmaceuticals market, owing to the rising prevalence of neurological disorders is expected to drive the growth of this segment during the forecast period. According to the data from the European Brain Council, a total of 220.7 million people in Europe were suffering from at least one neurological disease in 2017. This large patient pool has been promoting the use of radioactive imaging for the diagnosis of such diseases.
Global Radiopharmaceuticals Market Share, 2018 (%)
Source: MRFR Analysis
The Global Radiopharmaceuticals Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The global radiopharmaceuticals market in the Americas is segmented into North America and Latin America. In this region, North America is expected to dominate the market.
The Americas is expected to command the largest market share owing to the presence of a vast patient population suffering from chronic diseases like cancer, coronary disorders, and strokes, changing lifestyles, and increasing research & development for effective and lesser side effects therapies. According to the National Cancer Institute, in 2016, as many as 1.6 million cases of cancer were diagnosed in the US. Increasing research & development (R&D) and the presence of the leading players in the market have fueled the radiopharmaceuticals market growth.
The European radiopharmaceuticals market comprises Western Europe, Northern Europe, Eastern Europe, and the Rest of Europe. Western Europe is further divided into Germany, France, the Netherlands, Switzerland, Belgium, Austria, Italy, Spain. UK, Norway, Sweden, Ireland, and Denmark fall under Northern Europe. Eastern Europe consists of Russia, Poland, Romania, the Czech Republic, and Hungary. The Growing investment for research and the presence of a vast patient pool and the presence of developed economies such as Germany, the UK, and France are expected to drive the growth of the market. Europe is expected to register the highest CAGR of 9.67% during the forecast period.
The Asia-Pacific market for radiopharmaceuticals is further divided into Japan, China, Australia, India, South Korea, South-East Asia, New Zealand, Pakistan, and the Rest of Asia-Pacific. South-East Asia is further divided into Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. Radiopharmaceutical companies are expanding their operations in countries such as China, India, Singapore, and Russia, owing to the cost-efficiency in these regions. Additionally, Asia-Pacific has a large pool of geriatric populations requiring invasive therapies for the treatment of the increasing cases of cardiovascular diseases, neurological diseases, and others.
The Middle East & Africa is anticipated to hold the lowest market share in the global radiopharmaceuticals market. The Middle East & Africa market is segmented into Saudi Arabia, the United Arab Emirates, Oman, Qatar, Kuwait, Turkey, Egypt, South Africa, Nigeria, and the Rest of the Middle East & Africa. Saudi Arabia is expected to hold the largest market share during the forecast period owing to the increasing awareness about radiopharmaceuticals.
The prominent players in the global radiopharmaceuticals market are GE Healthcare, Lantheus Medical Imaging, Inc., Novartis AG, BWX Technologies, Inc., Siemens Healthineers, IRE ELiT, JSC Isotope, NTP Radioisotopes SOC Ltd, Curium, Australian Nuclear Science and Technology Organization (ANSTO), and others.
Some of the key strategies followed by players operating in the global radiopharmaceuticals market were innovation, new product launches, and acquisition & mergers.
Global Radiopharmaceuticals Market, by Type
Global Radiopharmaceuticals Market, by Application
Global Radiopharmaceuticals Market, by Region
Available Additional Customizations
Frequently Asked Questions (FAQ) :
Radiopharmaceutical Market is projected to grow at an 8.7% CAGR between 2014-2023.
Radiopharmaceutical Market is predicted to touch USD 10,473.88 million by 2023.
Americas are predicted to have the largest share in the Radiopharmaceutical Market.
Rising incidence of chronic diseases especially cancer and cardiovascular diseases and increasing expenditure on oncology medicine are boosting market growth.
Strict regulations to manufacture radiopharmaceuticals and side effects resulting from radiopharmaceuticals may restrict market growth.