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Global Radiopharmaceutical Market Size To Reach USD 11.8 Billion By 2028 at CAGR of 10.5% Growth

07-Apr-2022 | Facts and Factors

According to the Facts & Factors report, the global radiopharmaceutical market was worth about 4.9 (USD billion) in 2021 and is predicted to grow to around 11.8 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 10.5%.

Radiopharmaceuticals are radioactive substances that can be used for either therapeutic or diagnostic purposes. Chemicals that emit beta particles or gamma rays are frequently used for diagnostics, whereas compounds that emit alpha particles or Auger electrons are typically used for therapeutics. When radiopharmaceuticals are used for diagnostic purposes, they are referred to as "tracers." Diagnostic radiopharmaceuticals contain less radiation than therapy radiopharmaceuticals. Radiopharmaceuticals are essentially one-of-a-kind therapeutic compositions that contain radioisotopes. These radiopharmaceuticals are used to diagnose as well as treat patients. There are four types of radiopharmaceuticals: radionuclide generator, radiopharmaceutical preparation, radiopharmaceutical preparation kit, and radiopharmaceutical precursor.

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Browse the full “Radiopharmaceutical Market By Type (Therapeutic and Diagnostic), By Application (Cardiology, Oncology, Neurology, and Others), By End-User (Diagnostic Centers, Hospitals & Clinics, and Others), and By Region-Global and Regional Industry Overview, Comprehensive Analysis, Competitive Intelligence, Statistical Evidence, and Forecast 2022–2028” report at https://www.fnfresearch.com/radiopharmaceutical-market

One of the major factors fostering the global radiopharmaceutical market growth is the rising prevalence of acute and chronic diseases such as cancer around the world as a result of various factors. Radiopharmaceuticals allow for the detection of tumor cells in organs or throughout the body. Cancer is the world's second leading cause of death. Rising R&D spending on medical instruments and devices, particularly in developed and developing economies, will create even more lucrative market growth opportunities. The nuclear medicine field's research and development capabilities are also boosting the market's growth rate. Another important factor driving the market growth is the increased emphasis on improving the overall quality of healthcare facilities and the overall healthcare infrastructure.

A growing number of collaborations and strategic partnerships between public and private players in the funding and implementation of technological improvements are creating even more lucrative market opportunities. However, high costs associated with R & D capabilities, short half-lives of radiopharmaceuticals, restricted infrastructural facilities, high equipment prices, and a lack of awareness in primitive economies are expected to stymie market growth.

The global radiopharmaceutical market is segregated on the basis of type, application, end-user, and region. By type, the market is divided into therapeutic and diagnostic. Diagnostic radiopharmaceuticals are further subdivided into SPECT radiopharmaceuticals and PET radiopharmaceuticals. SPECT radiopharmaceuticals are further classified as Iodine-123, Thallium-201, Technetium-99m, and others. PET radiopharmaceuticals are classified as 68Ga, FDG-PET/18F, 11c, and others. The diagnostic radiopharmaceuticals segment is expected to dominate the global market due to factors such as effective imaging of patient populations with various cancers, launching new products to diagnose various disorders and rising procedural volumes globally.

By application, the market is classified into cardiology, oncology, neurology, and others. The oncology segment is projected to grow at the fastest rate. A cancer diagnosis is one of the most common imaging procedures performed around the world. This is due to increased awareness of early cancer detection, the high prevalence of cancer, and the benefits of early detection in the management & treatment of various types of cancer. By end-user, the market is divided into diagnostic centers, hospitals & clinics, and others. During the forecast period, the hospitals & clinics segment is projected to grow at a significant CAGR.

Due to the advent of newer technologies for radioisotope production, increased R & D expenditure, government funding, and regional company initiatives, North America is estimated to hold the largest share of the global radiopharmaceutical market.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 4.9 Billion

Projected Market Size in 2028

USD 11.8 Billion

CAGR Growth Rate

10.5% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Eczacýbaþý-Monrol Nuclear Products, NorthStar Medical Radioisotopes, Smith & Nephew plc., Lantheus Medical Imaging, NTP Radioisotopes, Hanger Inc., Advanced Accelerator Applications, Braun Melsungen AG, Otto Bock Healthcare GmBH, Bracco Imaging, Cardinal Health, Nordion, Eckert & Ziegler, General Electric, Zimmer Biomet, Bayer AG, JSC Isotope, and Curium., among others

Key Segment

By Type, Application, End-User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Some of the main competitors dominating the global radiopharmaceutical market are Eczacýbaþý-Monrol Nuclear Products, NorthStar Medical Radioisotopes, Smith & Nephew plc., Lantheus Medical Imaging, NTP Radioisotopes, Hanger Inc., Advanced Accelerator Applications, Braun Melsungen AG, Otto Bock Healthcare GmBH, Bracco Imaging, Cardinal Health, Nordion, Eckert & Ziegler, General Electric, Zimmer Biomet, Bayer AG, JSC Isotope, and Curium.

Recent Developments

  • August 2021: NorthStar Medical Radioisotopes, LLC, a global pioneer in radiopharmaceuticals, and GE Healthcare announced an exclusive contract to manufacture and sell iodine-123 capsules in the United States.
  • March 2021: Bracco Diagnostics Inc. has announced a collaboration with CardioNavix, LLC to increase accessibility to cardiac PET imaging. The Bracco Mobile Isotope Service, a new program, will allow further patient care forums can provide cardiac PET imaging.

The global radiopharmaceutical market is segmented as follows:

By Type

  • Therapeutic
  • Diagnostic

By Application

  • Cardiology
  • Oncology
  • Neurology
  • Others

By End-User

  • Diagnostic Centers
  • Hospitals & Clinics
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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