According to the latest report by IMARC Group, titled "Radiopharmaceuticals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global radiopharmaceuticals market reached a value of US$ 4.9 Billion in 2021. Radiopharmaceuticals are a group of pharmaceutical drugs that possess a high degree of radioactivity. The pharmaceutical formulations comprise radioactive isotopes, and can be delivered orally, intravenously, or interstitially. Over the past years, radiopharmaceutical therapies have emerged as one of the most efficient techniques in various areas, such as neurology, cardiology, and oncology. More convenient therapeutic radiopharmaceuticals are replacing conventional chemotherapy methods for oncology and cancer treatment, which opens new avenues in the radiopharmaceutical market. Besides this, they help physicians during diagnosis and work as a convenient and safer alternative for patients when compared to X-Rays and other external radiation imaging devices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Radiopharmaceuticals Market Trends:
The global market is primarily driven by the rising prevalence of acute and chronic diseases, such as cancer. In line with this, the increasing research and development spending on medical instruments and devices is creating lucrative growth opportunities in the market, particularly in developed and developing economies. Furthermore, extensive research and development activities in nuclear medicine are favoring the market growth. Apart from this, the growing emphasis on improving the overall quality of healthcare facilities and the healthcare infrastructure is positively influencing the market. Moreover, the numerous collaborations and strategic partnerships between public and private players in the market are creating a positive outlook for the market. Besides this, continual technological advancements enabling radiopharmaceuticals to diagnose and treat cancerous tumors are propelling the market. Additionally, various companies operating in the market are constantly focusing on the development of nuclear medicine therapies, thereby providing a boost to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 7.2 Billion by 2027, exhibiting a CAGR of 6.76% during 2022-2027.
- On the basis of the product type, the market has been segmented into diagnostic and therapeutic nuclear medicine.
- Based on the application, the market has been categorized into oncology, cardiology, neurology, endocrinology, and others.
- On the basis of the end use, the market has been classified into hospitals and clinics, research institutes, and diagnostic centers.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Advanced Accelerator Applications (Novartis AG), Bayer AG, Bracco S.p.A., Cardinal Health Inc., Curium Pharma, General Electric Company, IBA RadioPharma Solutions, Jubilant Pharma Limited, Lantheus Medical Imaging Inc, Nordion Inc. (Sotera Health), NTP Radioisotopes SOC Ltd, PharmaLogic Holdings Corp. and Siemens AG.
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