Global Radiopharmaceutical Market Size, Share, Demand & Trends Analysis Report 2022-2028
The global Radiopharmaceutical market was valued at USD 4.9 billion in 2021 and is expected to surpass USD 11.8 billion by 2026, registering a CAGR of 10.5% during the forecast period (2022-2028), as highlighted in a report published by Facts & Factors.
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Radiopharmaceuticals are radioactive compounds that can be employed therapeutically or diagnostically. Diagnostics are commonly employed for chemicals that release beta particles or gamma rays, whereas treatments are typically used for drugs that emit alpha particles or Auger electrons. Radiopharmaceuticals are referred to as “tracers” when utilised for diagnostic reasons. Therapy radiopharmaceuticals contain less radiation than diagnostic radiopharmaceuticals. Radiopharmaceuticals are one-of-a-kind therapeutic formulations containing radioisotopes. Radiopharmaceuticals are used to both diagnose and treat people. Radiopharmaceuticals are classified into four types: radionuclide generators, radiopharmaceutical preparations, radiopharmaceutical production kits, and radiopharmaceutical precursors.
The increased prevalence of acute and chronic diseases such as cancer around the world as a result of numerous factors is one of the primary factors fueling global radiopharmaceutical market growth. Tumor cells in organs or across the body can be detected using radiopharmaceuticals. Cancer is the second largest cause of death in the globe. Rising medical instrument and device R&D spending, particularly in developed and developing nations, will generate even more profitable market development prospects. The research and development skills of the nuclear medicine industry are also supporting the market’s growth pace. Another major element driving market expansion is the rising emphasis on enhancing the overall quality of healthcare facilities and infrastructure.
A increasing number of collaborations and strategic partnerships between public and private stakeholders in the funding and execution of technology advancements are opening up new market opportunities. However, expensive R&D expenditures, short half-lives of radiopharmaceuticals, limited infrastructure, high equipment prices, and a lack of awareness in primitive nations are predicted to hinder market expansion.
The global radiopharmaceutical market is classified by type, application, end-user, and geography. The market is segmented into therapeutic and diagnostic segments. SPECT radiopharmaceuticals and PET radiopharmaceuticals are two types of diagnostic radiopharmaceuticals. Iodine-123, Thallium-201, Technetium-99m, and other radiopharmaceuticals are examples of SPECT radiopharmaceuticals. PET radiopharmaceuticals are divided into several categories, including 68Ga, FDG-PET/18F, 11c, and others. Due to factors such as successful imaging of patient populations with various cancers, the development of new products to diagnosis various ailments, and increased procedural volumes globally, the diagnostic radiopharmaceuticals segment is likely to dominate the global market.
The market is divided into applications such as cardiology, cancer, neurology, and others. The oncology market is expected to grow the fastest. Cancer detection is one of the most prevalent imaging procedures performed worldwide. This is due to greater awareness of early cancer detection, the high prevalence of cancer, and the benefits of early detection in cancer care and therapy. The market is segmented by end-user into diagnostic centres, hospitals & clinics, and others. The hospitals and clinics segment is expected to increase at a considerable CAGR throughout the forecast period.
North America is expected to hold the greatest share of the worldwide radiopharmaceutical market due to the introduction of novel technologies for radioisotope production, higher R&D expenditure, government financing, and regional company activities.
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.
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