Targeted alpha therapy involves using alpha-emitting radioisotopes to treat cancer at the cellular level with minimal damage to surrounding healthy tissues. It can be used along with diagnostic imaging and offers advantages over traditional chemotherapy by delivering higher doses of radiation directly to tumor cells. The global Alpha Emitter Market is estimated to be valued at US$ 1,331.0 Mn in 2023 and is expected to exhibit a CAGR of 10.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of cancer worldwide is one of the major factors propelling the growth of the alpha emitter market. According to the World Health Organization, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Active research to develop new targeted alpha therapies is underway to address the unmet needs in cancer diagnosis and treatment. Ongoing clinical trials exploring the safety and efficacy of novel alpha emitters show promise to expand applications of targeted alpha therapy.
Strength: Alpha emitter therapy can help treat various types of cancer with minimal damage to surrounding healthy tissues. This targeted cancer therapy provides more safety and efficacy when compared with traditional external beam radiation therapy.
Weakness: Complex medical procedures are required for administering alpha emitter therapy. High costs associated with production of alpha emitter isotopes and specialized equipment limits widespread adoption.
Opportunity: Rapid growth in cancer incidence rates globally increases the demand for novel targeted radiation therapies like alpha emitter therapy. Ongoing research to develop safer and more effective alpha emitter based drugs offers new opportunities.
Threats: Strong competition from other advanced radiation therapies and conventional cancer treatment options. Stringent regulatory approvals and long product development cycles pose threats.
The Global Alpha Emitter Market Share is expected to witness high growth. Regional analysis comprises North America dominates the global market currently due to extensive research activities and growing adoption of novel targeted therapies. The market in Asia Pacific is expected to grow at a high rate during the forecast period supported by rising healthcare spending and increasing cancer prevalence in the region.
Key players operating in the market are Actinium Pharmaceutical Inc., Alpha Tau Medical Ltd, Bayer AG, Bracco, Cardinal Health, Eckert & Ziegle, Fusion Pharmaceuticals, IBA Worldwide, NorthStar Medical Radioisotopes (NMR), Orano Group, Viewpoint Molecular Targeting, RadioMedix, Telix Pharmaceuticals Limited., TerraPower, LLC, NIOWAVE Inc. and IONETIX Corporation. Collaborations between pharma companies and technology players is gathering momentum for further advancements.
The global alpha emitter market size for 2023 is US$ 1,331.0 Mn. It is estimated to witness a CAGR of 10% during 2023-2030 period. With ongoing clinical trials and product approvals, the adoption of alpha emitter therapy is expected to increase significantly over the forecast period.