The Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 45. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Oncology Radiopharmaceuticals are radiolabeled drugs used for both diagnosis and treatment of various cancers. The major products include alpha emitters, beta emitters, and brachytherapy products. Alpha emitters such as Radium-223 dichloride is used to treat bone metastases of prostate cancer. Beta emitters such as Lutetium-177 and Iodine-131 are majorly used for targeted radiation therapy. Advancement in manufacturing process of these radiopharmaceuticals has enabled precise delivery of therapeutic radiation dose to cancer cells.
The Oncology Radiopharmaceuticals market is primarily driven by increasing prevalence of cancer worldwide. According to WHO, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Moreover, advancement in radionuclide discoveries and radiopharmaceutical chemistry has led to the development of novel targeted radiopharmaceuticals with improved specificity and efficacy. For instance, research on alpha-emitters such as Bismuth-213 and Actinium-225 is underway for development of highly potent targeted alpha therapies. In addition, growing focus on personalized medicine and expansion of radiopharmacy services will create lucrative opportunities in the near future. However, short half-lives of radiopharmaceuticals and lack of skilled professionals pose significant challenges.
The oncology radiopharmaceuticals market is dominated by PET imaging segment which holds around 60% share. PET imaging is considered superior compared to SPECT as it provides higher resolution images and enables early detection of cancer. It is widely used for diagnosis of cervical cancer, lung cancer, lymphoma and other cancers.
Political: Regulations around the use of nuclear technology and radioisotopes differ across countries. Harmonization of guidelines can help streamline manufacturing and supply chains.
Economic: Rising healthcare spending on cancer treatment is spurring demand. However, cost pressures on hospitals can impact uptake.
Social: Growing cancer incidence due to lifestyle changes and increasing awareness is driving the need for improved diagnostic tools. However, radiation concerns remain a bottleneck.
Technological: Precision imaging techniques and radiotracers specific to cancer types are enhancing diagnostic capabilities. Integration of AI in image analysis can further augment accuracy.
Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth, exhibiting CAGR of 45% over the forecast period, due to increasing prevalence of cancer worldwide. Rapidly aging population and lifestyle changes raising cancer risk are major drivers.
Regionally, the Asia Pacific market is poised to grow at the fastest pace due to rising healthcare investments, large patient pools and improving access to diagnostic services in countries like China and India. North America currently dominates with major technological advancements and widespread insurance coverage supporting higher adoption of PET/CT scans.
Key players operating in the oncology radiopharmaceuticals market are Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., International Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health. Major players are focusing on inorganic growth through acquisitions and collaborations to expand their product portfolios and geographical presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it