Radiopharmaceuticals in Nuclear Medicine Market

Positron Emission Tomography (PET) Imaging Is the Largest Segment Driving the Growth of the Radiopharmaceuticals in Nuclear Medicine Market

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The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 9115.96 Mn or Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Radiopharmaceuticals are radioactive compounds administered to patients for diagnostic and therapeutic purposes in nuclear medicine. They emit radiation from inside the body and help medical professionals better visualize organs, bones and tissues. Radiopharmaceuticals have advantages such as high sensitivity and specificity for disease detection and management.

Market key trends:

One of the key trends in the market is increased demand for Positron Emission Tomography (PET) imaging procedures. PET uses radiopharmaceuticals and detects gamma rays emitted by radioactive tracers that are introduced into the body on a molecular level. It helps provide more accurate diagnosis of diseases such as cancer compared to other techniques. This has resulted in greater consumption of fluorodeoxyglucose (FDG) which is the most widely used radiotracer for PET imaging of cancers. Further, development of new targeted radiotracers for molecular imaging of various diseases will also drive the demand.

Market key trends:

One of the key trends gaining traction in the radiopharmaceuticals market is the high demand for targeted therapies. Radiopharmaceuticals are increasingly being used for targeted radionuclide therapies to treat various cancers and other diseases. With technological advancements, it is now possible to create radiopharmaceuticals that target specific cells and tissues in the body. Targeted radionuclide therapies allow high doses of radiation to be delivered precisely to diseased cells while minimizing radiation exposure to healthy tissues. This makes radiopharmaceuticals an effective treatment option.

SWOT Analysis

Strength: Targeted radionuclide therapies using radiopharmaceuticals facilitate precision treatment of diseases with lesser side effects compared to other therapies.
Weakness: High cost of research and development associated with radiopharmaceuticals and constraints regarding their production and handling.
Opportunity: Increasing adoption of nuclear medicine for diagnosis and targeted treatment presents an opportunity for radiopharmaceutical players.
Threats: Stringent regulatory framework and lengthy approval process pose threats to market players. Significant health hazards if leaked also restrict the market.

Key Takeaways

The Global Radiopharmaceuticals In Nuclear Medicine Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period 2023 to 2030, due to increasing demand for non-invasive targeted therapies.
The market size for 2023 is US$ 9115.96 Mn. The North America region currently dominates the market due to presence of major players and advanced healthcare infrastructure for nuclear medicine procedures.

Asia Pacific region is expected to witness fastest growth over the forecast period owing to rising healthcare investments, increasing incidence of cancer and cardiovascular diseases.

Key players operating in the radiopharmaceuticals market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it