Radiopharmaceuticals play a crucial role in modern medical imaging techniques and are widely used for diagnosis and treatment. They emit radiation to enable visualization of anatomical structures or physiological processes within the body. Their ability to bind with specific organs, tissues or cells also make them useful for targeted radiotherapy. Major applications include diagnosis of cancer, neurological disorders, cardiovascular diseases and other conditions.
The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 6,700.05 Mn 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 key trends:
Growth in precision medicine and personalized healthcare is a key trend fueling demand for radiopharmaceuticals. Precision or personalized medicine involves tailoring medical treatment to the individual characteristics of each patient. It takes into account factors like a person’s predicted response or risk of developing conditions. Radiopharmaceuticals play a crucial role by allowing accurate diagnosis and non-invasive monitoring of diseases at the molecular level. This enables healthcare providers to customize treatment approaches based on an individual’s specific genetic, biomarker, phenotypic or psychosocial characteristics. Advancements in targeted radiopharmaceuticals with ligands that can recognize molecular signatures of cancer and other diseases have further augmented their potential to enable precision interventions. Rapid adoption of precision medicine approaches globally is thus boosting market growth.
SWOT Analysis
Strength: Radiopharmaceuticals play a vital role in disease diagnosis and provide accurate pathological information with minimum invasive procedures. This improves treatment effectiveness.
Weakness: High production cost and short shelf life of radiopharmaceuticals pose challenges. Regulatory procedures are stringent and approval timeline is long.
Opportunity: Increasing incidence of cancer and cardiac diseases drives the demand. Untapped potential in emerging markets offers scope for expansion.
Threats: stringent regulations delay product launch. Alternative diagnostic methods also compete in the market.
Key Takeaways
The global radiopharmaceuticals in nuclear medicine market is expected to witness high growth over the forecast period.
Regional analysis: North America dominates currently due to supportive reimbursement policies and advanced healthcare infrastructure. Asia Pacific shows high potential and is expected to grow at the fastest pace owing to rising healthcare spending, increasing diseased population and focus on healthcare reforms in major countries like India and China.
Key players: Key players operating in the radiopharmaceuticals in nuclear medicine 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. These players are focused on new product launches, geographical expansion and regulatory approvals to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
