Radiopharmaceuticals are radioisotopes that are used for the diagnosis of certain medical problems in specific organs, tissues, or cells within the human body. In the last few years, the radiopharmaceuticals have been witnessing significant demand as it offers high efficiency with non-invasive external monitoring. For the record, the most widely used radioisotope in diagnostic nuclear medicine is technetium-99m. The radiopharmaceutical market is majorly driven by the increasing prevalence of a number of diseases, including cancer, dementia, CVD, and Parkinson’s disease, growing awareness regarding the therapy among the patients, and increasing technological advancements in the field of cancer. As per the American Heart Association, about 92.1 million Americans were diagnosed with cardiovascular disease in 2017. Similarly, as per the International Journal of Cardiology, in 2016, over 38 million people across the globe suffered from heart failure. According to the National Research University Higher School of Economics, around 60 million people suffered from Alzheimer’s disease and other dementia-related disorders in 2015, which is further boosting the market growth.
Moreover, it is mandatory to obtain approval from the national or regional authorities to manufacture, store, and use radiopharmaceuticals. The NRC controls the use of radioactive materials, including radiopharmaceuticals, for safety purposes. It is paramount to attain the certification for the use of radioisotopes. In addition, various governments across the globe have imposed stringent regulations on the transport and distribution of radiopharmaceuticals in order to make it safe, which is further hampering the market growth to some extent. However, the food and drug administration (FDA) has permitted the use of radiopharmaceuticals and machines that do not make use of any radioactive materials, such as x-rays. Recently, the FDA and NRC officially released a Memorandum of Understanding (MOU) for clarifying the agency’s role. The market is majorly driven by the rising demand for targeted cancer therapy, growing patient awareness, and technological advancements, which enable the high-utilization of radio-labeled peptides and monoclonal antibodies for the diagnosis and treatment of cancerous tumors. Moreover, the radiotracer is a preliminary factor driving the radiopharmaceuticals market. As per the data revealed by the World Nuclear Association, globally, around 10,000 hospitals are using medicines formulations containing radioisotopes in about 90% of the diagnostic procedures, including diagnosis of neurological deficit, infectious diseases, and cancer, among others.
By type, the radiopharmaceuticals market is bifurcated into diagnostic nuclear medicine and therapeutic nuclear medicine. The nuclear medicine segment is leading the radiopharmaceuticals market. It is witnessing significant demand among the patients due to low radiation exposure. Whereas, the therapeutic nuclear medicine segment is likely to witness significant growth in the years to come as it offers high-quality pictures with accurate results.
By application, the radiopharmaceutical market is segmented into cardiology, oncology, neurology, bone metastasis, thyroid, and endocrine tumors. The thyroid application segment is anticipated to register the highest growth during the forecast period. This can be attributed to the increasing prevalence of thyroid disorders across the globe. In the U.S. alone, around 20 million people are suffering from thyroid.
By end-user, the market is bifurcated into hospitals and diagnostic centers. The hospital segment is leading the market due to the increasing presence of qualified medical practitioners in the radiology department across the globe. Currently, the segment is witnessing strong growth in the number of applications. Recently, coronary stents coated with phosphorus-32 supplied to hospitals for clinical trials on cardiovascular radiation therapy have to yield good results. In the hospital, various imaging technologies are used that involve PET, TC, and magnetic resonance that improve the quality and information for diagnostic use.
Americas is dominating the global radiopharmaceutical market and will continue the same during the forecast period. This can be attributed to the increasing prevalence of chronic diseases, coronary disorders, and cancer, which is subsequently increasing the patient pool in the region. As per the National Cancer Institute report, in the U.S., around 1.6 million new cases of cancer were diagnosed in 2016. To attend to the situation, leading players are heavily investing in the R&D activities to develop effective therapies with minimum side effects. Similarly, in Canada, several organizations, such as Canada's National Research Universal and MDS Nordion are arduously working to control the surging prevalence of such diseases, which is further boosting the market growth.
Europe is second in the radiopharmaceuticals market on account of rising investment in research, growing prevalence of cardiovascular diseases, increasing patient pool, and the presence of leading players. According to the European Cardiovascular Disease Statistics 2017, over 1.8 million people died due to cardiovascular diseases. Additionally, an increasing number of radioisotope approvals for specific therapeutics, such as Tc-99m and F-18 radioisotopes, is boosting the market growth. The market is majorly driven by the advancements in technology, which is further increasing the utility of imaging technologies, including technetium-99m. Additionally, F-18 is the most widely used radioisotope for clinical imaging in Europe. Single-photon emission computed tomography (SPECT) scan and positron emission tomography (PET) used F-18 based radiopharmaceuticals that provide a strong base of information for the clinicians.
Asia pacific radiopharmaceutical market is expected to grow at the fastest pace due to a sudden increase in the demand for SPECT and PET devices in the field of cardiovascular and oncology. Latin American radiopharmaceuticals market is projected to witness significant growth during the forecast period. This can be attributed to the growing prevalence of cardiovascular diseases and cancer, which is subsequently boosting the demand for PET and SPECT for diagnosis purposes. Other factors driving the market growth include technological advancements, growing adoption of SPECT and PET application, increasing public health awareness, and growing healthcare expenditure.
Brazil is struggling hard to take the lead in the radiopharmaceutical market. In the last few years, the country has been witnessing huge demand for nuclear medicine procedures on account of the increasing awareness regarding the availability of umpteen treatment options. However, the number of facilities producing radiopharmaceuticals is relatively less, which is further hampering the market growth to some extent. To attend to the situation, the government is revising Brazil’s national policies to attract international players to accelerate the production of radiopharmaceuticals, which is further boosting the market growth.
The global radiopharmaceutical market is highly fragmented in nature. Several large and small-scale players are focusing on price, brand, and new product development to expand their consumer base. Some of the key players are engaging in acquisitions, collaborations, and partnerships, and are performing extensive research to gain a competitive edge in the raging competition. For instance, on 26th April 2019, Cardinal Health collaborated with PANTHERx to expand its cell and gene therapy potential allied with a coordinated suite of specialty distribution, third party logistics distribution (3PL) services, and specialty pharmacy dispensing services. On 27th July 2017, AstraZeneca and Merck & Co., Inc. collaborated to co-develop and commercialize AstraZeneca’s LYNPARZA (olaparib) for multiple cancer types. Furthermore, the companies will develop and commercialize LYNPARZA jointly. The market is consolidated with the presence of Cardinal Health, Mallinckrodt., General Electric Company, Lantheus Medical Imaging, Inc., Bayer AG, Bracco Imaging S.p.A., Nordion (Canada) Inc., Advanced Accelerator Applications, Surgery Theater, Positron Corporation, NTP, IsoPET, Eli Lilly and Company., Jubilant Pharma. LLC, Actinium Pharmaceuticals, Inc., Immunomedics, Inc., Areva Pharma, Merck & Co., Inc., Navidea Biopharmaceuticals, Inc., Eckert & Ziegler., Siemens Healthcare Private Limited, Novartis AG, and Curium.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine), Application (Cardiology, Bone Metastasis)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Cardinal Health, Mallinckrodt., General Electric Company, Lantheus Medical Imaging, Inc., Bayer AG, Bracco Imaging S.p.A., Nordion (Canada) Inc., Advanced Accelerator Applications, Surgery Theater, Positron Corporation, NTP, IsoPET, Eli Lilly and Company., Jubilant PharmaLLC, Actinium Pharmaceuticals, Inc., Immunomedics, Inc., Areva Pharma, Merck & Co., Inc., Navidea Biopharmaceuticals, Inc., Eckert & Ziegler., Siemens Healthcare Private Limited, Novartis AG, and Curium.|
|Key Market Opportunities||Rapid Growth In Healthcare It Industry Enhances Radiopharmaceutical Market|