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Radiopharmaceuticals market size to grow by USD 4.37 billion from 2021 to 2026 | The rising burden of neurological disorders to drive the market growth - Technavio
NEW YORK, Dec. 1, 2023 /PRNewswire/ -- The global radiopharmaceuticals market size is estimated to increase by USD 4.37 billion from 2021 to 2026. Moreover, the market's growth momentum will accelerate at a CAGR of 9.9%. The rising burden of neurological disorders is driving the radiopharmaceuticals market growth. Radiopharmaceuticals have advantages such as high efficacy and non-invasive external monitoring. Imaging instruments such as SPECT and PET use radiopharmaceuticals to diagnose brain disorders. Therefore, radiopharmaceuticals play a significant role in the treatment and diagnostics of neurological disorders. The rising incidence of neurological disorders will increase the demand for radiopharmaceutical drugs, which, in turn, is fueling the market growth.The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Discover more insights on market size before buying the full report -Request a sample report
Radiopharmaceuticals market – Vendor analysis
Vendor offerings -
- Bayer AG - The company offers radiopharmaceuticals such as Targeted Thorium-Conjugate (TTC).
- Cardinal Health Inc. - The company offers radiopharmaceuticals such as Azedra- Iodine I 131 iobenguane.
- Curium - The company offers products such as the Octreoscan- kit for the preparation of indium In 111 pentetreotide.
- Eckert and Ziegler AG - The company offers radiopharmaceuticals such as GalliaPharm Ge-68/Ga-68 generator.
- For details on vendors and their offerings – Buy the report!
Vendor landscape –
The global radiopharmaceuticals market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer radiopharmaceuticals in the market are Actinium Pharmaceuticals Inc., Bayer AG, Bracco Spa, BWX Technologies Inc., Cardinal Health Inc., Curium, Eckert and Ziegler AG, Eczacibasi Holding AS, Fusion Pharmaceuticals Inc., General Electric Co., Jubilant Pharmova Ltd., Lantheus Holdings Inc., Navidea Biopharmaceuticals Inc., NorthStar Medical Radioisotopes LLC, Novartis AG, Radiomedix Inc., Siemens Healthineers AG, Sinotau Pharmaceuticals, Telix Pharmaceuticals Ltd., and The South African Nuclear Energy Corp. SOC Ltd. and others.
The global radiopharmaceuticals market is highly competitive. Vendors offer a broad range of products and have substantial financial, manufacturing, sales, marketing, and distribution resources. They make significant investments in R&D and have a strong geographical reach. Small and medium-sized vendors are focusing on expanding their businesses internationally. The competitive environment in the market is expected to intensify during the forecast period due to technological advances, a growing number of new product approvals, an increasing number of M&A and strategic collaborations, and the growing focus of vendors on expanding their reach.
Radiopharmaceuticals market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
Radiopharmaceuticals market - Segmentation assessment
Technavio has segmented the market based on application (diagnostics and therapeutics).
- The diagnostics segment will account for a significant share of the market's growth during the forecast period. Radiopharmaceuticals are taken orally or intravenously. External detectors such as gamma cameras capture radiations from radiopharmaceuticals and form images. The process of producing an image is known as scintigraphy. Technetium-99m is the most common radioisotope used in diagnostic nuclear medicine and is used for the diagnosis of several types of cancers. Such applications will drive the growth of this segment during the forecast period.
Based on geography, the global radiopharmaceuticals market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global radiopharmaceuticals market.
- North America will account for 44% of the market's growth during the forecast period. The US and Canada are the key contributors to the radiopharmaceuticals market in the region. However, market growth in North America will be slower than the growth of the market in Asia. Rising investments in R&D activities in the healthcare industry, especially in the US, will drive the growth of the radiopharmaceuticals market in North America during the forecast period.
Radiopharmaceuticals market – Market dynamics
Key trends - Partnerships for the development of radiopharmaceuticals are supporting the radiopharmaceuticals market growth. Leading companies are forming partnerships to address concerns related to medical imaging. For instance, in May 2014, as part of a strategic partnership, SHINE Medical will supply Mo-99 to GE Healthcare. This radioisotope gets converted to Tc-99 after decay and is used in medical imaging. Such partnerships are expected to support market growth during the forecast period.
Major challenges – Preparation and dispensing problems associated with radiopharmaceuticals are challenging the radiopharmaceuticals market growth. The chemical reactions involved in the preparation of radiopharmaceuticals may generate radiochemical impurities. The radiation can also lead to radiolytic effects. Moreover, the chemical properties of radiopharmaceuticals may lead to undesired adsorption to the components of the container. These issues may pose a challenge to the growth of the market during the forecast period.
What are the key data covered in this radiopharmaceuticals market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the radiopharmaceuticals market between 2022 and 2026
- Precise estimation of the size of the radiopharmaceuticals market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the radiopharmaceuticals market across North America, Europe, Asia, and Rest of World (ROW)
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Radiopharmaceuticals Market vendors
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- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- market Segmentation by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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