Radiopharmaceuticals Market Revenue to Cross USD 13.7 Billion by 2032: Allied Market Research
What is the value of the radiopharmaceutical market?
According to the report, the global radiopharmaceuticals industry generated $5.2 billion in 2022, and is anticipated to generate $13.7 billion by 2032, witnessing a CAGR of 10.2% from 2023 to 2032.
What are the major uses of radiopharmaceuticals?
Descriptions. Radiopharmaceuticals are agents used to diagnose certain medical problems or treat certain diseases. They may be given to the patient in several different ways. For example, they may be given by mouth, given by injection, or placed into the eye or into the bladder.
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Research Methodology
The research operandi of the global Radiopharmaceuticals Market includes significant primary as well as secondary research. When the primary methodology encompasses widespread discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Furthermore, several government sites, industry bulletins, and press releases have also been properly examined to bring forth high-value industry insights.
The global radiopharmaceuticals market is driven by factors such as rise in prevalence of cancer, cardiovascular and neurological disease, increase in demand for medical imaging, and increase in number of product approval for radiopharmaceuticals. However, side effect associated with radiopharmaceuticals is hampering the radiopharmaceuticals market growth. On the contrary, presence of radiopharmaceutical industry and increase in R&D activities for radiopharmaceuticals are expected to offer remunerative opportunities for expansion of the radiopharmaceuticals market during the forecast period.
Impact of Covid-19 on Radiopharmaceuticals Market
- The COVID-19 outbreak had a negative impact on the growth of the global radiopharmaceuticals market.
- The pandemic caused major disruptions to the production and supply of radiopharmaceuticals to nuclear medicine department, resulting in shortages of radiopharmaceuticals.
Market Segmentation:
By End User:
- Hospitals and clinics
- Medical Imaging centers
- Others
By Radioisotope:
- Iodine I
- Gallium 68
- Technetium 99m
- Fluorine 18
By Application:
- Cancer
- Cardiology
- Others
By Type:
- Diagnostic
- Therapeutic
By Region:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Regional Growth Dynamics:
North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global radiopharmaceuticals market revenue and is likely to dominate the market during the forecast period, owing to presence of various radiopharmaceutical industries, rise in R&D activities for radiopharmaceuticals, and increase in number of product approvals. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.2% from 2023 to 2032, owing to increase in incidence of cancer, rise in demand for nuclear medicine, advancement in technology in medical sector, and rise in R&D activities for manufacturing of radiopharmaceuticals.
Key Findings of The Study:
- On the basis of radioisotope, the Technetium-99m segment dominated the market in 2022.
- On the basis of application, the cancer operated segment dominated the market in 2022.
- On the basis of type, the diagnostic operated segment dominated the market in 2022.
- On the basis of end user, the hospitals and clinics segment dominated the market in 2022.
- On the basis of region, North America dominated the market in 2022. However, Asia-Pacific is expected to register highest CAGR during the forecast period.
Leading Market Players:
- Cardinal Health Inc.
- Curium Pharma
- Eli Lilly and Company
- General Electric Company
- Iso-Tex Diagnostics, Inc.
- Jubilant Pharmova Limited
- Lantheus Holdings, Inc.
- Novartis AG
- Siemens AG
- Bayer
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- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
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- Investment & Initiatives Analysis
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