US $13.7 Bn Radiopharmaceuticals Market – Global and Regional Analysis Report 2024-2032
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. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
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.
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Impact of COVID-19 on Radiopharmaceuticals Market:
Negative Impacts:
- Disruptions in the Supply Chain: Global lockdowns and travel restrictions disrupted the supply chain for radioisotopes and radiopharmaceuticals, leading to shortages and delays in deliveries. This affected the availability of key diagnostic and therapeutic radiopharmaceuticals.
- Reduced Demand for Certain Procedures: Due to concerns about COVID-19 transmission and the prioritization of emergency care, non-essential hospital visits and procedures declined. This included some diagnostic and therapeutic radiopharmaceutical applications, leading to a decrease in market demand.
- Shift in Focus and Resources: Healthcare systems and research institutions shifted their focus and resources towards managing the pandemic, which temporarily diverted attention and funding away from other research and development efforts in the radiopharmaceuticals field.
Positive Impacts:
- Increased Awareness of Respiratory Imaging: The use of PET/CT scans for identifying pulmonary complications in COVID-19 patients raised awareness of the value of respiratory imaging in infectious disease management. This potentially increased demand for certain radiopharmaceuticals used in lung scans.
- Research Acceleration: The pandemic spurred research into repurposing and developing new radiopharmaceuticals for diagnosing and treating COVID-19 complications. This led to potential advancements in the field that could benefit future applications.
- Telemedicine Adoption: The adoption of telemedicine in healthcare facilitated remote consultations and diagnoses, including those relying on radiopharmaceutical imaging results. This increased accessibility to imaging services despite potential limitations in physical appointments.
Long-Term Trends:
- Growing Demand for Personalized Medicine: The trend towards personalized medicine is driving the development of targeted radiopharmaceuticals for various diseases, including cancer and neurodegenerative disorders. This holds potential for significant growth in the radiopharmaceuticals market.
- Technological Advancements: Advancements in radionuclide production, targeting molecules, and imaging technologies are improving the efficacy, specificity, and cost-effectiveness of radiopharmaceutical procedures. This is expected to further expand market applications.
- Regulatory Considerations: Stringent regulations surrounding radiopharmaceutical production, usage, and disposal remain vital for ensuring patient safety and environmental protection. Streamlining regulatory processes while upholding safety standards could promote market growth.
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Key Market Segments:
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)
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
Regional Analysis:
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.
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