Radiopharmaceuticals Market Trend Grow Forecast to 2028 – The Insight Partners.
Posted by niket gore on August 2nd, 2022
Radiopharmaceuticals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product Type, Application, and End User,” the market is projected to reach US$ 13,818.17 million by 2028 from US$ 7,550.74 million in 2021; it is expected to grow at a CAGR of 9.0% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
The developments in the radiopharmaceuticals Market have been characterized as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as launches, expansion, enhancement as well as relocation. Inorganic growth strategies witnessed in the market were mergers & acquisitions, partnership, collaborations, alliance, and agreement & joint ventures. These activities have paved way for expansion of business and customer base of market players.
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The growth of the market is attributed to the rising prevalence of chronic diseases, suitability of alpha radioimmunotherapy in targeted cancer treatment, and advancements in nuclear imaging techniques. However, the short shelf-life of radiopharmaceuticals and availability of substitutes restrain the market growth. A radiopharmaceutical is a drug that can be used either for diagnostic or therapeutic purposes. Radiopharmaceuticals are radioisotopes that are bound to biological molecules that target specific tissues, organs, or cells within the human body. Radioisotopes emitting gamma rays are useful for diagnostic imaging where the radiation escapes the body. These rays are detected by a specific device, which is usually single-photon emission computed tomography (SPECT)/positron emission tomography (PET) cameras.
The COVID-19 pandemic has profoundly changed hospital activities, including nuclear medicine (NM) practices across Europe. A literature search on PubMed was performed covering COVID-19 studies published up until January 2021. As per the findings, the pandemic strongly challenged NM departments, and a reduction in the workforce has been experienced in every center in Europe. To limit COVID-19 transmission, NM departments introduced restriction measures, such as the rescheduling of non-high-priority procedures. Also, a few of the departments experienced a delay in radiopharmaceuticals supply or technical assistance due to the pandemic. As a result, the crisis resulted in a significant reduction of diagnostic and therapeutic NM procedures and a reduced level of care for patients affected by diseases, such as cancer or acute cardiovascular disease.
Lucrative Regions for Radiopharmaceuticals Market
Rising Prevalence of Chronic Diseases Fuels Radiopharmaceuticals Market Growth
The prevalence of chronic diseases such as cardiovascular diseases (CVDs), cancer, chronic lung diseases, stroke, Alzheimer’s disease, chronic kidney disease, and several neurological disorders is increasing rapidly across the world. These diseases are among the leading causes of death. As per the World Health Organization (WHO), cancer accounted for ~10 million deaths in 2020 globally. Furthermore, as per the estimations of the American Cancer Society, ~1,806,590 new cases of cancer were diagnosed in the US in 2020. As per the European Heart Network, CVDs cause 3.9 million deaths in Europe and more than 1.8 million deaths in the European Union (EU) every year. They account for 45.0% of total mortalities in Europe and 37.0% of the total death count in the EU. As per the American College of Cardiology, CVDs cause ~800,000 death cases in the US every year. Coronary heart disease (CHD) contributes to a majority of CVD mortalities, followed by stroke and heart failure; ~90 million Americans are diagnosed with CVDs per year. In addition, CVDs contribute to ~31% of total death globally, and the cost burden of CVDs on healthcare systems is expected to be ~US$ 1,044 billion by 2030.
According to Emory Healthcare, in 2018, ~5 million people suffer from congestive heart failure (CHF) in the US. Further, according to the WHO, ~1.71 billion people in the world are suffering from musculoskeletal conditions. An effective examination is a must for the treatment of chronic diseases, and nuclear substances are used for diagnosis and examination purposes; they are used in diagnostic tests such as positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). Thus, with a surge in the incidence of chronic diseases, the need for radiopharmaceuticals is also increasing, thereby driving the market growth.
Based on type: -
the radiopharmaceuticals market is bifurcated into diagnostic nuclear medicine and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is holding a larger share of the market and is expected to register a higher CAGR during 2021–2028. The radioisotope used widely in diagnostic nuclear medicine is technetium-99m. The radioisotope attaches to several specific molecules, allowing the diagnosis of various diseases, such as the certain types of cancers. For instance, technetium-99m-MDP (methylene diphosphonate) is widely used to detect bone metastasis associated with cancer.
Radiopharmaceuticals Market, by Type – 2021 and 2028
Product Type-Based Insights
Based on product type, the radiopharmaceuticals market is segmented into Technetium-99m, Thallium-201, Gallium-67, Iodine-131, Copper-64, and other. The Technetium-99m segment is holding the largest share of the market, whereas the gallium-67 segment is expected to register the highest CAGR during 2021–2028. Gallium-67 is used for the imaging and localization of inflammatory lesions (infections). Gallium-67 is an injectable radiopharmaceutical that is used with single photon emission computed tomography (SPECT) to detect the presence of acute inflammatory lesions and various malignancies, such as Hodgkin’s disease, lymphomas, and bronchogenic carcinomas.
Based on application, the radiopharmaceuticals market is segmented into oncology, cardiology, neurology, and others. The oncology segment is holding the largest share of the market. The market growth for this segment can be attributed to the increasing incidence of cancer worldwide. Cancer is one of the significant health problems with a high mortality rate. It is a threat to global health. As per the WHO, in 2018, an estimated 18 million new cancer cases were diagnosed worldwide, and 9.6 million people died from cancer. However, the market for the cardiology segment is expected to grow at the fastest rate in the coming years.
End User-Based Insights
Based on end user, the radiopharmaceuticals market is segmented into hospitals, imaging centers, academic and research centers, and others. In 2021, the hospitals segment is holding the largest share of the market. The market growth for this segment can be attributed to the rising prevalence of chronic diseases, increasing number of hospitals across the world, and rapidly growing number of surgical procedures. However, the market for the diagnostic centers segment is expected to grow at the fastest rate in the coming years.
Companies operating in the radiopharmaceuticals market are adopting the product innovations strategy to meet the evolving customer demands across the world, which also permits them to maintain their brand name in the global market.
Radiopharmaceuticals Market – by Type
Radiopharmaceuticals Market – by Product Type
Radiopharmaceuticals Market – by Application
Radiopharmaceuticals Market – by End User
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About the Authorniket gore
Joined: July 6th, 2022
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