Radiopharmaceuticals Market Analysis: Current State and Future Directions

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Radiopharmaceuticals Market - (By Radioisotope (Technetium 99, Fluorine 18, Iodine 131, Leutetium 177, Yttrium 90, Gallium 67, Gallium 68, Rubidium 82, Iodine 123, Iodine 125, Indium 111 and Other Isotopes), By Indication (Oncology, Cardiology, Gastoenterology, Neuroendocrinology, Neurology, Nephrology and Other Indications), By Source (Cyclotrons, Nuclear Reactors and Other Sources), By Type (Diagnostic and Therapeutic), By End User (Hospitals, Medical Imaging Centers, Cancer Research Institute and Other End Users)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Radiopharmaceuticals Market is valued at US$ 8.8 Bn in 2022, and it is expected to reach US$ 15.9 Bn by 2031, with a CAGR of 6.89% during the forecast period of 2023-2031.

Radiopharmaceuticals are radioactive isotope-containing compounds that are used in medical imaging and therapy. They are injected into patients to diagnose and treat conditions, including cancer and heart disease, and to facilitate the creation of images of different organs and tissues. Pharmaceutical and biotechnology companies are growing faster than diagnostic companies because of increased investment in radiopharmaceuticals, mergers and acquisitions, and innovative imaging technologies to support clinical trials for different diseases. The diagnostic industry is constantly changing because of new technologies added to the market. Technological advancement has helped stabilize and fortify conventional medicine, which is a positive development. Regarding diagnostic medicine, companies in the biotechnology and pharmaceutical sectors are constantly investing money in research and development (R&D) to serve their customers better and increase their market share. However, strict regulatory rules for radiopharmaceuticals may slow market growth, and the market may suffer from drug withdrawals brought on by overly complex regulations.

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List of Prominent Players in the Radiopharmaceuticals Market:
• Bayer
• Cardinal Health
• Curium Pharma
• Eli Lilly
• General Electric Company
• Iso-Tex Diagnostics
• LANTHEUS HOLDINGS, INC
• Novartis
• Siemens
• Bracco Imaging S.P.A.
• Pharmalogic Holdings Corp
• Eczacibasi-Monrol Nuclear Products
• NTP Radioisotopes Soc Ltd.
• Nordion Inc.
• Advanced Accelerator Applications (A Novartis Company)
• 2 Northstar Medical Radioisotopes
• Eckert & Ziegler
• Isotope JSC
• Jubilant Draximage, Inc. (A Subsidiary Of Jubilant Pharma)
• Global Medical Solutions
• Shine Technologies, Llc
• Isotopia Molecular Imaging Ltd.
• Bwxt Medical Ltd.
• Institute Of Isotopes
• China Isotope & Radiation Corporation
• Yantai Dongcheng Pharmaceutical Group Co., Ltd.
• Cyclopharm
• Ire Elit
• Others

Market Dynamics:

Drivers-
The growing demand for the radiopharmaceuticals market is fueled by the great efficacy and lack of intrusive external monitoring of radiopharmaceuticals, making them desirable. One major factor driving the nuclear medicine industry is the rising number of people living with long-term health conditions. Developing new diagnostic and treatment tools for cancer is another factor fueling the growth of the radiopharmaceutical industry. Market revenue is expected to rise in the coming years due to players using varied strategies, such as releasing new goods and merging.

Challenges:
The prime challenge is strict regulations, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which are predicted to slow the growth of the radiopharmaceutical market. Strict regulatory and product approval processes may hinder the growth of the global radiopharmaceutical market. Strict regulations are necessary for the government to safeguard the company's reputation, guarantee the reliability of its products, and encourage consumer trust. Before the relevant authorities can approve a new pharmaceutical, it must undergo a multi-stage investment and testing procedure, with different regulatory requirements applied at each level. As a result of the COVID-19 pandemic, radiopharmaceuticals have been greatly affected. Due to the extensive production and supply disruptions created by the pandemic, there are now severe shortages of radiopharmaceuticals in the nuclear medicine department.

Regional Trends:
The North American radiopharmaceuticals market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future due to more investment in research and development and an increase in cancer cases associated with radiopharmaceuticals. Besides, Asia Pacific had a considerable market share due to technological advancements and affluence. The demand for targeted treatments in oncology, improvements in healthcare infrastructure, the frequency of radiopharmaceuticals in different cancer types, and the pace of drug discovery and development are all potential drivers of market expansion in this field.

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Recent Developments:

• In Nov 2023, Ionetix Corporation entered into a supply deal with Bayer for the medicinal radioisotope actinium-225 (Ac-225). Ionetix will supply Bayer with high-purity, non-carrier added (n.c.a.) Ac-225

• In June 2023, Jubilant Draximage Inc. and Evergreen Theragnostics, Inc. have entered into a new arrangement. Under this agreement, Jubilant's radiopharmacy business will be responsible for the preparation, sale, and distribution of OCTEVY™ (Kit for Preparation of Ga 68 DOTATOC Injection) doses to positron emission tomography (PET) customers throughout the United States.

Segmentation of Radiopharmaceuticals Market-
By Radioisotope-
• Technetium 99
• Fluorine 18
• Iodine 131
• Leutetium 177
• Yttrium 90
• Gallium 67
• Gallium 68
• Rubidium 82
• Iodine 123
• Iodine 125
• Indium 111
• Other Isotopes

By Indication-
• Oncology
• Cardiology
• Gastoenterology
• Neuroendocrinology
• Neurology
• Nephrology
• Other Indications

By Source-
• Cyclotrons
• Nuclear Reactors
• Other Sources

By Type-
• Diagnostic
• Therapeutic

By End User-
• Hospitals
• Medical Imaging Centers
• Cancer Research Institute

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.