The radiopharmaceuticals market will procure 8.10?GR between 2020 and 2027 (forecast period), reveals MRFR (Market Research Future).
Major Growth Boosters and Challenges
Some of the major applications of radiopharmaceuticals are hematology, thyroid, neurology, cardiology, oncology, and many more. Detection of cancer physiology is also carried out using radiopharmaceuticals. A huge number of radiopharmaceuticals are available, which are deployed for various therapeutic as well as diagnostic purposes, each with several indications for diseases such as Alzheimer’s (Neuraceq, Vizamyl, and Amyvid). Currently, more than 50 radiopharmaceuticals have been approved by the USFDA and are being used for a number of diagnostic and therapeutic use-cases. In short, the rise in approvals granted by the USFDA and various other authorities for new drugs will facilitate significant market growth in the years to follow.
Radiopharmaceuticals medicines are mostly used to treat cancer, metastatic bone pain, and others. Radiopharmaceuticals’ offer a variety of advantages, such as impressive efficacy, and noninvasive monitoring. The market growth is further bolstered by the steady growth in the number of R&D activities, especially in developing economies. Players are constantly focusing on bolstering the use of radiopharmaceuticals in bone pain palliations, thyroid, and oncology. Escalating use of radioisotopes in healthcare, disconcerting surge in chronic disorders worldwide, and the frequent technological innovations in diagnostics are likely to benefit the radiopharmaceuticals industry in the next few years.
Request Free Sample Copy at:
Majority of the companies adopt inorganic marketing tactics such as mergers, partnerships, and acquisitions to remain relevant in the radiopharmaceuticals industry. They also fixate on developing advanced radiopharmaceuticals as well as diversification of product range. To illustrate, in October 2021, Crinetics Pharmaceuticals, along with Frazier Healthcare Partners and 5AM Ventures, launched a new firm called Radionetics Oncology. The new company will be launched with a USD 30 million financing and will focus on the development of a series of novel, targeted radiopharmaceuticals to treat a vast range of oncology indications.
Type and application have been considered as the major segments based on which the global market for radiopharmaceuticals has been studied in the MRFR research report.
Radiopharmaceuticals are available in various types, such as therapeutics as well as diagnostics. The diagnostics type will be obtaining the biggest share of 82.9% over the review timeline, owing to the surging use of diagnostic radiopharmaceuticals to predict the effects of the surgical procedure and review the changes. Therapeutic type will also garner significant traction in the following years, thanks to the soaring incidences of chronic diseases across the globe.
Application-based segments are cardiology, neurology, oncology, and more. Neurology forms the biggest segment in the market, given the mounting cases of neurological disorders worldwide. The blossoming patient base is leading to a higher adoption of innovative radioactive imaging for disease diagnosis.
The Americas can be the biggest market for radiopharmaceuticals in the forthcoming period, considering the mushrooming patient population affected by various chronic ailments such as coronary disorders, cancer, and strokes. Changes in people’s lifestyles, and the rise in extensive research & development of more effective therapies will elevate the market position in the ensuing years. Innovations in modern technologies for use in the manufacturing processes of radioisotopes, robust support of the government, and augmenting number of initiatives by major players add to the regional market value as well.
The APAC market for radiopharmaceuticals is headed by Japan, Pakistan, Australia, South Korea, China, New Zealand, and India. The major South East Asian markets are Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. Majority of the radiopharmaceutical developers in the region are working on bolstering their operational capacity, with the aim to leverage the mushrooming elderly patient population requiring non-invasive therapies for the treatment of various neurological disorders, and cardiovascular disorders.
Browse Detailed TOC with COVID-19 Impact Analysis at:
The renowned radiopharmaceuticals firms considered in the review study are IRE ELiT, Lantheus Medical Imaging, Inc., GE Healthcare, Australian Nuclear Science and Technology Organization (ANSTO), Novartis AG, Siemens Healthineers, BWX Technologies Inc., JSC Isotope, Curium, NTP Radioisotopes SOC Ltd, to name a few.
Browse Related Reports at:
Dental Needle Market Research Report – Global Forecast till 2027
Dental Software Market Research Report – Global Forecast till 2027
Dental Sutures Market Research Report – Global Forecast to 2027
Dental Wax Market Research Report Forecast till 2027
Global Diagnostic Electrocardiograph (ECG) Market Research Report—Forecast till 2027
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.