New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Radiopharmaceuticals Market: Key Insights
According to our new research study on "Radiopharmaceuticals Market to 2028 – Global Analysis and Forecast – by Type, Product Type, Application, and End User," the Radiopharmaceuticals 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% during 2021–2028.
Radiopharmaceuticals Market: Competitive Landscape and Key Developments
Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, and NTP Radioisotopes are among key companies operating in the radiopharmaceuticals market. Leading players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In July 2021, Lantheus received the US FDA approval for PYLARIFY (piflufolastat F 18) injection, a first and only commercially available PSMA PET imaging agent for prostate cancer. PYLARIFY was developed to target PSMA, a protein that is overexpressed on the surface of more than 90% of primary and metastatic prostate cancer cells.
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In June 2021, Curium successfully completed the acquisition of the Austrian radiopharmaceuticals Company IASON, further expanding its footprint in Europe for its broad portfolio of life saving diagnostic solutions.
In June 2021, Bayer AG announced the acquisition of Noria Therapeutics Inc. (Noria) and PSMA Therapeutics Inc. Through this acquisition, Bayer AG will obtain exclusive rights to a differentiated alpha radionuclide investigational compound based on actinium-225 and a small molecule directed toward prostate-specific membrane antigen (PSMA).
In 2020, North America dominated the global radiopharmaceuticals market. The market growth in the region is attributed to the prevalence of chronic disorders and the presence of supportive government plans for the development of research regarding radiopharmaceuticals. As per the Alzheimer's Association, in 2019, approx. 5.8 million Americans were suffering from Alzheimer's and the number is expected to rise to approx. 14 million by 2050. In addition, the introduction of innovative products is driving the market growth. For instance, in January 2021, Actinium Pharmaceuticals, Inc. collaborated with Astellas Pharma Inc. to develop novel targeted radiotherapies using its Antibody Warhead Enabling (AWE) technology platform.
The COVID-19 pandemic affected health care services from interrupting the regular patient flow to health care facilities, stressing, and overwhelming the health care resources. The COVID-19 pandemic has disrupted the spectrum of cancer care, including delaying diagnosis and treatment, and halting clinical trials in the region. More than 2 million people are diagnosed with cancer annually in Southeast Asia. The COVID-19 is having a detrimental effect on cancer patients worldwide, and negatively impacting the growth of the radiopharmaceuticals market.
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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 anticipated to register a higher CAGR during 2021–2028. By product type, the 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-67segment is anticipated to register the highest CAGR during the forecast period. By application, the market is segmented into oncology, cardiology, neurology, and others. The oncology segment is holding the largest market share in 2021. However, the cardiology segment is estimated to register the highest CAGR during the forecast period. By end user, the market is segmented into hospitals, imaging centers, academic and research centers, and others. The hospitals segment is holding the largest market share. However, the imaging centers segment is estimated to register the highest CAGR during the forecast period.
The use of nuclear medicine procedures is expanding rapidly, as PET and SPECT continue to improve the accuracy of detection, localization, and characterization of a disease. PET and SPECT are among the nuclear medicine radiology modalities employed in clinical settings. As per the Society of Nuclear Medicine, every year, ~20 million nuclear medicine procedures are performed with radiopharmaceuticals and imaging instruments to diagnose disease and deliver targeted treatment in the US. These techniques have also been adopted in various fields, such as immunology, infection, gastroenterology, cardiology, oncology, neurology, and psychiatry, for diagnosis and other applications. Advanced nuclear medicines and modern imaging equipment are assisting doctors in diagnosing diseases in a better manner and in less time. Continuous development of new radiopharmaceuticals for the PET/CT and SPECT/CT platforms, which are used in novel clinical applications such as neurology and orthopedics, along with the increasing accuracy of different tumor staging methods, are further contributing to the market growth.
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Radiopharmaceuticals Market: Segmental Overview
In terms of application, the cardiology segment is anticipated to register the highest CAGR in the radiopharmaceuticals market during the forecast period. The market growth for the segment is attributed to the increasing adoption of nuclear medicine in diagnosing and treating heart disease.
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