Radiopharmaceuticals Market Size Expected to Grow at a CAGR over 5.9% from 2023 to 2032

Pune, India, February 2022, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Radiopharmaceuticals Market.

Market Highlights

The Radiopharmaceutical Market is expected to reach USD 5.3 Billion by 2032 at 5.9% CAGR during the forecast period 2023 -2032

Radiopharmaceuticals are radioactive compounds or nuclear medicines that find diagnostic and therapeutic applications in the medical industry. The radioactive particles are used in medical imaging to diagnose diseases and to treat cancer through targeted therapy. The global radiopharmaceutical market is expected to exhibit an exponential growth during the forecast period, owing to the increasing prevalence of chronic diseases such as cancer, the growing use of radioisotopes in the healthcare industry, increasing application of radiopharmaceuticals for the diagnosis & treatment of chronic diseases, and the technological advancements in diagnostics sector.

However, factors such as the short half-life of radiopharmaceuticals and its high cost are likely to restrain the market growth. Other factors restraining the market growth are side-effects of radiopharmaceuticals and strict regulations pertaining to their manufacturing.

Segment Analysis

The Global Radiopharmaceuticals Market, by type, has been divided into diagnostics, and therapeutic. The diagnostics segment is further segmented into SPECT radiopharmaceuticals and PET radiopharmaceuticals. SPECT radiopharmaceuticals are classified into Tc99m, I-123, and Others. PET radiopharmaceuticals segment is bifurcated into F18, C11 Choline, and Others. The radioactive tracer (radiopharmaceutical) is given to the patient by intravenous injection, orally, or by other routes depending on the organ and the function to be studied. In developed countries about one in 50 persons are found to undergo diagnosis using radiopharmaceuticals each year. The growing importance of diagnostic radiopharmaceuticals to predict the effects of surgery and assess the changes is anticipated to drive the growth of this segment during the forecast period.

The Global Radiopharmaceuticals Market, by application segment, has been segmented into neurology, cardiology, oncology, and others. The neurology is the largest segment in the global radiopharmaceuticals market. The rising prevalence of neurological disorders is expected to drive the growth of this segment during the forecast period.

Regional Analysis

The Global Radiopharmaceuticals Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The Americas accounted for the largest share in the global radiopharmaceuticals market. The Americas is further segmented into North America and Latin America. North America is further divided into the US and Canada. Latin America consists of Mexico, Brazil, Colombia, Argentina, Chile, Peru, Uruguay, and Venezuela. The rising demand for non-invasive diagnostics and treatments and the presence of a vast patient population suffering from chronic diseases are likely to provide favorable conditions for the growth pf the market.

Europe established substantial growth in the market and anticipated to register the highest CAGR during the forecast period. Europe is segmented into Western Europe, Northern Europe, Eastern Europe, and the Rest of Europe. Rising investment for research and the presence of a vast patient pool and an increasing number of radioisotope approvals for different clinical indications are expected to drive the growth of the market.

The Asia-Pacific market for radiopharmaceuticals is further divided into Japan, China, Australia, India, South Korea, South-East Asia, New Zealand, Pakistan, and the Rest of Asia-Pacific. South-East Asia is further divided into Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. The radiopharmaceutical companies are expanding their operations in countries such as China, India, Singapore, and Russia, owing to the cost-efficiency in these regions. Additionally, Asia-Pacific has a large pool of geriatric populations requiring invasive therapies for the treatment of the increasing cases of cardiovascular diseases, neurological diseases, and others. According to the Economic and Social Commission for Asia and the Pacific (ESCAP) in 2016, approximately 12.4% of the population in the region was 60 years or older and is projected to rise to 1.3 billion people by 2050.

The radiopharmaceuticals market in the Middle East & Africa is expected to grow due to the presence of developed countries such as Egypt, Saudi Arabia, and others. Additionally, increasing awareness about radiopharmaceuticals in the region is expected to contribute to the growth of the market.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Radiopharmaceutical market Research Report

Key Players

MRFR recognizes the following companies as the Key Players in the Global Radiopharmaceuticals Market— GE Healthcare, Lantheus Medical Imaging, Inc., Novartis AG, BWX Technologies, Inc., Siemens Healthineers, IRE ELiT, JSC Isotope, NTP Radioisotopes SOC Ltd, Curium, Australian Nuclear Science and Technology Organization (ANSTO), and others

Key Findings of the Study

• The Global Radiopharmaceuticals Market is estimated to grow at USD 15,060.87 million by 2025 at a CAGR of 8.10% during the assessment period.

• Americas accounted for the largest share of the global market due to the presence of key market players and the rising demand for non-invasive diagnostics and treatments.

• Based on the type, the diagnostics segment accounted for the largest market share of 82.9% in 2018.

• Global radiopharmaceuticals market on the basis of application is dominated by neurology segment with 37.8% market share.