The penetration of radio-therapeutics is expected to be the biggest move in the global radiopharmaceuticals market. Radiopharmaceuticals are increasingly used in the diagnosis and treatment of several diseases such as cancer, cardiovascular diseases, and neurological disorders owing to their characteristics of radioactive decay and the ability of targeted therapeutic irradiation. The global market for radiopharmaceuticals is set to witness a healthy CAGR of 5% during the forecast period of 2019 – 2029. Increasing the application of nuclear medicine in oncology will garner around half the market value share by the end of 2029.
Key Takeaways – Radiopharmaceuticals Market
- Technetium-99 is used in nearly 85% of the total diagnostic imaging procedure in nuclear medicine and will remain the highly preferred radioisotope in the radiopharmaceuticals market.
- The growth in demand for Technetium-99 can be primarily attributed to its protracted half-life, which is long enough to perform various medical examinations to be done on the patient.
- North America would account for more than 45% of the market value by 2029 on the back of an increasing number of nuclear medicine procedures in the U.S.
- Rapid introduction of advanced technologies in nuclear imaging systems such as SPECT and PET will significantly contribute to market growth.
Trend of Using More Cyclotron-produced Isotopes
- Radiopharmaceuticals are produced either using cyclotrons or in nuclear reactors. The former is expected to hold over two-thirds of the radiopharmaceuticals market share throughout the forecast period.
- The top benefit of using cyclotron is the possibility of on-demand and on-site production of radionuclides of interest which propels the market for radiopharmaceuticals even further.
Recent advancements in Positron Emission Tomography (PET) radiopharmaceuticals are encouraging state-of-the-art personalized medicine. Increasing investments and technological advancements in such radiopharmaceuticals could bring spearheaded growth for companies participating in the radiopharmaceutical industry.
Market Remains Consolidated
- The radiopharmaceuticals market is highly consolidated with a few companies that offer advanced technology systems and nuclear medicines for treating diseases.
- Siemens Healthineers and GE Healthcare are the two leading market players in the radiopharmaceuticals market, accounting for a prominent market share.
- Among the two, Siemens Healthineers accounted for the largest share in the global radiopharmaceuticals market. The company dominated the market due to its diversified product portfolio, extensive geographical presence, and acquisition strategies.
- GE Healthcare technological innovation has a focus on product-based technology, pharmaceutical services, and IT/cloud-based solutions as healthcare providers seek greater productivity and efficiency.
- For instance, GE Healthcare introduced new cloud and apps development to connect medical imaging with analytics and insights.
These insights are based on a report on Radiopharmaceuticals Market by Future Market Insights.