The new report by Expert Market Research titled, ‘Global Radiopharmaceuticals Market Share, Size, Trends, Growth, Scope, Report and Forecast 2023-2031’, gives an in-depth analysis of the global radiopharmaceuticals market, assessing the radiopharmaceuticals market based on its segments like generator types, applications, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along withanalyzingthe market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2031)
- Historical Market Size (2022): USD 5 billion
- Forecast CAGR (2023-2031): 7.50%
- Forecast Market Size (2031): USD 9.53 billion
The growing market of radiopharmaceuticals is being led by a significant share held by North America. This can be ascribed to the presence of leading market players and well-funded research facilities in the region. With regular advances in the healthcare sector, the region is likely to maintain dominance in the coming years as well. Further, on the basis of region, the Asia Pacific region is anticipated to grow at a significant pace during the forecast period.
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Furthermore, owing to the commonality of thyroid-related disorders, the SPECT segment among the diagnostic radiopharmaceuticals is anticipated to propel the market during the forecast period. Moreover, with the year-by-year rise in cancer patients, the oncology segment is expected to witness significant growth in the coming years, thereby contributing to the market growth.
Radiopharmaceuticals Industry Definition and Segmentation
A radiopharmaceutical is defined as a group of pharmaceutical drugs that contains radioisotopes. Also known as medicinal radiocompounds, radiopharmaceuticals can be used as a diagnosis medication as well as a therapeutic agent for both chronic and critical diseases.
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Based on generators type, the market can be segmented into:
- W-188/Re-188 Generators
- Mo-99/Tc-99m Generators
- Sr-82/Rb-82 Generators
- Sr-90/Y-90 Generators
- Ge-68/Ga-67,68 Generators
On the basis application, the market can be divided into:
- Diagnostic Radiopharmaceuticals
- SPECT (Single-Photon Emission Computed Tomography)
- PET (Positron Emission Tomography)
- Therapeutic Radiopharmaceuticals
- Oncology
- Cardiology and Neurology
- Theranostics
The major end use segments of radiopharmaceuticals are:
- Hospitals
- Diagnostic Centres
The regional markets for radiopharmaceuticals include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Radiopharmaceuticals Market Trends
The radiopharmaceutical segment is the fastest-growing segment of the overall pharmaceutical industry. This can be associated with the rising demand for timely diagnostics and treatment of diseases owing to the increasing prevalence of chronic and fatal disorders. As a result, the revolutionary utilisation of radiopharmaceuticals in diagnostics is gaining popularity in the healthcare sector.
Furthermore, the rising acceptance of disease-specific therapy, enhanced patient awareness regarding accurate and timely diagnosis, and expanding applications of molecular imaging are additional factors invigorating the growth of radiopharmaceuticals.
Key Market Players
The major players in the market are Jubilant Pharma Holdings Inc., Clarity Pharmaceuticals, and Cardinal Health, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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