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Rise in Radioligand Therapies to Drive Global Radiopharmaceuticals Market till 2023: WiseGuyReports

The global radiopharmaceuticals market is expected to reach a value of USD 10,473.88 million by 2023 due to rising applications of nuclear medicine. The growth is facilitated by domestic production of radioisotopes and efforts taken by countries to encourage the growth of diagnostic imaging. Drug approvals by federal agencies for expediting the progress in cancer management and alleviate the pain of patients can bode well for the market growth.

/EIN News/ -- Pune, India, June 11, 2019 (GLOBE NEWSWIRE) -- Radiopharmaceuticals are a group of compounds used for discerning the presence of abnormalities in tissues, organs, or cells. They are a vital component of nuclear medicine which are used as diagnostic or therapeutic agents. The global radiopharmaceuticals market report on Wise Guy Reports (WGR) outlines the latest trends and opportunities enveloping the industry as well as future applications.

Market Scope

The global radiopharmaceuticals market is predicted to touch a valuation of USD 10,473.88 million by 2023, expanding at a CAGR above 8% from 2017 to 2023. It is driven by the high prevalence of chronic diseases which require the need for advanced diagnostic and imaging technologies. According to the Cancer Research Fund International, cancer accounted for 8.8 million deaths in 2015. Further giving weight to the need for radiopharmaceuticals, the National Research University Higher School of Economics reported close to 1,000 million cases of migraine, over 60 million cases of medication overuse headaches, and 46 million cases of neurological diseases.

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Increasing investments in oncology and emphasis on cancer management are other factors bound to spur market growth. The diagnostic capabilities of radiopharmaceuticals can drive the need for nuclear medicine, which can discern the presence of malignant abnormalities. The information can be used in taking measures for tackling cancer and treat other medical conditions can work favorably for the market. Furthermore, relaxed guidelines by federal agencies for compounding and packaging of radiopharmaceuticals can work in benefit of the market.

Exorbitant costs of radiopharmaceuticals may impede its growth.

Segmentation Analysis

The global radiopharmaceuticals market is segmented according to type, type of test, application, route of administration, and end-user.

Types within the radiopharmaceuticals market are segmented by diagnostic type and therapeutic type. The diagnostic type segment held the largest share of the radiopharmaceuticals market in 2017.

By type of test, the market is segmented into lung scan, parathyroid scan, cerebral perfusion scan, white blood cell scan, myocardial perfusion scan, hepatobiliary scan, renal nuclear medicine scan, gallium scan, and bone scan. The bone scan accounted for the largest market share in 2016 and pegged to reach a value of USD 2,513.86 million by 2023.

Major applications discussed in the market report include urology, cardiology, neurology, oncology, and others. The oncology segment can peak to a valuation of USD 4,747.46 million by 2023.

On the basis of route of administration, it is segmented into intravitreal, intravenous, and others. Among them, the intravenous segment is projected to reach a valuation of USD 7,316.86 million by 2023.

End-users include research institutes, diagnostic centers, hospitals, and others. Hospitals held the largest market share in 2016 and estimated be the dominant end-user till 2023 owing to the institute catering to a large patient volume.

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Regional Analysis

Geographically, the market covers the latest trends of the radiopharmaceuticals market across the Americas, Asia Pacific (APAC), the Middle East & Africa (MEA), and Europe.

The APAC region is touted to exhibit a robust 9.3% CAGR over the forecast period. It is driven by research initiatives in Japan coupled with high adoption rate of positron emission tomography (PET) scanners in China and India.

Movers and Shakers

Key players assessed in the global radiopharmaceuticals market include IBA Dosimetry, General Electric Company, Lantheus Medical Imaging, Inc., Bayer AG, Siemens, Cardinal Health Inc., and Avid Radiopharmaceuticals. Targeted therapies have become the talking point in cancer management, with larger companies intending to merger their own units or acquire new startups. In 2018, Novartis decided to merge with Endocyte; a company focused on targeted treatments. Successful clinical trials of the latter’s drug, Lu-PSMA-617, can increase the number of offerings in radioligand therapies.

Industry Buzz

Drug Approvals – Strontium-89 chloride, a radiopharmaceutical by Q Biomed Inc., has gained approval for commercialization for the treatment of prostate bone cancer and metastatic breast cancer. This drug can be used in combination therapies for alleviating pain levels in patients.

Domestic Isotope Production – Countries have relied on foreign exports for a constant supply of radioisotopes for clinical imaging and diagnostic applications. In order to build up the local supply, new technologies such as neutron irradiation. In February 2019, the U.S. Department of Energy announced close to USD 60 million in funding for large scale production of molybdenum-99.

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Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.
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