The advancements in the biology, genetics, and immunology sectors in the last few decades have given the much needed push to the development of various novel neurological, oncological, and cardiological therapies. In the past two decades, emergence of multiple radionuclide based targeted therapies have emerged as one of the most effective treatment techniques for cancer treatment as well as for inflammatory lesions. Currently, a range of novel therapeutic radionuclides, especially beta emitters is highly being utilized across various healthcare facilities as well as getting tested in a number of ongoing clinical trials. This has created several new opportunities for diversification and potential investigation of radionuclide based targeted therapies in the global radiopharmaceuticals market.
The compounds and solutions in the global radiopharmaceuticals market are radioisotopes which are bound to biological molecules in order for them to target specific cells, tissues, or organs within the human body. These solutions offered by the players and manufacturers in the global radiopharmaceuticals market are used for two primary purposes in the medical sector, i.e. treatment therapies as well as diagnostics. At the present, hospitals and diagnostic labs superimpose the nuclear medicine images with magnetic resonance imaging or MRI or computed tomography or CT in order to produce special views with the assistance of these radiopharmaceuticals compounds in the global radiopharmaceuticals market. This process is known as co-registration or image fusion. This is also one of the significant drivers for the sales in the global radiopharmaceuticals market.
According to a research report by the Transparency Market Research, the global radiopharmaceuticals market was evaluated at US$ 3.9 billion at the beginning of the forecast period i.e. in 2020. The professional survey report predicts that the global radiopharmaceuticals market will expand at a stellar growth rate of 4 % over the forecast period of 2021 to 2031 in order to cross the evaluation of US$ 8.5 billion at the end of the forecast period in 2031. Rising applications of radiopharmaceuticals compounds as medical imaging agents intended for non-oncological conditions is anticipated to drive the global radiopharmaceuticals market in coming years.
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The global radiopharmaceuticals market can be placed at an infant stage in the holistic landscape of the medical sector as compared to other medicinal drugs or healthcare products. However, owing to the important improvements as well as advancements in the neurological and oncological therapies, the global radiopharmaceuticals market has experienced a noteworthy momentum in the past few years. Rising efforts and increased funding aimed at furthering research and development in order to develop novel therapies are creating new avenues for the players and manufacturers functional within the global radiopharmaceuticals market. Furthermore, increasing new applications in various fields under the larger umbrella of healthcare and medical sector are likely to motivate the development of the global radiopharmaceuticals market over the next few years.
Rising Applications in Diagnostic Procedures Favors Uptake of Technetium 99
The segments within the global radiopharmaceuticals market based on the type of compound include technetium 99, gallium 68 (including dotatoc and dotatate), 11C choline, lutetium (Lu) 177, zirconium 89, 14C urea, and fluorine 18 derivatives (including fluorine 18 sodium fluoride, fluorine 18 florbetapir, fluorine 18 fludeoxyglucose or FDG, fluorine 18 flucicovine, and fluorine 18 florbetaben, among others), among others. Among these the technetium 99 in the global radiopharmaceuticals market is widely used for several diagnostic procedures, such as pertechnetate for thyroid uptake as well as neuroendocrine tumor. Furthermore, currently, over 25 million diagnostic procedures are carried out using a derivative of technetium 99 known as 99m Tc. This trend is likely to aid in the increased uptake of this compound in the global radiopharmaceuticals market in coming years.
The segments in the global radiopharmaceuticals market based on the system are SPECT and PET (including hybrid PET and CT, standalone PET systems, and hybrid PET and MRI). Among these, the hybrid PET and CT segment dominated the global radiopharmaceuticals market in recent past, followed by the SPECT segment. Furthermore, the rising prevalence and instances of cancer around the globe are also expected to drive up the demand for PET imaging solutions in a bid to offer precise treatment. Segments within the global radiopharmaceuticals market based on the indication include neurology (including epilepsy and neurodegenerative diseases, such as PD, AD, and others), oncology, and cardiology, among others.
Application segments for the products and solutions offered by the players in the global radiopharmaceuticals market include gastro-intestinal, nephrology, neurology, oncology (including brachytherapy), cardiology, and inflammation, among others. Key end users for the products and solutions offered by the players and manufacturers functional within the global radiopharmaceuticals market include diagnostic labs, ambulatory surgical centers, cancer research institutes, and hospitals, among others. Growing applications of the radionuclide compounds in imaging and diagnostics is expected to bolster the growth within the diagnostic labs segment in the global radiopharmaceuticals market in coming years.
Asia Pacific to Show Excellent Growth in Radiopharmaceuticals Market in Near Future
Major regions assessed in the business intelligence study on the global radiopharmaceuticals market include North America, Asia Pacific, Europe, and rest of the World. Among these, the United States emerged as the leading industry player in the global radiopharmaceuticals market in North America in recent past. The United States radiopharmaceuticals market is expected to hold on to its dominant regional position in coming years, owing to early and rapid adoption of advanced imaging technologies and equipment. Another major driver for the growth within the global radiopharmaceuticals market in North America is the presence of well-established healthcare and medical infrastructure in the region.
Another region anticipated to develop admirably within the global radiopharmaceuticals market in coming years is Asia Pacific. Adoption of various corporate growth strategies, such as acquisitions, alliances, new product launches, geographical expansions, and distribution agreements by regional players, particularly in India and China, is expected to drive the growth within the global radiopharmaceuticals market in Asia Pacific in coming years.
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Players in Radiopharmaceuticals Market Focused on R & D and Drug Development
Few of the leading and most notable players and manufacturers operational within the global radiopharmaceuticals market are GE Healthcare, Jubilant Pharma Limited, ITM Isotopen Technologien Munchen AG, Lantheus Holdings, Inc., Nihon Medi-Physics, Siemens Healthineers, Advanced Accelerator Applications (company by Novartis AG), Bayer AG, Telix Pharmaceuticals, Eli Lily and Company, and Avanos Medical, Inc., among others. Players and manufacturers are focused on new drug discovery and development in order to adopt radioactivity for the purpose of destroying tumors in the recent past.
Furthermore, players and manufacturers in the global radiopharmaceuticals market are increasing their investments intended for the research and development activities in order to develop cancer drugs that can be used as both diagnostics as well as therapies. For instance, Jubilant Radiopharma made an investment of US$ 25 million into SOFIE Biosciences, Inc., in 2020. This move was undertaken in order to accelerate the state of art Theranostics Center of Excellence Manufacturing facility of the SOFIE Biosciences in the United States. Moreover, stakeholders in the global radiopharmaceuticals market are also engaged in gaining regulatory approvals from relevant authorities for their new products and compounds, such as from the FDA of the United States. Additionally, the players in the global radiopharmaceuticals market are working closely with several players functional within the conventional pharmaceutical industry in order to enable commercialization aligned with guidelines prescribed by FDA.