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HEALTHCARE & PHARMACEUTICAL

Radiopharmaceuticals Market Segmentation By Application (Therapeutic and Diagnostic); By Treatment Area (Oncology, Cardiology, Neurology and Others); By End User (Hospitals, Research Institutes, Diagnostic Centers and Others) – Global Demand Analysis & Opportunity Outlook 2027

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Extensive insights into the Growth of Radiopharmaceuticals Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • On October 18, 2018, Novartis announced its plan to acquire Endocyte, a biopharmaceutical company that aims to develop targeted therapies for cancer treatment. The drug conjugation technology used by Endocyte for the development of radiopharmaceuticals such as Lu-PSMA-617 for the treatment of metastatic castration-resistant prostate cancer (mCRPC) would expand the radiopharmaceuticals expertise of Novartis.

Introduction to Radiopharmaceuticals

Radiopharmaceuticals are minute radioactive isotopes or radioisotopes that are used to diagnose and treat diseases by targeting specific tissues and organs in the body. Radiopharmaceuticals, when given in small doses, are not harmful for the body and can be used for diagnosing various disorders. A larger amount of these pharmaceutical formulations is given in order to treat disorders such as cancer, cardiovascular diseases, thyroid and neurological disorders among others.

Market Size and Forecast

The radiopharmaceuticals market is anticipated to record a CAGR of around 9% over the forecast period, i.e., 2019-2027. The market is segmented by application, by treatment area, by end user and by region, out of which, the application segment is further bifurcated into therapeutic and diagnostic segments. Based on application, the diagnostic segment is anticipated to hold the largest share in the radiopharmaceuticals market on account of growing use of radiopharmaceuticals in various imaging techniques including positron emission tomography (PET) and single-photon emission computed tomography (SPECT). According to a study by the European Association of Nuclear Medicine, about 90% of radiopharmaceuticals are used in medical imaging technologies, which use reactor isotopes such as molybdenum-technetium as well as radio isotopes. The preference of radiopharmaceuticals in the field of medical diagnostics is estimated to increase in the coming years. Further, this is safer and more efficient as compared to other diagnostic techniques which raises the demand for radiopharmaceuticals in diagnosis over the treatment segment. On the basis of end user, the market is segmented into hospitals, research institutes, diagnostic centers and others. Out of these, the hospitals segment is anticipated to observe the highest growth during the forecast period as a result of growing usage of radiopharmaceuticals or nuclear medicine for diagnostic and treatment purposes at hospitals. The rising incidence of diseases and the growing patient population in hospitals is another factor leading to the growth of this segment. CLICK TO DOWNLOAD SAMPLE REPORT

Radiopharmaceuticals-Market

Growth Drivers

Rising Demand for Advanced Cancer Treatments to Boost the Market Growth

The market is predicted to grow as a result of increasing demand for cancer treatment methods that are effective. Radiopharmaceuticals are estimated to replace the conventional cancer treatment methods such as chemotherapy. This can be attributed to the target specific nature of radiopharmaceutical therapy that allows the treatment of diseases such as cancer by acting on a particular cancerous tissue instead of the whole organ or tissue. Targeted therapies eliminate any risks to the normal cells and only impact the cancerous cells, which increases the demand for such therapies, which is anticipated to result in the market growth.

Growing Technological Advancements in the Medical Industry to Drive Radiopharmaceuticals Market Growth

The development of novel methods of diagnosis and treatment of a large number of commonly occurring disorders is estimated to become a major growth driving factor for the radiopharmaceuticals market. For instance, the increasing knowledge in this field that leads to the development of complex radiopharmaceuticals and techniques such as cyclotron proliferation raises their demand in the market.

Restraints

Lack of Skilled Professionals to Hinder the Market Growth

As per the statistics presented by the Australian and New Zealand Society of Nuclear Medicine, there were about 70 radiopharmaceutical scientists in both the private and public sectors in 2014. The limited number of scientists working in this field restricts the development of radiopharmaceuticals. This is predicted to hamper the growth of radiopharmaceuticals market over the forecast period. Furthermore, as radiopharmaceuticals involve the use of radiation, they might increase the risk of exposure to these radiation when given in higher doses. This is estimated to limit the market growth further.

Market Segmentation

Our in-depth analysis of the radiopharmaceuticals market includes the following segments:

By Application

  • Therapeutic
  • Diagnostic

By Treatment Area

  • Oncology
  • Cardiology
  • Neurology
  • Others

By End User

  • Hospitals
  • Research Institutes
  • Diagnostic Centers
  • Others

By Region

On the basis of regional analysis, the radiopharmaceuticals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

The market in North America is estimated to hold the largest share in the radiopharmaceuticals market on account of rising advancements in medical technology in the region. There is a high potential of developing radiopharmaceuticals in the United States and Canada as radioisotopes are available in abundance in the countries. However, the radiopharmaceuticals market in Asia Pacific is projected to grow at the highest rate in the upcoming years on the back of growing demand for enhanced imaging and other diagnostic techniques. The growing risk of cancer and heart disorders among people in the region leads to the requirement for this technique, which is another factor contributing towards the market growth in this region.

Radiopharmaceuticals-Market-Size

The radiopharmaceuticals market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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