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.
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
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.
Our in-depth analysis of the radiopharmaceuticals market includes the following segments:
By Treatment Area
By End User
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.
The radiopharmaceuticals market is further classified on the basis of region as follows:
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani