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Radiopharmaceuticals Market to Garner $13,818.17 billion by 2028 | CAGR 9.0%: The Insight Partners

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Radiopharmaceuticals Market to Garner $13,818.17 billion by 2028 | CAGR 9.0%: The Insight Partners

November 15
23:51 2021
Radiopharmaceuticals Market to Garner $13,818.17 billion by 2028 | CAGR 9.0%: The Insight Partners
Radiopharmaceuticals Market, by Type – 2021 and 2028
Radiopharmaceuticals Market to Grow at a CAGR of 9.0% to reach US$ 13,818.17 Million from 2020 to 2028

According to our latest study on “Radiopharmaceuticals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product Type, Application, and End User,” The report highlights the key factors driving the market growth and prominent players with their developments in the market. The growth of the radiopharmaceuticals market is primarily attributed to the rising prevalence of chronic diseases, suitability of alpha radioimmunotherapy in targeted cancer treatment, and advancements in nuclear imaging techniques. However, short shelf-life of radiopharmaceuticals and availability of substitutes hinder the market growth.

Strategic Insights:

Report Coverage             

Details

Market Size Value in      

US$ 7,550.74 Million in 2021

Market Size Value by    

US$ 13,818.17 Million by 2028

Growth Rate     

CAGR of 9.0% from 2021-2028

Forecast Period

2021-2028

Base Year           

2021

No. of Pages     

220

No. Tables          

139

Segments covered         

Type , Product Type , Application , and End User

Regional scope 

North America; Europe; Asia Pacific; Latin America; MEA

Country scope  

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage             

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Get Sample PDF Copy Along with TOC of Radiopharmaceuticals Market at: https://www.theinsightpartners.com/sample/TIPRE00003751/

The growth of the market is attributed to the rising prevalence of chronic diseases, suitability of alpha radioimmunotherapy in targeted cancer treatment, and advancements in nuclear imaging techniques. However, the short shelf-life of radiopharmaceuticals and availability of substitutes restrain the Radiopharmaceuticals market growth. A radiopharmaceutical is a drug that can be used either for diagnostic or therapeutic purposes. Radiopharmaceuticals are radioisotopes that are bound to biological molecules that target specific tissues, organs, or cells within the human body. Radioisotopes emitting gamma rays are useful for diagnostic imaging where the radiation escapes the body. These rays are detected by a specific device, which is usually single-photon emission computed tomography (SPECT)/positron emission tomography (PET) cameras.

Rising Prevalence of Chronic Diseases Fuels Radiopharmaceuticals Market Growth

The prevalence of chronic diseases such as cardiovascular diseases (CVDs), cancer, chronic lung diseases, stroke, Alzheimer’s disease, chronic kidney disease, and several neurological disorders is increasing rapidly across the world. These diseases are among the leading causes of death. As per the World Health Organization (WHO), cancer accounted for ~10 million deaths in 2020 globally. Furthermore, as per the estimations of the American Cancer Society, ~1,806,590 new cases of cancer were diagnosed in the US in 2020. As per the European Heart Network, CVDs cause 3.9 million deaths in Europe and more than 1.8 million deaths in the European Union (EU) every year. They account for 45.0% of total mortalities in Europe and 37.0% of the total death count in the EU. As per the American College of Cardiology, CVDs cause ~800,000 death cases in the US every year. Coronary heart disease (CHD) contributes to a majority of CVD mortalities, followed by stroke and heart failure; ~90 million Americans are diagnosed with CVDs per year. In addition, CVDs contribute to ~31% of total death globally, and the cost burden of CVDs on healthcare systems is expected to be ~US$ 1,044 billion by 2030.

According to Emory Healthcare, in 2018, ~5 million people suffer from congestive heart failure (CHF) in the US. Further, according to the WHO, ~1.71 billion people in the world are suffering from musculoskeletal conditions. An effective examination is a must for the treatment of chronic diseases, and nuclear substances are used for diagnosis and examination purposes; they are used in diagnostic tests such as positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). Thus, with a surge in the incidence of chronic diseases, the need for radiopharmaceuticals is also increasing, thereby driving the market growth.

The COVID-19 pandemic has profoundly changed hospital activities, including nuclear medicine (NM) practices across Europe. A literature search on PubMed was performed covering COVID-19 studies published up until January 2021. As per the findings, the pandemic strongly challenged NM departments, and a reduction in the workforce has been experienced in every center in Europe. To limit COVID-19 transmission, NM departments introduced restriction measures, such as the rescheduling of non-high-priority procedures.

Download the Latest COVID-19 Analysis on Radiopharmaceuticals Market Growth Research Report at: https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003751

Radiopharmaceuticals market is bifurcated into diagnostic nuclear medicine and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is holding a larger share of the market and is expected to register a higher CAGR during 2021–2028. The radioisotope used widely in diagnostic nuclear medicine is technetium-99m. The radioisotope attaches to several specific molecules, allowing the diagnosis of various diseases, such as the certain types of cancers. For instance, technetium-99m-MDP (methylene diphosphonate) is widely used to detect bone metastasis associated with cancer.

The Technetium-99m segment is holding the largest share of the market, whereas the gallium-67 segment is expected to register the highest CAGR during 2021–2028. Gallium-67 is used for the imaging and localization of inflammatory lesions (infections).

Radiopharmaceuticals Market: Competitive Landscape and Key Developments

Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, and NTP Radioisotopes are among leading companies operating in the radiopharmaceuticals market.

Order a Copy of Radiopharmaceuticals Market Shares, Strategies and Forecasts 2021-2028 Research Report at: https://www.theinsightpartners.com/buy/TIPRE00003751/

Browse Related Reports and get Sample copy

Radiopharmaceutical Theranostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Radioisotope (Technetium-99, Gallium-68, Iodine-131, Iodine-123, 18F, Y-90, Lutetium (Lu) 177, Copper (Cu) 67, Copper (Cu) 64, Others); Source (Nuclear Reactors, Cyclotrons); Approach (Targeted Therapeutic [Rx], Companion Diagnostic [DX]); Application (Oncology, Cardiology, Others); End-user (Hospitals, Academic and Research Institutes, Others) and Geography

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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