Radiopharmaceuticals Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Growth Plus Reports

NEW YORK, Oct. 6, 2022 /PRNewswire/ -- According to the latest report published by Growth Plus Reports, the global radiopharmaceuticals market is expected to clock US$ 10.83 billion by 2030 and to grow at a CAGR of 9% during the forecast period. Owing to rise in the chronic diseases and the rising awareness regarding early diagnosis of diseases. This exclusive information is published by growth plus reports in its report titled "Radiopharmaceuticals Market – Global Outlook & Forecast 2022-2030"

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Market Drivers

The rising prevalence of chronic diseases such as cancer, cardiovascular disease (CVD), and neurological disorders is increasing the demand for early disease detection, which is the major driving factor of the global radiopharmaceuticals market. The increased utilization of cutting-edge technology has made it possible to use radiopharmaceuticals more effectively for disease diagnosis and therapy. Additionally, the market is growing because of increased investment in radiopharmaceutical research and development as well as the existence of significant pipeline products. The increase in the demand for non-invasive diagnostic procedures, increased awareness of early identification of chronic diseases, and the ongoing introduction of new products are some of the other factors propelling the worldwide radiopharmaceuticals market growth.

The global radiopharmaceuticals market has been analyzed from four perspectives – type, application, end user, and region.

Excerpts from 'By Type Segmentation'

Based on type, the global radiopharmaceuticals market is classified into:

• Diagnostic Radiopharmaceuticals
• Therapeutic Radiopharmaceuticals

With the largest market share in 2021, the diagnostic radiopharmaceuticals segment dominates the global radiopharmaceutical market. The diagnostic radiopharmaceuticals segment is further sub-segmented into PET Radiopharmaceuticals (FDG-PET/18F, 68Ga, 68Cu, 11C, and Others) and SPECT Radiopharmaceuticals (Technetium-99m, Iodine-123, Xenon-133, Thallium-201, and others). There is rise in the awareness regarding the early detection of chronic diseases. According to World Nuclear Association around 90% of all the procedure worldwide are diagnostics procedures. Furthermore, rise in the technological innovation the introduction of new hybrid imaging devices such as PET/CT scan, PET/MRI scan, SPECT/CT scan, and SPECT/MRI scan which are much more effective than the standalone devices thus boosting the segment growth.

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Excerpts from 'By Application Segmentation'

Based on application, the global radiopharmaceuticals market is segmented into:

• Oncology
• Cardiology
• Neurology
• Other Application

In terms of market share, the oncology segment will dominate the radiopharmaceuticals market in 2021. The large share of the oncology segment can be attributed to the increasing prevalence of cancer worldwide and the rise in the awareness regarding the early diagnosis and treatment of cancer. Moreover, the increased use of radiopharmaceutical in targeted therapy and immunotherapy for the different types of cancer is also fueling the segment growth. Radiopharmaceuticals can be used for the treatment of both isolated tumors and on metastatic cancer, thus elevating its use in cancer treatment.

Excerpts from 'By Region Segmentation'

Based on region, the global radiopharmaceuticals market has been segmented into:

• North America
• Europe
• Asia Pacific
• Rest of the World

In 2021, North America led the global radiopharmaceuticals market, followed by Europe. Asia Pacific market is anticipated to grow at the fastest CAGR during the forecast period. The adoption of advanced technology in radiopharmaceutical therapeutics and imaging systems is increasing the demand for radiopharmaceuticals in the region. Moreover, the rise in the prevalence of chronic diseases which include cancer, cardiovascular disease (CVD), and neurological disorders. According to Centers for Diseases Control and Prevention (CDC), CVD is the leading cause of death in U.S., which causes around 679,000 deaths in 2020. Additionally, the increased demand for early detection of diseases and the presence of well-developed healthcare infrastructure is also boosting the regional growth.

Europe is expected to have the second largest market share due to rise in the awareness regarding early diagnosis and treatment of diseases. According to World Nuclear Association, around 10 million procedures are performed with radiopharmaceuticals in Europe in which therapeutics account for 2 million procedures.

Excerpts from 'Competitive Landscape'

Some of the prominent players operating in the global radiopharmaceuticals market are

• GE Healthcare
• Cardinal Health
• Lantheus Medical Imaging Inc
• Curium
• Bayer AG
• Bracco Diagnostics Inc. (Bracco S.p.A)
• Advanced Accelerator Applications (Novartis AG)
• NorthStar Medical Radioisotopes LLC
• Eczacibaşi Monrol Nuclear Products Co
• NTP Radioisotopes SOC Ltd
• JSC Isotope (Rosatom State Atomic Energy Corporation, Eckert & Ziegler)
• Norgine B.V
• Nordion(Canada) Inc

Table of Content

1. INTRODUCTION
1. Market Ecosystem
2. Timeline Under Consideration
1. Historical Years – 2020
2. Base Year – 2021
3. Forecasted Years – 2022 to 2030
3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
1. Research Approach
2. Data Collection Methodology
3. Data Sources
1. Secondary Sources 
2. Primary Sources 
4. Market Estimation Approach
1. Bottom Up
2. Top Down 
5. Market Forecasting Model
6. Limitations and Assumptions
3. PREMIUM INSIGHTS
1. Current Market Trends (COVID-19 Perspective)
2. Key Players & Competitive Positioning (2021) 
4. MARKET DYNAMICS
1. Drivers
2. Restraints/Challenges
3. Opportunities

VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• 'Business Profile' of Key Players

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