Radiopharmaceuticals Market – Global Outlook & Forecast 2021-2031

Radiopharmaceuticals Market by Type [Diagnostic Radiopharmaceuticals (SPECT Radiopharmaceuticals and PET Radiopharmaceuticals), Therapeutic Radiopharmaceuticals (Alpha Emitters, Beta Emitters, and Auger Electron (AE) Emitters)], Application [Cardiovascular Disorders, Oncological Disorders, Neurological Disorders and Orthopedics Disorders] – Global Analysis & Forecast 2021-2031

Clairvoyance Research conducted an in-depth market analysis study of the global radiopharmaceuticals market. According to the study, the market was valued at ~US$ 5.85 billion in 2020. The market is expected to witness a CAGR of ~10.0% from 2021 to 2031. 

Rising prevalence of various chronic diseases, increasing awareness for early diagnosis of the diseases, advancements in molecular imaging techniques, government initiatives to promote radiopharmaceuticals development and robust pipeline of products are some of the pivotal factors propelling the growth of the radiopharmaceuticals market. However, lack of harmonized regulatory guidelines is likely to hamper the growth of the market to a certain extent.

With an aim to fast-track the development of radiopharmaceuticals, several initiatives such as spreading awareness; providing necessary grants, permissions, clearances & approvals have been instigated by various organizations and government agencies across the world. For instance, International Atomic Energy Agency (IAEA), launched a three-year project that ended in December 2018 for providing support to radiochemists, radiopharmacists, and technologists from 20 countries. The project was aimed at providing training for the development, quality control, and utilization of therapeutic radio-pharmaceuticals. With the help of the IAEA project, the participating countries aimed to start the production and utilization of alpha emitters by 2021.

Rising prevalence of chronic diseases such as cardiovascular disorders, oncological disorders, neurological disorders, orthopedics disorders, etc. is a key factor driving the demand of radiopharmaceuticals globally. Cancer is among the world’s largest health problems. The Global Burden of Disease estimates that around 9.56 million people died prematurely as a result of cancer in 2017. Breast cancer is the second most common cancer among women in the U.S. According to Breastcancer.org, in 2020, an estimated 276,480 new cases of invasive breast cancer are expected to be diagnosed among women in the U.S. Rising awareness for early diagnosis and treatment for these diseases has propelled the radiopharmaceuticals market.

Prominent players operating in the market are engaging in business development strategies such as product approvals, acquisitions, collaborations, and partnerships. For Instance, in June 2020, Curium filed the first standalone Drug Master File (DMF) with the U.S. Food and Drug Administration (FDA) and filed an Active Substance Master File (ASMF) with the European Medicines Agency (EMA) for Germanium-68. It will enable the company to advance industry compliance standards for PET drugs.

However, lack of harmonized guidelines may hamper the growth of the market to a certain extent. Utmost care is essential during the manufacturing, storage, dispensing, and disposal of radioisotopes due to their inherent hazardous nature and associated concern regarding radiation safety for patients as well as the staff handling them. Each country has its own set of rules & regulations for radiopharmaceuticals. The lack of uniformity has led to hindrances in global cooperation, increased expenditure, and slow progress in the study of radiopharmaceuticals.

The Asia Pacific region is expected to be the fastest growing radiopharmaceuticals market. Factors such as developing healthcare infrastructure, increasing geriatric populations that are more prone to cardiac ailments, orthopedic diseases, & neurological diseases and increasing number of patients suffering from cancer can be attributed to the growth of the market. Countries such as India and China in the APAC region, are projected to offer significant growth opportunities owing to presence of large patient pool in the region.

The radiopharmaceuticals market is marked by presence of prominent players such as Bayer, General Electric, Cardinal Health, Lantheus Medical Imaging, Inc., Bracco Diagnostic Inc., CURIUM, Nordion (Canada) Inc., Eczacıbaşı-Monrol, Advanced Accelerator Applications, SHINE Medical Technologies, LLC. Other players operating in the market NorthStar Medical Technologies, Eckert & Ziegler, Jubilant Radiopharma, Global Medical Solutions, among others.

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