Radiopharmaceuticals Accelerating Growth in Nuclear Medicine


 Radiopharmaceuticals are radioactive pharmaceuticals used in nuclear medicine that provide crucial diagnostic and therapeutic benefits. The global radiopharmaceuticals market is gaining significant traction owing to rising cases of cancer and cardiac ailments. Need for early diagnosis and minimally invasive procedures have increased demand for radiotracers which help identify the exact location of diseased tissues.

The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 6,700.05 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growth of the radiopharmaceuticals market is primarily driven by the increasing incidence of cancer and cardiac diseases worldwide. According to World Health Organization (WHO), cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Radiopharmaceuticals play a key role in cancer diagnosisusing nuclear imaging modalities like SPECT and PET scans. These scans use radiotracers that bind to tumors and help identify their spread precisely. This leads to effective treatment selection and follow-ups to monitor treatment response. Moreover, increasing access to diagnosis and rise in reimbursement rates has further contributed to the demand for radiotracers worldwide.

Segment Analysis
The global radiopharmaceuticals in nuclear medicine market is dominated by diagnostic radiopharmaceuticals sub segment. Diagnostic radiopharmaceuticals account for over 70% share of the total market owing to growing adoption of diagnostic nuclear medicine imaging procedures like SPECT and PET for early disease diagnosis. Within diagnostic radiopharmaceuticals, key segments include Technetium-99 labeled radiotracers and Fluorine-18 radiotracers. Technetium-99 remains the most commonly used diagnostic radioisotope due to its low cost and wide availability at medical centers worldwide.

Key Takeaways
The global radiopharmaceuticals in nuclear medicine market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America currently dominates the global market accounting for over 40% share. Growing prevalence of cancer and cardiac diseases coupled with favorable reimbursement policies for nuclear medicine procedures is fueling the demand for radiopharmaceuticals in the region. Europe is the second largest market driven by expanding geriatric population and ongoing technological advancements. Asia Pacific is expected to be the fastest growing region supported by rising healthcare spending, growing medical tourism, and increasing installation of PET scanning facilities in major countries like India and China.

Key players: Key players operating in the radiopharmaceuticals in nuclear medicine market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc. These players are focusing on new product launches, strategic collaborations and geographic expansions to consolidate their market positions.

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