The Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 9115.96 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.
The Radiopharmaceuticals in Nuclear Medicine Market:
Radiopharmaceuticals are radioactive pharmaceuticals used in the diagnostic and therapeutic applications of nuclear medicine. They emit gamma rays that are detected by special cameras which provide pictures of organs, bones or tissues. Commonly used radiopharmaceuticals include technetium-99m (Tc-99m), thallium-201 (Tl-201), gallium-67 (Ga-67) and iodine-123 and iodine-131 (I-123 and I-131). The demand for radiopharmaceuticals is rising due to the growing need for diagnostic imaging techniques like SPECT and PET scans which help identify diseases early and guide treatment planning.
The Radiopharmaceuticals in Nuclear Medicine Market key trends:
Growing geriatric population prone to chronic diseases and increasing awareness about nuclear medicine techniques are some of the major factors driving the growth of this market. As per a UN report, the population aged 60 years and above is projected to reach 2 billion by 2050. Further, nuclear medicine diagnostic scans help detect conditions like cancer, cardiovascular diseases and neurological disorders at early stages. This has increased the demand for radiotracers significantly. Development of new targeted radiotracers with improved tumour specificity is also expected to provide growth opportunities. However, short half-lives of radiopharmaceuticals requiring on-site production and high costs associated with PET/SPECT imaging hamper market growth to some extent.
Porter’s Analysis
Threat of new entrants: The high capital requirements for R&D in radiopharmaceuticals and stringent regulatory norms act as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the specialized nature of radiopharmaceuticals used in nuclear medicine procedures.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitute materials and standardized production processes.
Threat of new substitutes: There is a low threat of new substitutes due to limited substitutes for radiopharmaceuticals used in diagnostic and therapeutic nuclear medicine procedures.
Competitive rivalry: Established players compete based on innovation in radiopharmaceutical drug development and portfolio expansion.
SWOT Analysis
Strengths: Growing prevalence of cancer and cardiac diseases globally is driving the demand for advanced diagnostic nuclear medicine procedures. Increase in healthcare spending also favors market growth.
Weaknesses: High costs associated with R&D, regulatory compliance and production can hamper scope for market expansion. Short shelf-life of radiopharmaceuticals poses logistical challenges.
Opportunities: Emerging economies offer high growth potential driven by increasing disposable incomes. Adoption of theranostics provides opportunities to target molecular levels for personalized treatment.
Threats: Stringent regulations and entry barriers restrict entry of new players. Supply chain disruptions impact the availability of critical radioisotopes used in production.
Key Takeaways
The Global Radiopharmaceuticals In Nuclear Medicine Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases such as cancer and cardiac diseases.
North America dominated the global market in 2023, owing to well developed healthcare infrastructure, favorable reimbursement policies, and high adoption of nuclear medicine procedures. However, Asia Pacific region is expected to grow at fastest pace due to rising healthcare expenditure, increasing cancer incidence, and expansion of key players in emerging countries.
Key players operating in the Radiopharmaceuticals in Nuclear Medicine 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.
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