Oncology Radiopharmaceuticals Is Estimated To Witness High Growth Owing To Increasing Incidence of Cancer
SWOT Analysis
Strength: The oncology radiopharmaceuticals market experiences strong growth due to the rising preference for precision medicine and targeted radiotherapy among oncologists. Radiopharmaceuticals help diagnose and treat cancer more accurately. The market witnesses numerous product approvals and launches each year to fulfill the increasing demand.
Weakness: High costs associated with research and development of novel radiopharmaceuticals hamper market growth. Many countries lack skilled professionals to produce and use radiopharmaceuticals efficiently.
Opportunity: Untapped potential in emerging economies provides lucrative opportunities for market players. Growing geriatric population prone to cancer augments demand.
Threats: Stringent regulatory frameworks for approval delay market access. Supply chain disruptions amid the ongoing pandemic pose challenges.
Key Takeaways
Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth, exhibiting CAGR of 45% over the forecast period, due to increasing cancer prevalence worldwide. Growing adoption of nuclear medicine for cancer diagnostics and therapeutics boosts market revenue.
Regional analysis: North America dominates the oncology radiopharmaceuticals market and is expected to retain its leading position during the forecast period. High healthcare spending and advanced healthcare infrastructure support market growth. Asia Pacific exhibits the fastest growth attributed to rising healthcare awareness, healthcare reforms, and increasing cancer burden in China and India.
Key players operating in the oncology radiopharmaceuticals market are Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., International Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health. Key players are involved in frequent new product launches and collaborations for sustained market shares.
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