Radiopharmaceuticals
are radioactive compounds used in medical imaging and therapy. They are
utilized in diagnostic imaging techniques like positron emission tomography
(PET) and single-photon emission computed tomography (SPECT) scans to detect
changes in bodily functions and view organs or tissues in the body.
Radiopharmaceuticals allow doctors to analyze how body tissues and organs
function, detect disease accurately, and monitor patient response to
therapeutic treatment. The growing need for early diagnosis and treatment of
various medical conditions like cancer, cardiovascular diseases, neurological
disorders, and several others is boosting demand for radiopharmaceuticals in
nuclear medicine globally.
The Global Radiopharmaceuticals in Nuclear Medicine
Market is estimated to be valued at US$ 7.10 Bn in 2024 and is expected to
exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Key Takeaways
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, GE Healthcare, Jubilant Pharmova Limited, Eckert &
Ziegler, Mallinckrodt, NTP Radioisotopes SOC Ltd., Telix Pharmaceuticals, Inc.,
Nordic Nanovector, Y-mAbs Therapeutics, Inc., Siemens Healthineers AG
Radiopharmaceuticals
in Nuclear Medicine Market Growth is rising
prevalence of chronic diseases and increasing applications of radiotracers in
disease diagnosis and treatment are fueling the growth of the global
radiopharmaceuticals market. Technological advancements in diagnostic imaging
techniques and the development of novel radiopharmaceuticals are also
propelling market expansion.
Factors like the high healthcare expenditure, rising geriatric population, and
growing awareness about the benefits of nuclear medicine are boosting the
adoption of radiopharmaceuticals across major markets worldwide. Furthermore,
initiatives taken by market players and governments to enhance
radiopharmaceutical accessibility are strengthening the global
radiopharmaceuticals market.
Market Key Trends
Radiopharmaceuticals
in Nuclear Medicine Market Size and Trends in the radiopharmaceuticals
market is the increasing demand for personalized medicine. Customized
radiopharmaceuticals help deliver optimal patient outcomes through precision
targeting and enhance diagnostic accuracy. Developers are focusing on expanding
product pipelines in targeted alpha therapy and other personalized radiopharmaceuticals.
Another notable trend is technology upgrades in diagnostic imaging modalities
that improve imaging capabilities. Advancements like time-of-flight and
point-spread-function PET allow for improved resolution and sensitivity. The
integration of AI and machine learning solutions is also augmenting diagnostic
outcomes. Overall, technological evolutions are expanding clinical applications
and driving market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: The nuclear medicine market requires high R&D
investments and regulatory approvals which make entry difficult for new
players.
Bargaining power of buyers:
Individual consumers have low bargaining power due to inelastic demand for
nuclear medicine procedures. However, group purchasing organizations like
hospitals have higher negotiating power.
Bargaining power of suppliers: The
nuclear medicine market is dominated by few large suppliers for key raw
materials like radioisotopes. This gives them significant influence over
prices.
Threat of new substitutes: There
exists no close substitute for nuclear imaging techniques yet. Alternatives
like MRI, CT offer limited substitution potential.
Competitive rivalry: The nuclear
medicine market is highly competitive with major players continuously investing
in new product innovations and expansion strategies.
Geographical Regions
North America accounts for the largest share of the radiopharmaceuticals market
owing to increasing demand for nuclear imaging techniques and availability of
sophisticated healthcare infrastructure. The United States dominates the North
American market.
Asia Pacific region is poised to grow at the fastest rate during the forecast
period. Rising investments by market players, growing medical tourism industry
and improving economic conditions are fueling the radiopharmaceuticals demand
in China and India specifically.
Explore
More Related Article On- Docking
Station Market
For Deeper Insights, Find the Report in the Language
that You want.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in
the market research industry. She specializes in writing well-researched
articles from different industries, including food and beverages, information
and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
