Latest News by Industry
DUBLIN--(BUSINESS WIRE)--Nov 3, 2022--
The "Radiopharmaceuticals Global Market Report 2022: By Type, By Application, By End-User" report has been added to ResearchAndMarkets.com's offering.
The global radiopharmaceuticals market is expected to grow from $5.63 billion in 2021 to $5.90 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The market is expected to reach $7.30 billion in 2026 at a CAGR of 5.5%.
North America was the largest region in the radiopharmaceuticals market in 2021. Middle East is expected to be the largest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing prevalence of cancer and cardiovascular diseases is projected to drive the demand for the radiopharmaceuticals market. Radiopharmaceuticals are emerging as a safe and effective therapeutic option over conventional medicines. Radiopharmaceuticals provide an upper hand to radiologists to treat cancer and cardiovascular diseases due to their benefits such as targeted therapy.
Cancer is considered to be the second major cause of death, with around 1 in 6 deaths due to cancer worldwide. According to the International Agency for Research on Cancer (IARC), by 2040, the global burden is projected to increase to 27.5 million active cancer incidents and 16.3 million cancer deaths primarily due to population growth and ageing. About 70% of deaths from cancer occur in low- and middle-income countries. Thus, the rising cases of cancer and cardiovascular diseases are expected to surge the demand for radiopharmaceuticals for the treatment of these diseases.
The high cost of radiopharmaceuticals is anticipated to limit the growth of the market. High costs and short half-life of radiopharmaceuticals are reducing their implementation in hospitals and clinics. The development cost of radiopharmaceuticals is very high compared to that of therapeutic drugs and also undergoes a very lengthy and expensive regulatory process. For instance, the cost of diagnostic radiopharmaceuticals development is $100 to $200 million for 8-10 years in comparison with the cost of pharmaceuticals, which ranges between $600 million to $1.2 billion for 10-12 years. Therefore, the high cost of radiopharmaceuticals is likely to act as a major restraint for market growth.
Research collaborations and partnerships are gaining significant popularity in the radiopharmaceuticals market over recent years. Major companies operating in the radiopharmaceuticals market are collaborating with other industry players to conduct R&D activities to expand their business.
For instance, in March 2020, Debiopharm, a Switzerland-based biopharmaceutical company, signed a research agreement with 3B Pharmaceuticals (3BP), a Germany-based biotechnology firm, to develop the Debio 0228 radioligand program, targeting CAIX (Carbonic Anhydrase 9) enzyme to fight the progression of cancer.
Many companies are adopting various strategic initiatives such as opening a new manufacturing facility and plant capacity expansion, which is gaining significant popularity in the radiopharmaceuticals market. For instance, in May 2019, ITM Isotopen Technologien Munchen AG (ITM) announced the launch of its new manufacturing facility in the Munich area to increase the production capacity of high-purity (n.c.a.) Lutetium-177 and no-carrier-added (n.c.a.) Lutetium-177 containing radiopharmaceuticals. Lutetium-177 is popular under brand EndolucinBeta and is an innovative isotope used in cancer therapy. This is the company's step towards meeting the high demand for quality medical isotopes for precision oncology worldwide.
Scope
Markets Covered:
1) By Type: Diagnostic; Therapeutic; Others
2) By Application: Oncology; Cardiology; Gastroenterology; Neuroendocrinnology; Neurology; Nephrology; Others
3) By End User: Hospitals; Ambulatory Surgical Centers; Diagnostic Centers; Cancer Research Institutes; Others
Key Topics Covered:
1. Executive Summary
2. Radiopharmaceuticals Market Characteristics
3. Radiopharmaceuticals Market Trends And Strategies
4. Impact Of COVID-19 On Radiopharmaceuticals
5. Radiopharmaceuticals Market Size And Growth
6. Radiopharmaceuticals Market Segmentation
7. Radiopharmaceuticals Market Regional And Country Analysis
8. Asia-Pacific Radiopharmaceuticals Market
9. China Radiopharmaceuticals Market
10. India Radiopharmaceuticals Market
11. Japan Radiopharmaceuticals Market
12. Australia Radiopharmaceuticals Market
13. Indonesia Radiopharmaceuticals Market
14. South Korea Radiopharmaceuticals Market
15. Western Europe Radiopharmaceuticals Market
16. UK Radiopharmaceuticals Market
17. Germany Radiopharmaceuticals Market
18. France Radiopharmaceuticals Market
19. Eastern Europe Radiopharmaceuticals Market
20. Russia Radiopharmaceuticals Market
21. North America Radiopharmaceuticals Market
22. USA Radiopharmaceuticals Market
23. South America Radiopharmaceuticals Market
24. Brazil Radiopharmaceuticals Market
25. Middle East Radiopharmaceuticals Market
26. Africa Radiopharmaceuticals Market
27. Radiopharmaceuticals Market Competitive Landscape And Company Profiles
28. Radiopharmaceuticals Pipeline Analysis
29. Key Mergers And Acquisitions In The Radiopharmaceuticals Market
30. Radiopharmaceuticals Market Future Outlook and Potential Analysis
31. Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/tjqc2i
View source version on businesswire.com:https://www.businesswire.com/news/home/20221103005747/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD:
INDUSTRY KEYWORD: RADIOLOGY PHARMACEUTICAL HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/03/2022 06:57 AM/DISC: 11/03/2022 06:57 AM
http://www.businesswire.com/news/home/20221103005747/en