The future of cancer treatment is getting brighter, fueled by advancements in targeted therapies. According to a groundbreaking new report by Future Market Insights (FMI), a leading market research firm, the Peptide Receptor Radionuclide Therapy Market is on an upward trajectory. The market is anticipated to witness a remarkable growth spurt, reaching an impressive US$1.3 billion by 2033. This translates to a robust Compound Annual Growth Rate (CAGR) of 8.2% for the forecast period of 2023 to 2033.
This forecast is rooted in a comprehensive study conducted by FMI, which meticulously examines the business models, key strategies, and market shares of the most influential players in the Peptide Receptor Radionuclide Therapy landscape. The report not only offers valuable insights into the present state of the industry but also provides a roadmap for its future trajectory.
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Advancement and growing research in the medical industry led to a dramatic surge in the availability of new cancer treatment options. Radiation therapies and targeted therapy are showing significant promise in cancer treatment. For example, peptide receptor radionuclide therapy (PRRT) was recently approved the neuroendocrine tumors and projected significant growth in the cancer treatment market. Peptide receptor radionuclide therapy (PRRT) is a radioisotope or molecular therapy used to treat neuroendocrine tumors (NETs).
Peptide receptor radionuclide therapy (PRRT) is recommended for somatostatin receptor-positive gastroenteropancreatic NETs-affected patients. Peptide receptor radionuclide therapy (PRRT) is a targeted therapy designed to slow the progression of gastroenteropancreatic NET and limit radiation exposure to healthy tissue. Lutathera (lutetium Lu 177 Oxodotreotide) was the first drug approved for peptide receptor radionuclide therapy (PRRT) for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs). In September 2017, the European Commission approved Lutathera peptide receptor radionuclide therapy (PRRT) drug manufactured by Advanced Accelerator Applications S.A., and the U.S. Food and Drug Administration (FDA) approved LUTATHERA in January 2018. Growing clinical trials and development activities to create therapeutic radiopharmaceuticals are expected to surge the growth of the Global Peptide Receptor Radionuclide Therapy (PRRT) Industry over the forecast period.
Peptide Receptor Radionuclide Therapy Market: Drivers and Restraints–
The increasing prevalence of neuroendocrine tumors is expected to impel the demand for peptide receptor radionuclide therapy (PRRT) as an increasing number of the patient pool. The establishment of reimbursement policies for Lutathera favors the demand for peptide receptor radionuclide therapy (PRRT). A temporary insurance/billing code was used for the peptide receptor radionuclide therapy (PRRT) till 2018. Moreover, increasing clinical trials for new radiopharmaceutical drug approval for cancer therapy are expected to surge the growth of the peptide receptor radionuclide therapy (PRRT) market.
Increasing government and private organizations funding for cancer drugs and therapy development is another major factor expected to propel the growth of the Global Peptide Receptor Radionuclide Therapy (PRRT) Industry. Moreover, growing manufacturers’ interest in the radiopharmaceutical and cancer market flourished the growth of the peptide receptor radionuclide therapy (PRRT) market. Side effects such as the transient decrease in blood counts, nausea, and others associated with PRRT are expected to hamper the growth of the Global Peptide Receptor Radionuclide Therapy (PRRT) Industry.
Peptide Receptor Radionuclide Therapy Market: Overview
Peptide receptor radionuclide therapy (PRRT) is a special type of radiopharmaceutical which injected into the patient’s bloodstream. This radiopeptide travels and binds to neuroendocrine tumor cells and provides a high dose of radiation directly to the cancer cell. Big pharmaceutical market players are focusing on entering the radiopharmaceutical market. For instance, In October 2017, Novartis AG acquired Advanced Accelerator Applications (AAA) for $3.9 billion to expand its oncology portfolio. This acquisition was valuable for Lutathera radiopharmaceutical candidates which were under FDA review in 2018.
Peptide Receptor Radionuclide Therapy Market: Region-wise Outlook
North America and Europe region are expected to grebe more than half of the market share for peptide receptor radionuclide therapy. Increasing clinical trials for radiopharmaceuticals and growing demand for targeted therapy for cancer are the major factors driving the growth of the peptide receptor radionuclide therapy market in the U.S. and European countries. The Asia Pacific peptide receptor radionuclide therapy market is expected to grow at a significant growth rate due to growing demand for advanced treatment options and a comparatively high prevalence of cancer in India and China.
Key companies profiled:
- Advanced Accelerator Applications (AAA) (Novartis AG)
Segments covered:
- Indication,
- End User,
- Region
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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