The global radiopharmaceuticals market is at the cutting edge of healthcare innovation, propelled by robust investments and groundbreaking scientific advancements. According to a recent report by Future Market Insights (FMI), the market is set to reach a valuation of USD 6,972.1 million by 2024. With a projected compound annual growth rate (CAGR) of 3.40% from 2024 to 2034, the market valuation is anticipated to surpass USD 11,635 million by the end of the forecast period.
This anticipated growth highlights the increasing role of radiopharmaceuticals in modern healthcare, particularly in diagnostics and targeted therapies. Radiopharmaceuticals are becoming essential in the early detection and effective treatment of various diseases, including cancer and cardiovascular conditions. As demand for advanced medical treatments rises, radiopharmaceuticals are positioned to play a crucial role in enhancing patient outcomes through innovative solutions.
Key Market Insights:
North America is leading the radiopharmaceuticals market, driven by the high prevalence of cardiovascular diseases and cancer. The region’s dominance is expected to continue, supported by advancements in radioisotope production methods for chronic disorder treatments.
Europe, particularly the UK, holds a significant market share due to high cancer incidence rates. According to Cancer Research UK, the UK alone has 367,167 cancer patients, contributing to the region’s substantial market presence.
Asia-Pacific is forecasted to experience notable growth, with new product launches, collaborations, and distribution agreements driving the market forward.
“The broad application of radiopharmaceuticals as biomarkers in molecular imaging is expected to significantly impact the market in the coming years,” says an analyst from Future Market Insights.
Competitive Landscape:
- GE Healthcare has partnered with NorthStar Medical Radioisotopes, LLC to produce and distribute iodine-123 (I-123) capsules across the US.
- Bracco Diagnostics Inc. has launched the ‘Bracco Mobile Isotope Service’ in collaboration with CardioNavix, LLC to enhance patient access to cardiac PET imaging.
- Jubilant Radiopharma signed an MoU with Navidea Biopharmaceuticals for the exclusive distribution of ‘Tilmanocept’ in the Americas.
- Bayer AG announced its acquisition of Noria Therapeutics Inc. and PSMA Therapeutics Inc. to expand its oncology portfolio.
- Norgine B.V. acquired Azanta A/S, adding Nimorazole and Angusta to its product line.
- Curium acquired MAP Medical to strengthen its European footprint.
- The US FDA approved Gallium 68 PSMA-11 (Ga 68 PSMA-11) as the first PET imaging drug for diagnosing prostate cancer in December 2020.
Access Detailed Market Data: Download the Complete Radiopharmaceuticals Market Report Now
Key Companies in the Market:
- Bayer AG
- Bracco Imaging S.p.A.
- Cardinal Health, Inc.
- Eli Lilly and Company
- Curium Pharma
- Lantheus Holdings, Inc.
- Novartis AG
- Nordion (Canada) Inc.
- Jubilant Radiopharma
Market Segments:
By Radioisotope Type: Technetium-99, Fluorine-18, Iodine-131, Lutetium-177, Yttrium-90, Gallium-68, Gallium-67, Rubidium-82, Iodine-123, Iodine-125, Indium-111, Others.
By Application: Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Neurology, Nephrology, Others.
By Source: Cyclotrons, Nuclear Reactors.
By End User: Hospitals, Diagnostic Imaging Centers, Ambulatory Surgical Centers, Cancer Research Institutes.
By Region: North America, Latin America, Europe, Asia-Pacific, Middle East and Africa (MEA).
As the radiopharmaceuticals sector continues to evolve, staying updated with the latest developments and trends is crucial. For more insights and detailed reports, follow the latest updates from Future Market Insights.
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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