Radiopharmaceuticals in Nuclear Medicine is Estimated to Witness High Growth Owing to Rising Incidence of Cancer

Radiopharmaceuticals in nuclear medicine refers to small amounts of radioactive material or radio-labeled compounds that are used as diagnostic and therapeutic agents. They help detect certain physiologic changes associated with diseases and can also treat certain medical conditions. As radiopharmaceuticals localize within the body, they emit radiation that can be detected externally by scanners and cameras to produce diagnostic information or can be used to treat certain medical conditions. Applications of radiopharmaceuticals include SPECT/CT scans to detect cancer, cardiology imaging tests to detect heart disease, neurology scans to detect brain abnormalities, and bone scans to detect bone abnormalities.

The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 6,700.05 Mn or Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the major drivers fueling the growth of the radiopharmaceuticals in nuclear medicine market is the rising incidence and prevalence of cancer across the globe. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, accounting for an estimated 9.6 million deaths in 2018. The increasing prevalence of cancer is expected to increase the demand for radiopharmaceuticals in diagnosis and treatment of cancer using nuclear medicine techniques such as PET scans and targeted radiotherapy.

The rising incidence of cancer is mainly attributed to lifestyle changes such as smoking, alcohol consumption, poor dietary habits, increasing obesity rates, and lack of physical activity. Many developed as well as developing countries are experiencing significant increase in lifestyle-related cancers like lung cancer, breast cancer, prostate cancer, and colorectal cancer. This high cancer burden worldwide is requiring advanced diagnostic and treatment approaches such as nuclear medicine techniques using radiopharmaceuticals which is supporting the market growth.

SWOT Analysis

Strength: Radiopharmaceuticals have several advantages in nuclear medicine as they are used as tracers to non-invasively image and diagnose diseases. They help physicians obtain vital functional and molecular information from internal organs with high precision. The non-invasive nature of nuclear imaging reduces risks for patients. Standardization of radiotracers makes results easily comparable.

Weakness: Radiopharmaceuticals have short half-lives necessitating on-site production or nearby central radiopharmacies. Strict transportation and storage conditions are required to maintain radioactivity levels. Individualized dosing and expertise is required which increases costs. Some rare medical conditions lack validated radiotracers limiting clinical use.

Opportunity: The growing geriatric population and prevalence of cancer and neurodegenerative diseases drive demand. New radiotracer development aims at improving diagnosis of diseases like Alzheimer's and Parkinson's. Expanding applications in cardiology, neurology and oncology point to future growth areas. Strategic partnerships can help establish centralized production and distribution channels in emerging markets.

Threats: Stringent regulatory norms govern production, transport and clinical use of radiopharmaceuticals increasing compliance costs. Non-availability of suitable radioactive isotopes threatens supply. Alternative molecular imaging modalities like MRI and ultrasound compete based on absence of radiation. Reimbursement challenges in some markets restrict accessibility.

Key Takeaways

The global radiopharmaceuticals in nuclear medicine market is expected to witness high growth over the forecast period owing to prevalence of target diseases and expanding clinical applications.

Regional analysis: North America holds the largest share of the global radiopharmaceuticals market owing to established healthcare infrastructure and reimbursement systems in the US and Canada that support nuclear medicine procedures. However, Asia Pacific is expected to witness highest growth through 2030 on back of rising healthcare expenditures, heavy R&D investments and improving regulatory frameworks in major economies.

Key players:

Key players operating in the radiopharmaceuticals in nuclear medicine market 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, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc. These companies are focused on commercializing new precision radiotracers through in-house R&D and strategic alliances.