The global radiopharmaceuticals market is estimated to gain a valuation of US$ 8.5 Bn by 2031, notes an assessment by Transparency Market Research (TMR). Thus, the market for radiopharmaceuticals is expected to grow at a CAGR of 7.3% during the forecast period of 2021 to 2031.
The demand for risk assessment services for cancer treatment is being increasing in the recent years across many developed nations around the world. This factor is creating revenue-generation opportunities in the radiopharmaceuticals industry, notes a TMR study on the global radiopharmaceuticals market.
The global radiopharmaceuticals market outlook provides thorough analysis of key factors impacting the growth trajectory of the market. Thus, it covers exhaustive assessment of the growth drivers, growth restraints, regional analysis, R&Ds, demand-supply ratio, competition landscape, and emerging trends in the radiopharmaceuticals market. This aside, it sheds light on the volume, share, revenues, sales, and the recent developments in the radiopharmaceuticals market, according to a study by TMR.
In the recent years, there has been increase in the patient understanding on the importance of early disease detection. Moreover, the need for precise and timely diagnosis is being increasing in the recent years. These factors are creating profitable prospects in the global radiopharmaceuticals market. Moreover, the market is being driven by a rise in the demand for molecular imaging and disease-targeted cancer therapy around the world, note analysts of a research report by TMR.
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Rise in Number of Cancer Patients Fuels Market Growth
Monoclonal antibodies and radiolabeled peptides are being increasingly used in the treatment and identification of malignant tumors. Hence, a rise in the number of cancer patients across the globe is projected to result into profitable opportunities in the global radiopharmaceuticals market, according to analysts at TMR.
Radiopharmaceuticals are being utilized across hospitals and diagnostic centers. Owing to the availability of skilled medical practitioners in the hospital radiology departments around the world, the radiopharmaceuticals market players are is estimated gain sizable sales opportunities from the hospitals segment in the forthcoming years, notes TMR report.
Rise in Adoption of Nuclear Medicine Fuels Market Growth
Nuclear medicine is gaining impetus in the recent years owing to a rise in the availability of 99m Tc, which is an isotope utilized in 80% of diagnostic processes. Presently, approximately 25 million diagnostic procedures are being performed using 99m Tc radiopharmaceuticals every year. The accessibility to short-lived 99m Tc is one of the important factors foreseen to fuel the adoption of Technetium 99. Moreover, there has been rise in the R&Ds across the globe. This factor is boosting the growth avenues in the global radiopharmaceuticals market.
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Players in Radiopharmaceuticals Market Experience High Level of Competition
Some of the leading players in the radiopharmaceuticals market include Siemens Healthineers AG, Advanced Accelerator Applications (a Novartis AG Company), GE Healthcare, Jubilant Pharma Limited, ITM Isotopen Technologien München AG, and Bayer AG.
Major companies in the radiopharmaceuticals market are utilizing different strategies such as distribution agreements, acquisitions, regional growth, and partnerships in order to stay ahead of the competition. Moreover, several enterprises are increasing investments in R&Ds in order to develop next-gen products. Such initiatives are fueling the expansion of the radiopharmaceuticals market.
North America: Leading Region in Radiopharmaceuticals Market
The global radiopharmaceuticals market is spread across many regions including Europe, North America, Asia Pacific, and Rest of the World. Among all, North America is one of the prominent regions in the market for the radiopharmaceuticals owing to many factors including the presence of many key players, surge in the installation of PET-CT scanner equipment, and rise in the utilization of disease risk assessment services for cancer treatment in the region.