Radiopharmaceuticals Market Analysis
The global radiopharmaceuticals market is likely to touch USD 15,060.87 million at an 8.10% CAGR between 2019- 2025, as per the recent Market Research Future (MRFR) analysis. Radiopharmaceuticals, simply put, are nuclear medicines or radioactive compounds which have wide therapeutic and diagnostic applications in the medical sector such as oncology, cardiology, neurology, and others. Radioactive particles are utilized in medical imaging for diagnosing diseases and for treating cancer using targeted therapy.
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Various factors are propelling the global radiopharmaceuticals market growth. According to the latest MRFR report, such factors include technological advances in the diagnostics sector, rising application to diagnose and treat chronic diseases, growing use in the healthcare sector, and rising cases of cancer.
On the contrary, strict manufacturing regulations, side effects, high cost, the impact of the COVID-19 pandemic, and short half-life are factors that may impede the global radiopharmaceuticals market growth over the forecast period.
Radiopharmaceuticals Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global radiopharmaceuticals market based on application & type.
By type, the global radiopharmaceuticals market is segmented into therapeutic and diagnostics. Of these, the diagnostic segment will lead the market over the forecast period. Its increasing significance to predict the impact of surgery & assess the changes is adding to the growth of the segment.
By application, the global radiopharmaceuticals market is segmented into oncology, cardiology, neurology, and others. Of these, the neurology segment will dominate the market over the forecast period. Rising cases of neurological disorders is adding to the growth of the segment.
Radiopharmaceuticals Market Regional Analysis
Based on the region, the global radiopharmaceuticals market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), & the Middle East & Africa (MEA). Of these, the Americas will spearhead the market over the forecast period. The presence of top industry players, increasing R&D activities, rising R&D for lesser side effects and effective therapies, changing lifestyles, and a huge population pool suffering from strokes, coronary disorders, and cancer are adding to the global radiopharmaceuticals market growth in the region. The US has the maximum share in the market for the rising cases of cancer.
The global radiopharmaceuticals market in Europe is predicted to have the second-largest share over the forecast period. The presence of developed economies, vast patient pool, and increasing investment for research is adding to the global radiopharmaceuticals market growth in the region. France, UK, and Germany have the maximum share in the market. It is anticipated to develop at a 9.67% CAGR by 2025.
The global radiopharmaceuticals market in the APAC region is predicted to grow at a fast pace over the forecast period. Leading companies expanding their operations in Russia, Singapore, India, and China for their cost-efficiency coupled with growing geriatric population that need invasive therapies to treat neurological and cardiovascular diseases are adding to the global radiopharmaceuticals market growth in the region.
The global radiopharmaceuticals market in the MEA is predicted to have the smallest share over the forecast period. Saudi Arabia will have the largest market share for the rising awareness of radiopharmaceuticals.
Radiopharmaceuticals Market Key Players
Leading players profiled in the global radiopharmaceuticals market report include Technology Organization (ANSTO), Australian Nuclear Science, Curium, NTP Radioisotopes SOC Ltd, JSC Isotope, IRE ELiT, Siemens Healthineers, BWX Technologies, Inc., Novartis AG, Lantheus Medical Imaging, Inc., and GE Healthcare. Industry players have encompassed several strategies to create a niche in the market and also cater to the consumers growing needs. Such strategies include yet are not limited to mergers and acquisitions, joint ventures and collaborations, strategic alliances, contracts, new product launches and developments, partnerships, geographic expansions, extensive research and development activities, and others.
- Radiopharmaceuticals product manufacturing companies
- Research & development organizations
- Academic institutes
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