Radiopharmaceuticals Market Analysis
There are numerous radiopharmaceuticals available for both therapeutic and diagnostic purposes, each with distinct and overlapping indications for specific disorders like Alzheimer’s (Vizamyl, Amyvid, and Neuraceq). There are over 50 U.S. FDA approved radiopharmaceuticals available for diagnostic as well as therapeutic use and Technetium alone has over 30 approved products accessible for diagnostics reasons.
Radiopharmaceuticals are used in many disciplines, including oncology, neurology, haematology, cardiology, thyroid applications, and others. Uses in oncology include cancer diagnosis and evaluating the efficacy of therapy (using radiolabeled therapeutics). These radiopharmaceuticals can also be used to identify fundamental cancer physiology. For example, fluorine-18 fludeoxyglucose is advised for identifying abnormal glucose metabolism in malignancies.
The market for radiopharmaceuticals in nuclear medicine is anticipated to reach US$ 6,700.5 million in 2020 and grow at a CAGR of 8.0% during the following five years (2020-2027).
Request For Premium Sample Report @ https://www.coherentmarketinsights.com/insight/request-sample/70
Increasing product approvals by regulatory authorities is expected to propel the market growth over the forecast period
Key players operating in the market are focusing on obtaining approvals, which is expected to drive the market growth over the forecast period. For instance, in February 2018, NorthStar Medical Radioisotopes, LLC received the U.S. FDA approval for its RadioGenix System, an innovative, high-tech radioisotope separation platform indicated for use in producing widely-used medical radioisotope technetium-99 (Tc-99m) from NorthStar’s non-uranium based molybdenum-99 (Mo-99).
Adoption of inorganic growth strategies by key players is expected to drive the market growth over the forecast period
Market players are focused on adoption of inorganic growth strategies such as mergers and acquisitions to strengthen their position in the global radiopharmaceuticals in nuclear medicine market. For instance, in 2017, Cardinal Health, Inc. acquired North American rights of Lymphoseek, a radiopharmaceutical diagnostic imaging agent, from Navidea Biopharmaceuticals, Inc. Navidea received around US$ 83 million at closing and will have the opportunity to earn up to US$ 227 million of contingent consideration based on certain milestones through 2026, with US$ 17.1 million of that amount guaranteed over the next three years.
Global Radiopharmaceuticals in Nuclear Medicine Market – Impact of Coronavirus (Covid-19) Pandemic
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 27.8 million infected individuals worldwide as of September 2020.
Coronavirus pandemic has negatively impacted the development, production, and supply of nuclear medicines and also affected growth of the radiopharmaceutical businesses of various companies across the globe, as COVID-19 pandemic has led to lockdown in several countries, globally. This lockdown has resulted in closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of the radiopharmaceuticals and kits for diagnostic and therapeutic use.
Most of the oncologists and cancer research institutes in major countries such as the U.S., Canada, and other low-and-middle income countries, which are largely dependent on radioisotope suppliers, have faced issues related to radiopharmaceutical supply and difficulty in access to therapeutic tracers such as 123I, 123I-MIBG, and 131I-MIBG. This is due to cost and transportation issues faced by suppliers and distributors. Moreover, nuclear medicine manufacturers also face issues in obtaining cold kits, which are used to simplify radiopharmaceutical production.
Limited Period Offer | Report Available Now at UP TO 45% off Discounted Pricing @ https://www.coherentmarketinsights.com/promo/buynow/70
Radiopharmaceuticals in Nuclear Medicine Market: Restraints
According to the International Atomic Energy Agency (IAEA), 2014, Tc-99m is utilised in 20–40 million scans annually worldwide, or roughly 75% of all nuclear medicine procedures. The nuclear medicine sector is strongly dependent on the supply of Technetium-99m for diagnostic purposes.
Since these isotopes are produced in nuclear reactors located all over the world, there have been frequent and prolonged closures of one or more of these reactors, which has caused ongoing fluctuations in the availability of isotopes (most noticeably after 2007 due to the closure of the National Research Universal (NRU) in Chalk River, Ontario in May 2009). Similar to how the Osiris reactor in France shut down at the end of 2015, the National Research Universal (NRU) nuclear reactor in Chalk River, Ontario, Canada, went offline for the last time on March 31, 2018. During the course of the projected period, such incidents are predicted to constrain market growth.
The market for radiopharmaceuticals in nuclear medicine is also anticipated to see growth restraints due to the high cost of radiopharmaceutical development relative to return on investment. The cost of developing a drug for diagnostic imaging from inception to commercialization, as reported by the National Center for Biotechnology Information studies in 2006, is in the range of $100 to $200 million, and this cost is still relevant today, per a study by the Society of Nuclear Medicine and Molecular Imaging, Inc. (2019).
Progenics, General Electric, Inc.FUJIFILM Toyama Chemical Co., Ltd., Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics Co. Ltd., Pharmaceuticals, Jubilant Life Sciences Ltd., Samyoung Unite, Curium Pharma and NorthStar Medical Radioisotopes LLC Company are major players in
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By End User
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Market Opportunities
- Impact Analysis
- Key Developments
- PEST Analysis
- Market Dynamics
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame
CA 94010, United States
Phone: U.S.: +1-206-701-6702