Radiopharmaceuticals Market Growth, Segments, Landscape, Demand and Forecast – 2027

[Priya Raut]

The increasing use of radioisotopes in mainstream medical treatment is estimated to boost the radiopharmaceuticals market in 2020. The pharmaceutical reports are made by Market Research Future, which includes market options for development. A CAGR of 8.10 % is estimated to carve out income worth USD 15,060.87 Million by 2025.
The increase in the number of therapeutic and diagnostic applications is estimated to have a conducive effect on the radiopharmaceuticals market growth in the approaching period. The improvement in the delivery system through pharmacies is estimated to boost the radiopharmaceuticals market in the years ahead. The surge in chronic diseases is estimated to further play a notable role in the radiopharmaceuticals market through the coming years.
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The prominent companies in the radiopharmaceuticals market are Lantheus Medical Imaging, Inc., Novartis AG, BWX Technologies, Inc., Siemens Healthineers, IRE ELiT, NTP Radioisotopes SOC Ltd, JSC Isotope, GE Healthcare, Curium, Australian Nuclear Science and Technology Organization (ANSTO), and others.
Segmental Analysis
The segmental study of the radiopharmaceuticals market is conducted on the basis of type, application, and region. Based on the type, the radiopharmaceuticals market has been split into diagnostics and therapeutics. The application basis of segmenting the radiopharmaceuticals market has been conducted on the basis of cardiology, oncology, neurology, and others. Based on the region, the radiopharmaceuticals market is segmented into Africa, Europe, the Americas, the Middle East, and the Asia Pacific.
Detailed Regional Analysis
The regional analysis of the radiopharmaceuticals market is segmented into Africa, Europe, the Americas, the Middle East, and the Asia Pacific. The Americas radiopharmaceuticals market is estimated to control the chief market portion due to the presence of a vast patient population suffering from chronic diseases like cancer, coronary disorders, and strokes, altering lifestyles, and growing research & development for operative and less significant side effects therapies. The investment for research in the region is on the rise, and the occurrence of an enormous patient pool and the existence of industrialized economies such as the UK, Germany, and France are anticipated to thrust the growth of the radiopharmaceuticals market. The Asia pacific market radiopharmaceutical companies are increasing their operations in nations such as Singapore, China, India, and Russia, due to the cost-efficiency in these regions. Moreover, the large group of geriatric inhabitants demanding invasive therapies for the treatment of the growing cases of cardiovascular diseases, neurological diseases, and others are estimated to promote the Asia Pacific region.
Competitive Analysis
The market is estimated to be further motivated by the policies that will be framed to create a conducive working atmosphere in the coming period. The tumultuous nature of global markets is currently estimated to create significant hindrances in the development of the market in the forecast period. The production technology and processes are estimated to undergo a considerable overhaul to be able to meet the expectations of the new reality in the business domains. The benefits of mergers and collaborations are likely to be more pronounced in this context as pooling in resources and capabilities can lead to the creation of a stronger competitive advantage for companies in the market. The inducement provided by governments is estimated to create a positive outlook for the development of the market in the impending period. The need for innovation and incorporation of more value in products is estimated to induce the global market constructively to expand in the forecast period.
Industry Updates:
Sep 2020 Scientists employed in an IAEA Coordinated Research Project (CRP) have advanced two novel nanoparticles that possess promise for a novel generation of nanosized radiopharmaceuticals, which might intensely advance early discovery and treatment of numerous forms of cancers.
Key Findings of the Study
• The Global Radiopharmaceuticals Market is estimated to grow at USD 15,060.87 million by 2025 at a CAGR of 8.10% during the assessment period.
• Americas accounted for the largest share of the global market due to the presence of key market players and the rising demand for non-invasive diagnostics and treatments.
• Based on the type, the diagnostics segment accounted for the largest market share of 82.9% in 2018.
• Global radiopharmaceuticals market on the basis of application is dominated by neurology segment with 37.8% market share.
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