Major players in the radiopharmaceuticals market are Siemens Healthcare Private Limited, Bayer, GE Healthcare, Novartis AG, Cardinal Health, Lantheus Medical Imaging, Inc. , Bracco Imaging S. p. A. , Nordion, Inc.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Radiopharmaceuticals Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06065186/?utm_source=GNW
(A Subsidiary of Sterigenics International), Mallinckrodt plc, and Curium.
The global radiopharmaceuticals market is expected to grow from $4.78 billion in 2020 to $5.12 billion in 2021 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6.75 billion in 2025 at a CAGR of 7%.
The radiopharmaceuticals market consists of sales of radiopharmaceuticals and related services by entities (organizations, sole traders, and partnerships) that produce radiopharmaceuticals used in treating cancer, cardiovascular, and other diseases. Radiopharmaceuticals are radioactive compounds administered to the patients, monitored via specific imaging devices, and used for diagnostic and therapeutic purposes.
The radiopharmaceuticals market covered in this report is segmented by type into diagnostic; therapeutic; others. It is also segmented by application into oncology; cardiology; gastroenterology; neuroendocrinology; neurology; nephrology; others and by end user into hospitals; ambulatory surgical centers; diagnostic centers; cancer research institutes; others.
The high cost of radiopharmaceuticals is anticipated to limit the growth of the market.High costs and short half-life of radiopharmaceuticals are reducing their implementation in hospitals and clinics.
The development cost of radiopharmaceuticals is very high compared to that of therapeutic drugs and also undergoes a very lengthy and expensive regulatory process. For instance, the cost of diagnostic radiopharmaceuticals development is $100 to $200 million for 8-10 years in comparison with the cost of pharmaceuticals, which ranges between $600 million to $1.2 billion for 10-12 years. Therefore, the high cost of radiopharmaceuticals is likely to act as a major restraint for market growth.
Research collaborations and partnerships are gaining significant popularity in the radiopharmaceuticals market over recent years.Major companies operating in the radiopharmaceuticals market are collaborating with other industry players to conduct R&D activities to expand their business.
For instance, in March 2020, Debiopharm, a Switzerland-based biopharmaceutical company, signed a research agreement with 3B Pharmaceuticals (3BP), a Germany-based biotechnology firm, to develop the Debio 0228 radioligand program, targeting CAIX (Carbonic Anhydrase 9) enzyme to fight the progression of cancer.
Many companies are adopting various strategic initiatives such as opening a new manufacturing facility and plant capacity expansion, which is gaining significant popularity in the radiopharmaceuticals market. For instance, in May 2019, ITM Isotopen Technologien Munchen AG (ITM) announced the launch of its new manufacturing facility in the Munich area to increase the production capacity of high-purity (n.c.a.) Lutetium-177 and no-carrier-added (n.c.a.) Lutetium-177 containing radiopharmaceuticals. Lutetium-177 is popular under brand EndolucinBeta and is an innovative isotope used in cancer therapy. This is the company’s step towards meeting the high demand for quality medical isotopes for precision oncology worldwide.
In December 2019, Curium, a nuclear medicine solution provider, completed the acquisition of MAP Medical Technologies Oy, a Finnish radiopharmaceutical company, for an undisclosed amount.The acquisition is expected to expand the geographical footprint of Curium in Europe along with the product portfolio expansion.
Medical Technologies Oy is a Finnish company founded in 1991 and develops and manufactures radiopharmaceuticals. The products of the company are developed to meet the needs of nuclear medicine professionals.
The increasing prevalence of cancer and cardiovascular diseases is projected to drive the demand for the radiopharmaceuticals market.Radiopharmaceuticals are emerging as a safe and effective therapeutic option over conventional medicines.
Radiopharmaceuticals provide an upper hand to radiologists to treat cancer and cardiovascular diseases due to their benefits such as targeted therapy.Cancer is considered to be the second major cause of death, with around 1 in 6 deaths due to cancer worldwide.
According to the International Agency for Research on Cancer (IARC), by 2040, the global burden is projected to increase to 27.5 million active cancer incidents and 16.3 million cancer deaths primarily due to population growth and ageing. About 70% of deaths from cancer occur in low- and middle-income countries. Thus, the rising cases of cancer and cardiovascular diseases are expected to surge the demand for radiopharmaceuticals for the treatment of these diseases.
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