Radiopharmaceuticals are radiocontrast agents used to increase the contrast between the blood and an imaging agent. They are also used to treat hemorrhage and tumors. It contain medications or other substances that can be used in radiotherapy, providing the property of gamma or other non-ionizing radiation.
Market Size Analysis:
According to a report by Altus Market Research titled, “Radiopharmaceuticals Global Market 2022 Opportunities And Strategies To 2030: By Type: (Diagnostic; Therapeutic); By Application: (Oncology; Cardiology; Neuroendocrinology; Nephrology; Musculoskeletal; Respiratory; Others); By End-User“, the global radiopharmaceuticals market size grew from $3,527.9 million in 2015 to $4,290.0 million in 2020 at a compound annual growth rate (CAGR) of 4.0%. The market is expected to grow from 2020 to reach $5,716.3 million in 2025 at a CAGR of 5.9%. The market is then expected to grow at a CAGR of 5.6% from 2025 and reach $7,507.3 million in 2030.
Market Growth by Key Players:
The radiopharmaceuticals market is highly concentrated. The top ten competitors in the market made up to 88.34% of the total market in 2020. Major players in the market include Cardinal Health, Curium Pharma, Siemens Healthineers AG, Novartis AG, General Electric Company (GE).
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Market Growth Drivers:
Growth in the historic period resulted from rise in healthcare expenditure, government initiatives, convenience of treatment, and changes in lifestyles. Factors that negatively affected growth in the historic period were shorter shelf life, stringent regulatory framework, and lack of trained professionals. Going forward, increasing geriatric population, increasing prevalence of cancer and cardiovascular diseases, high capital investments, and new product launches. Factors that could hinder the growth of the radiopharmaceuticals market in the future include high costs, supply volatility and logistical difficulties and coronavirus pandemic.
Market Growth by Segments:
The radiopharmaceuticals market share is segmented by type into diagnostic and therapeutic. The diagnostic market was the largest segment by type, accounting for 59.8% of the total in 2020 and therapeutic segment is expected to be the fastest growing segment going forward, at a CAGR of 8.4% during 2020-2025.
Market Growth by Applications:
The radiopharmaceuticals market trends is segmented by application into oncology, cardiology, neuroendocrinology, nephrology, musculoskeletal, respiratory and others. The oncology market was the largest segment of the radiopharmaceuticals market segmented by application, accounting for 28.3% of the total in 2020 and is expected to be the fastest growing segment going forward, at a CAGR of 6.74% during 2020-2025.
Market Growth by End Users:
The radiopharmaceuticals market share is segmented by end-user into hospitals and ambulatory surgical centers, diagnostic centers, and cancer research institutes. The diagnostic centers market was the largest segment of the radiopharmaceuticals market segmented by end user, accounting for 65.0% of the total in 2020 and is expected to be the fastest growing segment going forward, at a CAGR of 6.2% during 2020-2025.
Market Growth by Region:
North America was the largest region in the global radiopharmaceuticals market, accounting for 41.6% of the total in 2020. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the radiopharmaceuticals market will be South America, and Africa, where growth will be at CAGRs of 9.8% and 8.5% respectively. These will be followed by Middle East and Asia Pacific, where the markets are expected to grow at CAGRs of 8.2% and 6.4% respectively, during 2020-2025.
Other Players
IBA Group, Bayer AG, Lantheus Medical Imaging Inc., Bracco Imaging S.p.A., Eckert & Ziegler, Nihon Medi-Physics Co., Ltd., Fujifilm Corporation, ANSTO, Yantai Dongcheng Pharmaceutical Group Co. Ltd., Canon Inc., China Isotope & Radiation Corporation (CIRC), Advanced Accelerator Applications, JSC Isotope, Pharm-Sintez, Synektik SA, Polatom, RadioMedic sro, ÚJV Řež, Actinium Pharmaceuticals, Inc., Alseres Pharmaceuticals, Inc., Avid Radiopharmaceuticals, Cardinal Health, Inc., Immunomedics, Inc., Lantheus Medical Imaging Inc., Nordion, Inc., Fusion Pharmaceuticals, Peregrine Pharmaceuticals, Inc., PETNET Solutions Inc., Positron Corporation, Triad Isotopes, Inc., Telix Pharmaceuticals, Rosatom, Alliance Medical Group, Hologic, Inc., Segami Corporation, Novartis, IBA Molecuar Imaging, Eczacýbaþý-Monrol Nuclear Products, NTP Radioisotopes
Market: Trend-based Strategies
Market-trend-based strategies for the radiopharmaceuticals market growth include collaborating with other companies to boost revenues and improve product quality, investing in plant capacity expansions to cater to the increasing demand, investing in new technologies to meet the emerging demands, adopting 3D printing technology in manufacturing to save costs, invest in innovations, such as theranostics, and establish category leadership, explore in silico modeling for a more rational and scientific approach, invest in AI to reduce R&D costs and save drug development time, invest in technologies catering to cardiology to boost revenues and accept disease-specific approaches for accurate and timely diagnosis of cancer.
Future Investment Opportunities:
The top opportunities in the radiopharmaceuticals market segmented by type will arise in the therapeutic segment, which will gain $861.6 million of global annual sales by 2025. The top opportunities in the radiopharmaceuticals market segmented by application will arise in the oncology segment, which will gain $468.4 million of global annual sales by 2025. The top opportunities in the radiopharmaceuticals market segmented end user will arise in the diagnostic centers segment, which will gain $970.1 million of global annual sales by 2025. The radiopharmaceuticals market size will gain the most in the USA region at $479.9 million.
Growth Strategies by Altus Market Research for Companies in the Market:
To take advantage of the opportunities, The AMR recommends the radiopharmaceutical companies to focus on technological developments, investments in innovation, investment in artificial intelligence, radiopharmaceutical cancer therapy, expand in emerging markets, bundled payments, offer value-based pricing, increase adoption of internet and social media and visibility through websites, focus on collaborating with cancer treatment centers and partnerships with end-users.
