Over the course of the projection period, regulatory agencies are anticipated to approve more products, fueling market expansion. The market's leading competitors are concentrating on winning approvals, which is anticipated to fuel market expansion throughout the forecast period. For instance, NorthStar Medical Radioisotopes, LLC received FDA approval from the United States in February 2018 for its RadioGenix System, a cutting-edge, high-tech radioisotope separation platform that is intended to be used to produce the widely used medical radioisotope technetium-99 (Tc-99m) from Mo-99 produced by NorthStar without the use of uranium. Over the projection period, leading companies are anticipated to adopt inorganic growth strategies, fueling market expansion. To enhance their positions in the global market for radiopharmaceuticals in nuclear medicine, industry players are concentrating on implementing inorganic development strategies, such as mergers and acquisitions. Nuclear medicine radiopharmaceuticals are now the focus of manufacturers' research and development efforts, which is anticipated to drive the market's growth throughout the forecast period.
Coherent Market Insights estimates that the market for Radiopharmaceuticals in nuclear medicine is anticipated to reach a value of US$ 6,700.5 million in 2020 and grow at a CAGR of 8.0% from 2020 to 2027.
Top Companies in the Radiopharmaceuticals Industry:
1. Eli Lilly And Company,
The business was established in 1876 and is headquartered in Indianapolis, Indiana. The company's primary areas of interest include pharmaceutical product development, marketing, and promotion. Disarm Therapeutics, which offers cutting-edge therapies for axonal degeneration, declared in October 2020 that Lilly would purchase it. The company would purportedly focus on creating medications for autoimmune conditions, diabetes, obesity, and Alzheimer's in 2023.
2. Bayer AG
The company was started in 1863 and is located in Leverkusen, Germany. Bayer AG manufactures and sells agricultural and medical products. For $425 million, Bayer announced in August 2020 that it had purchased KaNDy Therapeutics Ltd, bolstering its female healthcare division. The business declared in June 2021 that it had acquired Noria Therapeutics Inc. and PSMA Therapeutics Inc., acquiring access to many actinium-225-based experimental medicines with a focus on treating cancer.
3. General Electric Company
The firm was founded in 1892 and is based in Boston, Massachusetts, United States. A global leader in financial services and technology, General Electric Company. The company offers a range of goods and services, from industrial goods to medical imaging, corporate and consumer financing, water treatment, and home appliances. To increase the global availability of HA gas turbine services, GE will expand the scope of its Singapore repair centre in June 2023.
4. Bracco S.p.A.
The company was started in 1927 and has its main office in Milan, Italy. Bracco SpA manufactures and sells medical supplies. For the fields of gastroenterology, neurology, endocrinology, and cardio-vascular pathology, the company offers medications. Bracco is a global organisation that operates in the healthcare industry and is a pioneer in diagnostic imaging.
5. Progenics Pharmaceuticals, Inc.
The business was founded in 1986 and is based in Tarrytown, New York, United States. A biopharmaceutical company is called Progenics Pharmaceuticals, Inc. In order to meet the unmet medical needs of individuals with crippling ailments and life-threatening diseases, the company develops and sells therapeutic goods.
6. Advanced Accelerator Applications, S.A
The firm was started in 2002 and is located in Saint-Genis-Pouilly, France. The business creates and produces medicinal and diagnostic items. The business provides medications, compounds, and radiopharmaceuticals for neurology, cardiology, inflammatory disorders, and clinical oncology.
7. Life Molecular Imaging
The company was founded in 2012 and is based in Boston, Massachusetts. A product range of cutting-edge molecular imaging tracers is being developed by Life Molecular Imaging to meet the most pressing clinical requirements in cardiology and neurology. The business offers diagnostic and molecular imaging solutions.
*Definition: Agents called radiopharmaceuticals are used to diagnose or treat specific illnesses. To target particular organs, tissues, or cells within the human body, radiopharmaceuticals are radioisotopes attached to biological molecules.
