ONCOLOGY RADIOPHARMACEUTICALS MARKET ANALYSIS

Radiation and radioactive compounds play a crucial role in therapeutic and diagnostic approaches in oncology. From last few decades radiotherapy is used in cancer diagnostic and therapeutic applications.  Radiation therapy is a cancer treatment that uses high doses of radiation to kill cancer cells and shrink tumors.

The global oncology radiopharmaceuticals market is estimated to be valued at US$ 3,462.8 million in 2021 and is expected to exhibit a CAGR of 6.0% during the forecast period (2021-2028).

Figure 1. Global Oncology Radiopharmaceuticals Market in Terms of Value (US$ million), By Region, 2021

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Emerging use of radiopharmaceuticals as new cancer therapy is expected to drive the global oncology radiopharmaceuticals market growth during the forecast period.

Radiopharmaceuticals deliver radiation therapy directly and specifically to cancer cells. Radioactive iodine are being used to treat some types of thyroid cancer since the 1940s. In the area of oncology, the use of radiopharmaceuticals has increased particularly for imaging, diagnosis, staging, and follow up. Players are focusing on research and clinical trials testing for new radiopharmaceuticals to address the emerging use of radiopharmaceuticals is expected to augment the growth of market. For instance, in 2018, the U.S. Food and Drug Administration approved Lutathera (lutetium Lu 177 dotatate) a radioactive element for the treatment of somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors. Lutathera was approved by the European Commission (EC) in September 2017.

Figure 2. Global Oncology Radiopharmaceuticals Market Share (%), By Application, 2021

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Shift towards combination therapies is expected to propel the global oncology radiopharmaceuticals market growth over the forecast period.

The use of radiopharmaceuticals in combination with other therapies to improve the treatment is likely fuel the growth of market.  A growing area of interest in radiopharmaceutical as a combination of a targeted therapeutic and diagnostic use is boost the growth of market. For instance, according to an article published in MEDPACE lutetium-177 and galium-68 are used together to diagnose and treat neuroendocrine tumors.

Global Oncology Radiopharmaceuticals Market – Impact of Coronavirus (COVID-19) Pandemic

COVID-19 caused several challenges to cancer practices, especially to ensure continuity of treatment during this pandemic period. It has significantly affected healthcare systems and economies within a short timeframe. Radiation oncology departments are sensitive and dependent on diagnostic confirmation and therapeutic indication in cancer care. Moreover, the unprecedented demand for hospital services during the SARS-CoV-2 (COVID-19) pandemic has dramatically reduced the capability for dealing with non-acute health needs, including cancer care. Consecutively delay/decrease the number of cancer diagnostic cases is leads to hamper the market growth.

Global Oncology Radiopharmaceuticals Market: Restraints

Lack of trained professionals is one of the challenges that hamper the growth of the market. For instance, according to the National Cancer Institute, the number of nuclear medicine physicians who have training in both nuclear medicine and medical oncology is less in United States.

Key Players                   

Major players operating in the global oncology radiopharmaceuticals market include Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., International Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health.