Global radiopharmaceuticals in nuclear medicine market is estimated to be valued at USD 7.10 Bn in 2024 and is expected to reach USD 12.6 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
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Rapid advancements in radiopharmaceutical production and increasing prevalence of cancer and cardiac ailments can drive the market growth during the forecast period.
Rising geriatric population susceptible to chronic diseases and increasing availability of diagnostic imaging modalities can drive the market growth. Furthermore, ongoing investments by key players to develop innovative radiotracers and radiopharmaceuticals can also drive the radiopharmaceuticals in nuclear medicine market growth. However, shorter half-lives of radiotracers posing bottlenecks in distribution and supply chain challenges can hamper the market growth.
Rising Prevalence of Cancer and Cardiac Diseases
Global radiopharmaceuticals in nuclear medicine market growth is driven by rising prevalence of various cancer and cardiac diseases across the globe. According to estimates, cancer has now become one of the leading causes of mortality worldwide with over 10 million new cases and 6 million deaths reported annually. There has been rise in incidence of cancer due to rapidly aging population, increasing adoption of western lifestyles, and growing exposure to various environmental risk factors like tobacco usage, pollution and radiation. Nuclear medicine plays a vital role in cancer management right from staging and restaging to assessing treatment response. Various radiotracers available have proven useful for imaging tumors and detecting their spread in different parts of the body. Positron emission tomography radiotracers like FDG are commonly used for whole body cancer screening and monitoring therapy progress. There has been rising burden of cardiovascular diseases due to sedentary lifestyles and unhealthy diets. Diseases like coronary artery disease, congenital heart diseases, stroke are leading to millions of deaths each year. Myocardial perfusion imaging using radiotracers is an important non-invasive diagnostic technique for evaluating coronary artery disease by assessing blood flow to the heart muscle. It helps determine the nature and extent of ischemia and influence treatment decisions. This wide application of radiopharmaceuticals for diagnosis and management of these highly prevalent chronic disorders can drive the market growth.
Advancements in Radiopharmaceutical Production and Delivery Technologies
Advancements in radiopharmaceutical production and delivery technologies can drive the radiopharmaceuticals in the nuclear medicine market growth. With innovation in radiochemistry and automation processes, drug manufacturers are now able to produce more complex radiopharmaceuticals in small batches with high purity levels. This allows for personalized dosing and late-stage customization of radiotracers for enhanced diagnosis of various diseases. For example, Positron Emission Tomography (PET) radiotracers synthesized using module-based synthesis platforms provide flexibility to meet dynamic clinical needs while ensuring consistent quality. With ongoing research in radiobiology, many new targeted radiopharmaceuticals are also in the pipeline for theragnostic applications. Radiopharmaceuticals labeled with alpha-emitters and combined with monoclonal antibodies can be used for treating cancers. Nanoparticle-based drug delivery systems are being developed to achieve precise target localization of radiotracers. For instance, trials show liposome-encapsulated radiotracers can potentially improve outcomes for neuroendocrine tumor imaging and treatment. Such innovations pave way for personalized nuclear medicine approaches. With hybrid PET-MR imaging, physicians can get molecular and anatomical information simultaneously, aiding improved diagnostics. As per the National Cancer Institute, PET-MR scans detected 30% more cancer lesions compared to PET-CT in one 2021 trial involving 300 patients with various cancers. This highlights the transformational role next-gen imaging can play. Constant progress in production methods and delivery mechanisms along with supportive healthcare policies can make nuclear medicine a mainstay for myriad clinical applications in the near future.
Radiopharmaceuticals in Nuclear Medicine Market Report Snapshots
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