Global Oncology Radiopharmaceuticals Market, by Test Type (Radium-223 dichloride, Sodium iodide I-131, Lobenguane iodine-131, Lutetium-177, Yttrium-90, Fludeoxyglucose F 18, Gallium Citrate Ga 67, Technetium-99m, and Others), by Route of Administration (Oral and Intravenous), by Application (Diagnosis and Treatment), by End User (Diagnostic Centres, Hospitals and Clinics, and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,462.8 Mn in 2021 and is expected to exhibit a CAGR of 6.0% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Government initiatives for research and development of oncology radiopharmaceuticals is expected to drive the growth of global oncology radiopharmaceuticals market. For instance, in 2019, National Cancer Institute launched the Radiopharmaceutical Development Initiative (RDI) to increase the trials of promising new radiopharmaceuticals and to boost new drugs into clinical testing.
Global Oncology Radiopharmaceuticals Market – Impact of Coronavirus (COVID-19) Pandemic
The rapidly expanding COVID-19 pandemic impacted all areas of daily life, including medical care, especially in delivering care for patients with cancer. The pandemic caused disruptions in the diagnosis and management of cancer. Initially, during the pandemic, many patients with cancer struggled to receive treatment due to delays in surgeries and other procedures including radiation therapy. This leads to limits the demand for radioisotopes products and hence, hamper the growth of the market.
Browse 22 Market Data Tables and 27 Figures spread through 237 Pages and in-depth TOC on “Global Oncology Radiopharmaceuticals Market”- Forecast to 2028, Global Oncology Radiopharmaceuticals Market, by Type (Radium-223 dichloride, Sodium iodide I-131, Lobenguane iodine-131, Lutetium-177, Yttrium-90, Fludeoxyglucose F 18, Gallium Citrate Ga 67, and Others), by Route of Administration (Oral and Intravenous), by Application (Diagnosis and Treatment), by End Users (Diagnostic Centers, Hospitals and Clinics, and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Oncology Radiopharmaceuticals Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/oncology-radiopharmaceuticals-market-4834
Significant focus on research and development of oncology radiopharmaceuticals by key market players is expected to drive the growth of the market. For instance, in March 2021, Novartis AG a pharmaceutical company reported positive result of phase 3 with radioligand therapy 177Lu-PSMA-617 for patients with advanced prostate cancer. Moreover, research conducted for radiopharmaceuticals is likely to propel the growth of the market. For instance, the Institute of Radiopharmaceutical Cancer Research is focused on research and development of radiolabelled compounds for the functional characterization and therapy of tumors.
Key Takeaways of the Global Oncology Radiopharmaceuticals Market:
- The global oncology radiopharmaceuticals market is expected to exhibit a CAGR of 0% during the forecast period. The growth of the market is attributed to increasing focus on developing new radiopharmaceuticals to address the opportunities in the market. For instance, in October 2021, RayzeBio, Inc. a biotechnology company launched US$ 45 Mn Series A financing to advance the development of its broad pipeline of targeted radiopharmaceuticals.
- Among type, Technetium-99m segment is expected to exhibit strong CAGR in the global oncology radiopharmaceuticals market over the forecast period. It is the most commonly used isotope, allowing the diagnosis of many diseases including cancer such as bone metastasis associated with cancer.
- Among route of administration, oral segment is expected to exhibit strong CAGR over the forecast period in the global oncology radiopharmaceuticals market. The availability of orally administered radiopharmaceuticals such as Technetium Tc 99m Arcitumomab, Technetium Tc 99m, Fludeoxyglucose F 18, Gallium Citrate Ga 67, and others for cancer treatment is likely propel the segment growth.
- Among application, diagnosis segment is expected to exhibit strong CAGR during the forecast period. Increasing awareness regarding early diagnosis drives the growth of the market. For instance, World Health Organization engaged in promoting the cancer early diagnosis
- Among end users, diagnostic centers segment is expected to exhibit highest CAGR in the global oncology radiopharmaceuticals market during the forecast period. Increasing prevalence of cancer globally is likely to boost the segment growth. For instance, according to National Cancer Institute, breast cancer is one of the most common type of cancer with 284,200 new cases estimated in 2021.
- Among regions, North America is expected to account for major share in the market during the forecast period. The early approval of radioactive isotopes drive the growth of the market in this region. For instance, Xofigo offered by Bayer AG was approved by the U.S. Food and Drug Administration for treating cancers in 2013
- 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
