Global radiopharmaceuticals in nuclear medicine market is estimated to witness high growth, owing to rising cancer incidences and growing geriatric population
Global radiopharmaceuticals in nuclear medicine market is estimated to be valued at USD 7.10 Bn in 2024, exhibiting a CAGR of 8.5% over the forecast period of 2024-2031. Advancements in targeted radiopharmaceuticals development can drive the market growth.
Market Dynamics:
Global radiopharmaceuticals in nuclear medicine market growth is driven by factors such as rising cancer incidences and growing geriatric population globally. Cancer incidence rates are consistently rising worldwide due to adoption of sedentary lifestyle, pollution, and hereditary factors. According to WHO, global cancer burden is expected to reach 29.5 million by 2040. Aging population also boosts demand for radiopharmaceuticals as people above 65 years of age are more prone to various chronic diseases like cancer. It is estimated that the proportion of world's population aged 60 years and above will nearly double from 12% to 22% between 2015 and 2050. Increasing R&D investments by key market players for development of targeted radiopharmaceuticals with improved efficacy can also drive the market growth. This can expand the application scope in diagnosing various diseases and providing precision treatment. Monoclonal antibodies tagged with radioisotopes are gaining significant attention, owing to high sensitivity and specificity.
Increasing Prevalence of Chronic Diseases
Rising prevalence of chronic diseases globally can drive the market growth. Radiopharmaceuticals play a crucial role in the diagnosis and treatment of various cancers, cardiovascular diseases, neurological disorders and other chronic conditions. With lifestyle changes and aging populations, chronic diseases have become one of the leading causes of mortality. This growing disease burden has boosted demand for advanced diagnostic modalities like PET and SPECT scans, which utilize radiopharmaceuticals. Between 2020 to 2030, cancer cases are expected to rise by around 50%.
Advancements in Radioisotope Production and Drug Development
Constant technological advancements can also drive the market growth. Researchers are developing new production methods for radioisotopes which allow cost-effective manufacturing of radiotracers. The availability of short-lived isotopes like Fluorine-18 and development of generator systems for long-lived isotopes like Rubidium-82 and Technetium-99m have augmented the supply of critical radiopharmaceutical ingredients. On the drug development front, companies are coming up with novel targeted radiotracers for theranostics applications and biomarkers to diagnose diseases early. Personalized medicine approaches using companion diagnostics can expand the clinical potential of nuclear medicine exams.
High Cost of Imaging Systems and Infrastructure
High capital cost of setting up a nuclear medicine department and purchasing specialized PET/SPECT equipment can hamper the market growth. These systems are expensive, which is prohibitive for smaller healthcare facilities. Infrastructure for handling radiopharmaceuticals requires dedicated hot labs, shielding and expensive waste management programs. The high fixed costs discourage investments in nuclear medicine, and preference is given to relatively cheaper diagnostic modalities. This poses a barrier especially in low and middle-income countries.
Strict Regulations around Radiation Safety
Radioactive substances used in radiopharmaceuticals are strictly regulated for safety by bodies like the International Atomic Energy Agency (IAEA) and the United States Nuclear Regulatory Commission (NRC). Manufacturers and users have to abide by legislative frameworks for producing, transporting, clinical use and disposal of radioactive materials. While regulations ensure protection of public and environment, these increase compliance burden and costs. Developing countries may lack resources to meet international standards. The negative public perception around radiation exposure can also poses adoption challenges.
Personalized Medicine and Theranostics
Theranostics – a combination of targeted therapies and diagnostics using radiopharmaceuticals can offer market growth opportunities. Development of agents for precision oncology that can diagnose, stage and treat specific cancers offers huge market potential. By providing molecular information, nuclear medicine can support personalized treatment planning and monitoring of therapy response. As therapeutics paired with companion diagnostics gain prominence, there will be huge demand for radiopharmaceuticals in personalized settings.
Emerging Economies in Asia Pacific and Latin America
While North America and Europe dominate the market, Asia Pacific and Latin American countries represent fertile grounds for future radiopharmaceutical sales. Growing healthcare infrastructure, increasing research focus and rising awareness about advantages of nuclear medicine can offer market growth opportunities. Rising number of PET centers, collaboration with global industry players, and investment in training can strengthen radiopharmaceutical access in developing nations.
Link: https://www.coherentmarketinsights.com/market-insight/radiopharmaceuticals-market-70
Key Development
- In May 2024, Aktis Oncology, a biotechnology company, announced a multi-target discovery partnership with Eli Lilly and Company to develop anticancer radiopharmaceuticals using Aktis' miniprotein technology platform. The partnership combines Aktis' innovative radiopharmaceutical platform with Lilly's oncology expertise to create first-in-class treatments for various solid tumors.
- In March 2024, Ratio Therapeutics Inc. announced that it had signed an expanded manufacturing agreement with PharmaLogic to accelerate the development and commercialization of its next-generation radiotherapies. This collaboration will enhance the production of Ratio's fibroblast activation protein-alpha (FAP)-targeted radiotherapeutic candidate.
- In December 2023, Bristol Myers Squibb announced that it will acquire RayzeBio, Inc. for US$ 62.50 per share in cash, totaling approximately US$ 4.1 billion or US$ 3.6 billion net of estimated cash acquired. The deal, approved by both companies' Boards, will enhance Bristol Myers Squibb's portfolio with RayzeBio's innovative actinium-based radiopharmaceutical therapeutics (RPTs). RayzeBio, Inc. is a clinical-stage company that focuses on RPTs targeting solid tumors like GEP-NETs, small cell lung cancer, and hepatocellular carcinoma, offering potential advantages in efficacy and targeted delivery.
- In October 2022, Eclipse, a venture capital firm focused on digital transformation in physical industries, and Mayo Clinic announced the creation of Nucleus RadioPharma. This new company aims to enhance the accessibility of lifesaving radiopharmaceuticals for cancer patients by modernizing their clinical development, manufacturing, and supply chain processes.
Key Players: Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, GE Healthcare, Jubilant Pharmova Limited, Eckert & Ziegler, Mallinckrodt, NTP Radioisotopes SOC Ltd., Telix Pharmaceuticals, Inc., Nordic Nanovector, Y-mAbs Therapeutics, Inc., Siemens Healthineers AG.
