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
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.
|Base Year:||2020||Market Size in 2021:||US$ 3,462.8 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||45.7%||2027 Value Projection:||US$ 5,206.8 Mn|
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
|Restraints & Challenges:||
Figure 2. Global Oncology Radiopharmaceuticals Market Share (%), By Application, 2021
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.
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.
Radiopharmaceuticals are medications that contain radioactive (isotopes), which are used for the treatment or diagnose of cancer. These medications can be administered into patient’s body orally, intravenously or interstitially (inserted into a cavity in the body). Radiopharmaceuticals are inserted into the body and when it reaches the targeted area of the body, it releases radioactive agents to destroy the tumor cells. Fludeoxyglucose F 18, Gallium Citrate Ga 67, Indium In 111 Pentetreotide, Methionine C 11, Radioiodinated Iobenguane, Sodium Fluoride F 18, Technetium Tc 99m Arcitumomab, Technetium Tc 99m Nofetumomab Merpentan are the oral radiopharmaceuticals used in the diagnosis of cancer
Radiopharmaceuticals can be used to treat following cancers:
Increasing number of drug approvals from regulatory bodies is expected to drive the growth of the global oncology radiopharmaceutical market during the forecast period. For instance, in May 2020, PETNET Solutions, Inc., a Siemens Healthineers company, and Zionexa USA, a wholly-owned subsidiary of Zionexa SAS, announced that the U.S. Food and Drug Administration (FDA) approved Cerianna (fluoroestradiol F 18) injection for intravenous use. Cerianna (fluoroestradiol F 18) is the first FDA-approved F-18 PET imaging agent specifically indicated for use in patients with recurrent or metastatic breast cancer.
Increasing number of inorganic growth strategies by market players is expected to drive the growth of global oncology radiopharmaceuticals market. For instance, in June 2021, Bayer AG a pharmaceuticals and life science company announced that the company signed an agreement to acquire Noria Therapeutics Inc. and PSMA Therapeutics Inc. Noria Therapeutics Inc is a radiotherapy company developing targeted therapeutic and imaging radiopharmaceuticals. This acquisition will provide rights to Bayer to differentiate alpha radionuclide therapy based on actinium-225 and a small molecule targeting prostate-specific membrane antigen (PSMA).
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.