Radiopharmaceuticals Market – Insights
Radiopharmaceuticals can be defined as drugs that contain radioactive molecule called radioisotopes. Radiopharmaceutical drugs are administered either orally, injected into the vein or are placed into the body cavity such as eye or bladder.
The global radiopharmaceuticals market is estimated to account for US$ 8,659.8 Mn in terms of value by the end of 2027.
Global Radiopharmaceuticals Market: Drivers
Increasing incidence of cancer is expected to propel growth of the global radiopharmaceuticals market over the forecast period. Radiopharmaceuticals are designed to eliminate tumor cells by releasing radioactive agents. According to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
Moreover, increasing incidence of cardiovascular diseases is also expected to aid in growth of the market. Radiopharmaceuticals enhance the diagnostic utility of nuclear medicine in cardiac diseases such as coronary artery disease and cardiomyopathy (diseases of the heart muscle). According to ‘Heart disease and stroke statistics—2019 update’, a report from the American Heart Association, published in 2019, CAD accounted for 365,914 deaths in the U.S. in 2017.
North America region held dominant position in the global radiopharmaceuticals market in 2019, accounting for 59.9% share in terms of volume, followed by Europe.
Figure 1. Global Radiopharmaceuticals Market Share (US$ Mn), by Region, 2019
Global Radiopharmaceuticals Market: Restraints
Shorter half-life of radiopharmaceuticals is expected to hinder growth of the global radiopharmaceuticals market. Radioactive isotope possess its own disintegration pattern, which depends on energy, matter, and rate of characteristic. Shorter half-life elevates higher radiation within short span, which is a major disadvantage for transportation of radioisotopes.
Moreover, high investment and long duration involved in development of radiopharmaceuticals is also expected to hamper growth of the market. For instance, the cost of developing an imaging agent are US$ 100–US$ 200 million over 8–10 years.
Global Radiopharmaceuticals Market: Opportunities
Development of new radiopharmaceuticals that target specific biomarkers is expected to offer lucrative growth opportunities for players in the market. Such development can lead to early diagnosis and prognostic prediction in oncology neurology, and cardiology.
Moreover, development of radiopharmaceuticals with longer half-life and low price tag is also expected to aid in growth of the market.
Technetium-99 segment in the global radiopharmaceuticals market was valued at US$ 2,883.0 Mn in 2019 and is expected to reach US$ 4,353.4 Mn by 2027 at a CAGR of 5.3%% during the forecast period.
Market Trends/Key Takeaways
The adoption of radiopharmaceuticals for the diagnosis and treatment of neurological disorders is a recent trend in the market. New tracers of amyloid plaques are used in PET imaging for neurodegenerative diseases. Moreover, the adoption of molecular radiopharmaceutical-based neuroimaging has increased as it offers several new diagnostic methods to assess and define neurodegenerative diseases during life.
Major players in the market are focused on receiving approvals from regulatory bodies for commercialization of their products. For instance, in January 2020, The Center for Probe Development and Commercialization (CPDC), a developer of radiopharmaceuticals, received clearance for its site in Hamilton, Ontario, to ship products to the U.S., from the U.S. Food and Drug Administration (FDA).
Value Chain Analysis
Global Radiopharmaceuticals Market: Competitive Landscape
Major players operating in the radiopharmaceuticals market include, Siemens Healthineers (Siemens AG), Positron Corporation, Advanced Accelerator Applications, GE Healthcare (General Electric Co.), Mallinckrodt plc., Lantheus Holdings, Inc., Nordion, Inc., Bayer AG, Eckert & Ziegler, and IBA Radiopharma Solutions.
Global Radiopharmaceuticals Market: Key Developments
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in December 2019, Fuzionaire Radioisotope Technologies K.K. collaborated with Osaka University Graduate School of Medicine to accelerate the discovery of novel anti-cancer radiotherapeutic agents.
In December 2019, Zionexa, a radiopharmaceutical company, entered into an exclusive manufacturing and distribution agreement with PETNET Solutions Inc., a Siemens Healthineers company, for Zionexa’s new PET diagnostic drug, Fluoroestradiol (FES), which is pending approval by the Food and Drug Administration (FDA).