Production of radioisotopes takes place through various sources such as nuclear reactor or cyclotrons, which produces radioisotopes and disintegrated products for radiopharmaceutical usage. Some of the ideal properties of radiopharmaceuticals include, pure gamma and beta minus emitter, short effective half-life, and localization only in organ of interest.
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 development in radiotracers is expected to propel growth of the global radiopharmaceuticals market over the forecast period. For instance, in April 2019, researchers from University Hospital Heidelberg reported development of 68Ga-FAPI radiotracer that can identifying nearly 30 types of malignant tumors.
Global Radiopharmaceuticals Market: Opportunities
Drug regulatory authorities do have legal framework for radiopharmaceuticals. Other inconsistencies include no assessment of safety, efficacy and quality required for radiopharmaceuticals. Therefore, streamlining public safety efforts both from radiation safety and medicine inspections is expected to offer lucrative growth opportunities for market players.
The Oncology segment in the global radiopharmaceuticals market was valued at US$ 3,621.0 Mn in 2019 and is expected to reach US$ 5,630.0 Mn by 2027 at a CAGR of 5.7% during the forecast period. The growth of the segment is attributed to increasing incidence and prevalence of cancer during the forecasted period.
The Hospitals segment held dominant position in the global radiopharmaceuticals market in 2019, accounting for 92% share in terms of volume, followed by Diagnostic centers and ambulatory surgical centers, respectively. Increasing healthcare expenditure and infrastructure in developing economies is anticipated to assist the growth of the segments during the forecasted period
Major players in the market are focused on business expansion. For instance, in November 2019, Jubilant Biosys, a subsidiary of Jubilant Lifesciences Limited, a manufacturer of radiopharmaceuticals, announced commencement of two expansion projects in in India at Greater Noida and Bengaluru.
Major players in the market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in November 2019, Bruce Power, Kinectrics & Framatome, and ITM, a biotechnology and radiopharmaceutical group of companies, signed an agreement, in conjunction with Bruce Power’s Life Extension program, to create a framework for isotope production until 2064.
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 gaining regulatory approvals. For instance, in November 2019, Q Biomed Inc. announced the U.S. FDA approval of its contract manufacturer IsoTherapeutics Group LLC (ITG) to manufacture the company's Strontium-89 Chloride USP, a non-opioid radiopharmaceutical indicated for the treatment of painful skeletal metastases caused by cancer.
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in November 2019, ITM Isotopen Technologien München AG (ITM), a biotechnology and radiopharmaceutical group of companies, signed a technology license agreement with Chengdu Gaotong Isotope Co., Ltd., a subsidiary of China Isotope & Radiation Corporation, for the production and distribution of ITM Germanium-68/Gallium-68 Generators and no-carrier-added Lutetium-177 (EndolucinBeta) in China.
“*” marked represents similar segmentation in other categories in the respective section.