Radiopharmaceuticals Market to Reach $11.6 Billion by 2034 as Cancer Treatment Gains Traction - Future Market Insights, Inc.
25 Mar 2024
Vaccine
Radiopharmaceuticals are poised for a boom in the next decade! Analysts predict a surge in the market, driven by a perfect storm of factors. Public and private healthcare companies are pouring more money into this field, and cancer rates are rising globally. This report by FMI dives deep into why this market is thriving, what bumps it might face, and the exciting possibilities ahead.
NEWARK, Del., March 25, 2024 /PRNewswire/ -- Radiopharmaceuticals is one of the most effective and newly emerged cancer treatment methodologies, which is gaining popularity in the medicare sector worldwide. With the current valuation of
US$ 6,972.1 million, the
Although the market is still in its nascent stages, it is slated to pick up some pace in the coming decade. With industry giants, both public as well as private, pouring billions of dollars into the development of novel radio nucleotide-including treatments, the global valuation is very likely to reach
US$ 11,635 million by 2034.
The industry-academia collaboration, coupled with robust government policies, hefty healthcare expenditures, increasing awareness, and rising consumer spending on well-being is responsible for the market to grow at an anticipated
CAGR of 3.40% through CAGR, especially in developing and developed economies like India, China, the United States, Spain, and the United Kingdom.
"The market, which is still in its nascent stages, has great opportunities in the coming future. Companies in the market must collaborate with the government to make the offerings more affordable, feasible, and available," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
.
Key Takeaways from the Market Study
The oncology segment dominates the global radiopharmaceutical market with a share of 51.40% in 2024.
Based on radioisotope, the technetium-99 leads the radiopharmaceutical market with a share of 47.20% in 2024.
The radiopharmaceutical market in India is anticipated to grow at a CAGR of 5.40% through 2034.
The radiopharmaceutical market in Malaysia is estimated to rise at a 3.90% CAGR through 2034.
The radiopharmaceutical market in Indonesia has the potential to increase at a 3.70% CAGR through 2034.
The Thai radiopharmaceutical market is predicted to rise at a 3.20% CAGR through 2034.
The radiopharmaceutical market in Spain is very likely to grow at a CAGR of 2.90% through 2034.
Competitive Landscape
The market for radiopharmaceuticals is still in its early stages with a few companies dominating the international marketplace. The requirement for radiopharmaceuticals is expected to increase significantly due to medical advancements and their wider usage in the medical world, which could provide excellent opportunities for new players to enter the market.
Prominent companies in the market include Bayer AG, Bracco Imaging S.p.A., Cardinal Health, Inc., Eli Lilly and Company (Eli Lilly), Curium Pharma, Lantheus Holdings, Inc., Novartis AG, Nordion (Canada) Inc., etc. These companies provide radiopharmaceuticals to healthcare facilities such as hospitals, ambulatory surgical centers, clinics, specialty hospitals, etc.
Key components in this market include innovation and keeping up with the latest medical technology. These companies are investing millions of dollars in the development of novel radiopharmaceuticals with improved efficiency.
Recent Developments
Bayer and PanTera partnered to obtain actinium-225 for radiopharmaceuticals, starting clinical trials in 2024.
Ariceum Therapeutics opened a radiopharmaceutical lab in Berlin for R&D on upcoming pipeline candidates in March 2024.
Ratio Therapeutics, in March 2024, extended its manufacturing deal with PharmaLogic to expedite production and launch of its FAP-targeted candidate.
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About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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