Radiopharmaceutical Therapeutics Market: Introduction
- Radiopharmaceutical therapeutics are defined as distinctive formulations of medicines that comprise radioisotopes and hence, these medicines are used as therapeutics to heal various diseases
- The radioisotope used in the preparation of the radiopharmaceuticals plays a major role as the physical half-life of a radioisotope determines the shelf-life of a radiopharmaceutical therapeutic
- Overall, radiopharmaceutical therapeutics (RPT) is the delivery of radioactive atom to a tumor-linked target and is primly utilized in the treatment of cancer
Key Drivers and Restraints of Global Radiopharmaceutical Therapeutics Market
- Increase in prevalence of cancer is driving the demand for radiopharmaceutical therapeutics globally, as it is an effective therapy in the treatment of cancer or tumors
- Radiopharmaceutical therapeutics such as iodine-131 labelled with sodium iodide (131I-NaI) are known to have less side-affects, as compared to that by other traditional therapies, and are also well prepared to target a specific cancer cell
- In 2020, around 19.3 million new cancer cases have been identified globally, which in turn is fueling the need for cancer treatment therapies such as RPT
- Furthermore, rise in prevalence of cancer in most developed and under developing countries is boosting the implementation of radiopharmaceutical therapies in patient treatments
- However, only a limited number of physicians deal with radiopharmaceutical therapeutics, which is a key factor restraining the market
North America to Capture Major Share of Global Radiopharmaceutical Therapeutics Market
- In terms of geography, the global radiopharmaceutical therapeutics market can be segmented into five regions; North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to account for a major share of the global radiopharmaceutical therapeutics market due to a rise in adoption of new technologies in the healthcare industry, increasing number of people who are aware of radiopharmaceutical therapeutics for cancer treatment. According to the National Cancer Institute, around 1,806,590 new cases of cancer have been diagnosed in the U.S. in 2020, which is driving the demand for cancer treatment therapies such as radiopharmaceutical therapy. Presence of good healthcare policies, favorable government initiatives in implementing cancer procedure coverage, and gradually improving reimbursement scenario are likely to further propel the radiopharmaceutical therapeutics market in the region.
- Europe is a prominent market for radiopharmaceutical therapeutics due to improved healthcare practices for treatment of cancer, combined with developed healthcare policies as well as execution of high cancer care concerns in the region. Increase in favorable reimbursement policies in developed countries, such as Germany and the U.K. with established regulatory framework and concentration on patient safety as well as treatment efficiency standards, is likely to propel the radiopharmaceutical therapeutics market in the region.
- The radiopharmaceutical therapeutics market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to a rise in healthcare infrastructure and an increase in awareness related to cancer treatment options in the region
Key Players Operating in Global Radiopharmaceutical Therapeutics Market
The global radiopharmaceutical therapeutics market is majorly rigorous due to a rise in presence of various key players. Substantial number of manufacturers hold a major share in their respective regions. Demand for radiopharmaceuticals in therapeutics has increased and is also rising in emerging as well as the developed markets. Various growth strategies implemented by leading market players are likely to drive the global radiopharmaceutical therapeutics market.
Major players operating in the global radiopharmaceutical therapeutics market are listed below:
- Navidea Biopharmaceuticals, Inc.
- Cardinal Health, Inc.
- Novartis AG
- Bayer AG
- Aktis Oncology, Inc.
- Jubilant Pharma Holdings Inc.
- Viewpoint Molecular Targeting, Inc.
- Bracco Diagnostic Inc.
- Curium
- Clarity Pharmaceuticals
Global Radiopharmaceutical Therapeutics Market: Research Scope
Global Radiopharmaceutical Therapeutics Market, by Radionucleotide
- Iodine I 131 iobenguane
- Iodine I 131 sodium iodide
- Radium Ra 223 dichloride
- Samarium Sm 153 lexidronam
- Lu -177
- Others
Global Radiopharmaceutical Therapeutics Market, by Source
Global Radiopharmaceutical Therapeutics Market, by Application
- Cardiology
- Oncology
- Neurology
- Others
Global Radiopharmaceutical Therapeutics Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
