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.
- 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
Global Radiopharmaceutical Therapeutics Market, by Source
Global Radiopharmaceutical Therapeutics Market, by Application
Global Radiopharmaceutical Therapeutics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.