Radiopharmaceutical Market: Snapshot
The global market for radiopharmaceuticals is poised for steady growth in the coming years, driven primarily by the rising use of radioisotopes for the treatment of various diseases, such as cancer, bone palliation, neurological disorders, and cardiovascular diseases. Around 35 million patients undergo treatment procedures for these diseases each year and this will continue to boost the demand for radiopharmaceuticals.
According to the Nuclear Energy Institute, radioisotopes are essential for biomedical research in order to cure AIDS, cancer, and Alzheimer’s disease. The World Nuclear Association states that around 10,000 hospitals across the world use radioisotopes in medicines and 90% of this is dedicated toward disease diagnosis.
The global radiopharmaceutical market was valued at US$4.7 bn in 2015 and is estimated to reach US$7.4 bn by 2024, expanding at a CAGR of 5.3% from 2016 to 2024.
Growing Incidence of Cancer Driving Demand for Most Radioisotopes
Based on radioisotope, the technetium-99 segment led the global radiopharmaceuticals market, accounting for a share of 50.3% in 2015. This can be attributed to the high availability of technetium-99 from molybdenum-99, which is generated through the decay of uranium radioactive raw material inside the sources.
The 18F radioisotope segment is expected to gain market share during the forecast period due to the increase in demand for cyclotron-based radioisotopes for nuclear medicine and the advancement of technological systems such as PET and SPECT. The demand for other radioisotopes such as lutetium-177, rubidium-87, and gallium-62 is also high due to the rising demand for radioisotopes for cancer treatment, the surge in the prevalence of cardiovascular diseases, and the detection of other infectious diseases. Based on application, oncology took the lead owing to the growing use of various radioisotopes in the treatment of different cancers.
Radiopharmaceutical products are used by various end users such as hospitals, ambulatory surgical centers, and diagnostic centers. Hospitals formed the leading segment of the market in terms of revenue in 2015 due to the growing usage of radiopharmaceutical. This can be attributed to technological advancements in various systems to cure cancer patients and the rise in favorable government reimbursement policies to help patients recover their costs and provide precaution against biohazards. The ambulatory surgical centers and diagnostic centers segments are expected to gain market share by 2024 due to the introduction of advanced imaging technologies such as SPECT and PET.
Developing Regions to Witness Steady Growth despite Small Share in Global Market
The global radiopharmaceuticals market has been segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America led the radiopharmaceuticals market in 2015 in terms of revenue, with the U.S. emerging as the most prominent contributor to the radiopharmaceuticals market in North America. This can be attributed to the existence of several large nuclear reactors such as NRU, which accounts for a 30% to 40% share in the Mo-99 supply for the global production of nuclear medicine.
Europe is also expected to account for a significant share by 2024 due to the increase in the number of cyclotron installations for the production of radioisotopes used in the treatment of cancer and other diseases.
The Middle East and Africa is projected to account for a small share in the global market by 2024. However, growth in this market is likely to be attributed to the introduction of cyclotrons by the IBA Group and the setting up of new nuclear reactors such as ETRR-2 in South Africa for the production of radioisotopes.
Latin America is estimated to account for a meager share by the end of the forecast period. However, it continues to be driven by the increase in domestic collaborations with foreign radiopharmaceutical companies and major suppliers of radioactive raw materials and the establishment of hospitals and ambulatory surgical centers for cancer patients.
Prominent players operating in the radiopharmaceutical market include Advanced Accelerator Applications (AAA), Eckert & Ziegler, GE Healthcare, IBA Radiopharma Solutions, Lantheus Holdings, Inc., Mallinckrodt plc., Nordion, Inc., Siemens Healthineers, and Positron Corporation.
Radiopharmaceutical Market: Scope and Trends
This report on the radiopharmaceutical market analyzes the current and future scenario of the global market. Increase in incidence of various diseases, development of new sources for radioisotope production, and rise in demand for nuclear medicine are boosting the radiopharmaceutical market. Increase in incidence of cancer and cardiovascular diseases, growth in awareness about effective use of radiopharmaceuticals, and rise in preference for SPECT and PET scans are some of the factors expected to drive the growth of the global radiopharmaceutical market during the forecast period.
The radiopharmaceutical market report comprises an elaborate executive summary, which includes market snapshot that provides information about various segments. It also provides information and data analysis of the global market with respect to the segments based on radioisotopes, source, end-user, and geography. A detailed qualitative analysis of drivers and restraints, and opportunities has been provided in the market overview section. Additionally, the section comprises Porters Five Forces Analysis to help understand the competitive landscape in the market. This section also provides market attractiveness analysis in terms of geography and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global radiopharmaceutical market.
Radiopharmaceutical Market: Segmentation
Based on radioisotope, the market has been segmented into Technetium-99, Lutetium-177, Rubidium-87, Iodine-123, Yttrium-90, and Gallium-62. Technetium-99 is the most widely used radioisotope across the globe; around 70% of radiopharmaceutical companies depend on Mo-99 to produce Technetium-99, as per the World Nuclear Association. The market segments have been analyzed based on available approved products, cost-effectiveness, and preference for technological systems by physicians and patients. The market size and forecast for each of these segments have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year.
Based on source, the radiopharmaceutical market has been segmented into two major categories: nuclear reactors and cyclotrons. The market segments have been extensively analyzed based on increase in demand for radioisotopes for nuclear medicines, availability of radioisotopes and raw materials, radioisotopes short half-life and number of production units used for production of radioisotopes. Different types of end-user utilize radiopharmaceutical products to treat diseases either through imaging techniques or the therapeutics method.
Under the end-user segment, hospitals plays a major role followed by ambulatory surgical centers, diagnostic centers, and others (such as universities, research laboratories, and pathology labs). The market size and forecast in terms of US$ Mn for each segment have been provided for the period from 2014 to 2024. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2016 to 2024, considering 2015 as the base year. Application segment signifies the usage of radiopharmaceutical products through different disease indication such as oncology, cardiology, neurology, nephrology, gastroenterology, immunology and others. Oncology segment is the dominant sector which emphasizes the use of different radioisotopes for treating various cancers and overcome the side effects of therapeutics. Brachytherapy is a sub segment of oncology application which signifies the methods of treating cancer through implants, surgery or radiation technology. The segment is expected to have a significant growth during the forecast period.
Geographically, the global radiopharmaceutical market has been categorized into five major regions and the key countries in the respective region: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, Japan, China, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa (South Africa, Saudi Arabia, and Rest of Middle East & Africa). The market size and forecast for each of these regions and the mentioned countries have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year.
Radiopharmaceutical Market: Competitive Landscape
The report also profiles major players in the global radiopharmaceutical market based on various attributes such as company overview, financial overview, product portfolio, business strategies, SWOT analysis, and recent developments. Major players profiled in this report include Advanced Accelerator Applications (AAA), Eckert & Ziegler, GE Healthcare, IBA Radiopharma Solutions, Lantheus Holdings, Inc., Mallinckrodt plc., Nordion, Inc., Siemens Healthineers, and Positron Corporation.
The global radiopharmaceutical market has been segmented as follows:
Global Radiopharmaceutical Market, by Radioisotope
Global Radiopharmaceutical Market, by Source
- Nuclear Reactors
Global Radiopharmaceutical Market, by End-user
- Ambulatory Surgical Centers
- Diagnostic Centers
Global Radiopharmaceutical Market, by Application
Global Radiopharmaceutical Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa