Oncology Radiopharmaceuticals Market

Oncology Radiopharmaceuticals Market Size (2023 to 2028)

The global oncology radiopharmaceuticals market is predicted to grow from USD 3720 Million in 2022 to USD 6568.2 Million by 2028, growing at a CAGR of 5.5% from 2023 to 2028.

Oncology Radiopharmaceuticals Market Share Insights:

• The technetium-99m test segment dominated the market in 2022 based on test type.
• Based on the route of administration, the oral segment led the market in 2022.
• Based on the application, the diagnosis segment held the major share of the worldwide market in 2022.
• Based on end-users, the diagnostic centers segment had the leading share of the market in 2022.
• Based on region, the North American region accounted for the major share of the global market in 2022.

Impact of COVID-19 on the global oncology radiopharmaceuticals market:

The COVID-19 pandemic situation has impacted every sector of the globe. The COVID-19 pandemic has shown a favorable impact on some sectors and an unfavorable impact on others. Due to social isolation, and strict restrictions caused by the COVID-19 pandemic, there were disruptions in the supply chain. The COVID-19 pandemic has put the healthcare system under strain and a major focus has been given to managing the needs of patients suffering from COVID-19 and postponing or delaying other non-medical procedures, including cancer screening and treatment. This has reduced demand for oncology radiopharmaceuticals and negatively affected the market growth. However, the negative impact caused by the COVID-19 pandemic on the oncology radiopharmaceuticals market is expected to be temporary and the market is anticipated to register a healthy growth rate during the forecast period owing to the rise in vaccination efforts and growing habituation towards the new normalizations by people and organizations worldwide.

MARKET DRIVERS:

The emerging demand for radiopharmaceuticals in cancer therapy is one of the major factors propelling the growth of the oncology radiopharmaceuticals market. The prevalence of cancer is growing rapidly worldwide, with around 19.3 million cancer cases. Environmental factors, increasing aging population and rapid lifestyle changes primarily contribute to the rising cancer incidence. The growing cancer patient population has fuelled the demand for efficient diagnostic and therapeutic options, such as oncology radiopharmaceuticals. Targeted radionuclide therapy is one therapeutic application of radiopharmaceuticals. These treatments involve giving patients radiopharmaceuticals, which release radiation and either kill cancer cells or stop their growth. Prostate, thyroid, and neuroendocrine tumors are some cancers that are increasingly being treated using therapeutic radiopharmaceuticals.

The rapidly shifting focus toward combination therapies further fuels the growth rate of the oncology radiopharmaceuticals market. By utilizing the complementary modes of action of many therapeutic drugs, combination treatments seek to increase treatment effectiveness. Beneficial effects can be attained by integrating radiopharmaceuticals with other therapeutic techniques, including immunotherapy or chemotherapy, to improve patient outcomes. Radiopharmaceuticals can be used to target leftover disease after first treatment or to make cancer cells more susceptible to other therapies. Based on an individual's unique cancer characteristics, such as tumor kind, genetic profile, and expression of a biomarker, combination therapy can be personalized to that patient.

The growing number of R&D activities contributes to the growth of the oncology radiopharmaceuticals market. Radiopharmaceuticals have diagnostic and therapeutic properties and the R&D activities around oncology radiopharmaceuticals have been continuously conducted by the key market participants. By facilitating concurrent imaging and therapy, supplying insightful data about tumor features, and optimizing treatment approaches and these agents enable personalized medicine. The advancements in nuclear medicine, growing demand for targeted therapies, favorable reimbursement policies and technological advancements support the growth of the oncology radiopharmaceuticals market.

MARKET RESTRAINTS:

The lack of skilled professionals is a major factor hampering the growth of the oncology radiopharmaceuticals market. Radiopharmaceutical administration and handling require specialized knowledge and instruction. For the safe and efficient use of radiopharmaceuticals, qualified specialists such as nuclear medicine doctors, medical professionals, radio pharmacists, and nuclear medicine specialists are required. High costs associated with oncology radiopharmaceuticals and high standards of regulation and quality control procedures related to producing radiopharmaceuticals further impede the global market growth. Radiopharmaceuticals may become more expensive overall because of the investment necessary to ensure regulatory compliance and sustain high standards for quality.

REPORT COVERAGE:

This research report on the oncology radiopharmaceuticals market has been segmented and sub-segmented based on the test, application, route of administration, end-user, and region.

Oncology Radiopharmaceuticals Market – By Test Type:

• Radium-223 dichloride
• Sodium iodide I-131
• Lobenguane iodine-131
• Lutetium-177
• Yttrium-90
• Fludeoxyglucose F 18
• Gallium Citrate Ga 67
• Technetium-99m

Based on test type, the technetium-99m test segment is anticipated to dominate the global market during the forecast period. The growing utilization of Technetium-99m is one of the major factors propelling the segmental growth. For instance, Technetium 99m for pediatric cancer patients was approved by the U.S. Food and Drug Administration in June 2022.

The sodium iodide I-131 test segment is expected to account for a notable share of the worldwide market during the forecast period. The role of sodium iodide I-131 in targeted radionuclide therapy for thyroid cancer and other conditions majorly drives segmental growth. The efficacy of sodium iodide I-131 in treating thyroid cancer by selectively targeting thyroid tissue, relatively low toxicity and minimal impact on surrounding healthy tissue and the growing prevalence of thyroid cancer further contributes to the growth of the sodium iodide I-131 segment.

Oncology Radiopharmaceuticals Market – By Route of Administration:

• Oral
• Intravenous

Based on the route of administration, the oral segment is expected to account for the largest share of the worldwide market during the forecast period. Radiopharmaceuticals can be administered orally for a quick and painless method of drug delivery. Patients don't need injections or invasive procedures because they can consume the radiopharmaceutical orally, like a pill or drink. The ease and comfort of use that boosts patient acceptance and treatment compliance using the oral route of administration majorly drive the growth of the oral segment in the global market.

The intravenous segment is estimated to capture a substantial share of the global market during the forecast period. Direct infusion of radiopharmaceuticals into the bloodstream enables targeted drug delivery and this makes it possible for the medicine to be delivered quickly and effectively to tumor areas or certain organs and improves the effectiveness of treatment or diagnostic imaging. The availability of various intravenously delivered radiopharmaceuticals broadens the range of available treatments and propels segmental growth.

Oncology Radiopharmaceuticals Market – By Application:

• Diagnosis
• Treatment

Based on the application, the diagnosis segment is projected to hold the leading share of the global market during the forecast period owing to accurate and timely cancer detection, improved imaging resolution, and the provision of functional and metabolic information. The non-invasive nature of radiopharmaceutical-based imaging, established clinical use and guidelines and ongoing technological advancements further fuel the growth rate of the diagnosis segment in the global oncology radiopharmaceuticals market.

The treatment segment is predicted to account for a considerable share of the global market during the forecast period.

Oncology Radiopharmaceuticals Market – By End-user:

• Diagnostic Centers
• Hospitals and Clinics
• Research Institutes

Based on end-users, the diagnostic centers segment is expected to play a dominating role in the global market in the coming years owing to the growing awareness regarding early detection and diagnosis, leading to emerging diagnostic rates.

The hospitals and clinics segment is anticipated to capture a substantial share of the worldwide market during the forecast period owing to the growing prevalence of cancer, the increasing number of integrated healthcare facilities, the availability of specialized equipment and infrastructure in multiple countries.

Oncology Radiopharmaceuticals Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America was the biggest regional segment worldwide for oncology radiopharmaceuticals in 2022 and is anticipated to account for the major share of the worldwide market during the forecast period. According to a recent report by the CDC, approximately 2,450,740 new cancer cases were reported and 760,520 people died of cancer in the U.S. in 2022. With the growing incidence of cancer and an increasing number of approvals for the use of radiopharmaceuticals, the presence of a well-established regulatory framework in North America drives the North American oncology radiopharmaceuticals market growth. For the approval and safe use of radiopharmaceuticals, regulatory organizations, including the U.S. Food and Drug Administration (FDA) and Health Canada, have outlined procedures and standards.

The Asia-Pacific region is expected to register the fastest CAGR during the forecast period owing to the growing geriatric population, rapid adoption of a sedentary lifestyle and growing cancer patient population that needs proper therapy and medication.

Europe is expected to account for a considerable share of the global market during the forecast period. Europe is renowned for its innovations and advances in the medical field. The presence of key market participants and an increasing number of R&D activities around oncology radiopharmaceuticals propel the European market growth. The market participants in the European region help to progress radiopharmaceuticals by creating novel radiotracers, better imaging systems and targeted medicines. The fast adoption of technological developments across Europe fuels the regional market’s growth rate.

The Latin American region is projected to capture a considerable share of the global market during the forecast period. The growing healthcare spending, increasing incidence of cancer, regulatory advancements, rising awareness and education campaigns and access to cost-effective healthcare options drive the Latin American market growth.

The Middle East and Africa is expected to grow at a steady CAGR in the coming years.

KEY MARKET PLAYERS:

Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., International Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health are some of the major players in the oncology radiopharmaceuticals market.

RECENT MARKET DEVELOPMENTS:

• In October 2022, LLC, a global innovator in the development, production and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging.