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The global radiopharmaceuticals in nuclear medicine market features a wide array of radiopharmaceutical drug products and radiotracers that play a pivotal role in diagnostic imaging and treatment monitoring of various disease conditions, most commonly cancer. Radiopharmaceuticals utilize radioactive tracers that selectively concentrate in organs, bones or tumours to allow physicians to visualize tissues or biological functions. Positron emission tomography (PET) scans using radiotracers such as F-18 Fludeoxyglucose (FDG) enable highly sensitive detection and screening of tumours at molecular and cellular levels. Similarly, bone scans using Technetium-99m allow evaluation of bone metastases and fractures. The rising prevalence of cancer globally has boosted demand for radiotracer imaging and radionuclide therapy procedures for accurate diagnosis, staging and monitoring of disease response to treatment.
The global radiopharmaceuticals in nuclear medicine market is estimated to be valued at US$ 6,700.05 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the radiopharmaceuticals in nuclear medicine market is the increased use of artificial intelligence and machine learning algorithms in diagnostic imaging applications. AI tools are being developed to enhance image reconstruction quality from PET/SPECT scans and improve detection accuracy for small lesions and tumours. AI-powered software can analyze large volumes of patient scan data to identify subtle patterns that may be missed by radiologists. This helps optimize image reading workflow and diagnostic confidence. Another notable trend is the growing preference for theranostics that utilize paired diagnostic-therapeutic radiopharmaceuticals. For example, Ga-68 PSMA-11 PET/CT scan followed by Lu-177 PSMA-617 radionuclide therapy is an effective theranostic approach gaining acceptance for treating metastatic prostate cancer.
Porter’s Analysis
Threat of new entrants: The radiopharmaceuticals market requires significant investments in R&D and licensing to develop new radiotracers and radiopharmaceuticals. Therefore, the threat of new entrants is moderate.
Bargaining power of buyers: Individual patients have little bargaining power, however large hospital networks and healthcare providers can negotiate lower prices, creating medium bargaining power for buyers.
Bargaining power of suppliers: Major suppliers include isotope manufacturers, cyclotron facilities, ingredient distributors and packaging/labelling companies. They hold moderate bargaining power due to the specialized nature of inputs.
Threat of new substitutes: New diagnostic imaging modalities such as MRI, CT scans pose a limited threat currently due to advantages of nuclear medicine techniques. However, the threat is slowly increasing.
Competitive rivalry: The market sees intense competition among major players to expand product portfolios and geographic reach. However, partnerships and collaborations are also common to maximize opportunities.
Key Takeaways
The global Radiopharmaceuticals in Nuclear Medicine Market is expected to witness high growth due to rising cancer incidence and increasing acceptance of nuclear medicine techniques.
Regional analysis: North America dominates the market currently owing to developed healthcare infrastructure and favorable reimbursements. However, Asia Pacific is expected to grow at the fastest pace due to growing medical tourism and focus of market players on emerging countries.
Key players:
Key players operating in the Radiopharmaceuticals in Nuclear Medicine Market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc. They are focusing on expanding their product portfolios as well as manufacturing and distribution networks globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
