Radiopharmaceutical Therapeutic Market is expected to reach US$ 7.30 billion by 2031

Beta Emitters Segment to Lead Radiopharmaceutical Therapeutic Market During 2023–2031

According to our new research study on “Radiopharmaceutical Therapeutic Market Forecast to 2031 – Global Analysis – by Product Type, Therapy Type, Application, End User, and Geography,” the market was valued at US$ 2.71 billion in 2023 and is projected to reach US$ 7.30 billion by 2031; it is expected to register a CAGR of 13.1% from 2023 to 2031. Radiopharmaceuticals are radioisotopes that are bound to biological molecules that target specific tissues, organs, or cells within the human body. The radioactive isotopes that are used to treat cancer and other medical conditions are known as radiopharmaceutical therapeutics have gained popularity due to their specificity in targeting the disease site to deliver high doses of radiation without damaging healthy tissues in the surrounding areas. The increasing prevalence of cancer is, therefore, driving the adoption of radiopharmaceutical therapeutics in targeted drug therapy. Further, the incorporation of AI algorithms to improve accuracy while interpreting nuclear medicine images is likely to bring new radiopharmaceutical therapeutic market trends in the coming years. However, the short shelf-life of radiopharmaceuticals hinders the radiopharmaceutical therapeutic market growth.

Radiopharmaceutical Therapeutic Market Analysis Based on Segmental Evaluation:

By therapy type, the market is categorized into alpha emitters, beta emitters, and brachytherapy isotopes. The beta emitters segment held a significant radiopharmaceutical therapeutic market share in 2023 and is projected to register the highest CAGR during the forecast period. Radioisotopes that decay via beta emission are extensively used in science and medicine, especially in oncology. Beta electron-emitting radionuclides, also known as beta emitters, are the most widely used radionuclides in the therapeutic setting. Beta-emitting radiopharmaceuticals are gaining wider applications in cancer treatment, such as radioimmunotherapy and bone-seeking radiopharmaceutical therapy. The most commonly used beta particle emitter is iodine-131 to treat thyroid cancer. Beta-emitting radioisotopes kill cells by ionizing reactive oxygen species that cause single-stranded DNA damage.

Radiopharmaceutical Therapeutic Market, by Region, 2023(%)

Source: The Insight Partners Analysis

Based on end user, the market is segmented into hospitals, oncology clinics, and others. The hospitals segment held a significant radiopharmaceutical therapeutic market share in 2023 and is estimated to register the highest CAGR during 2023–2031. Hospitals utilize various techniques and technologies to treat cardiac aneurysms, neurology aneurysms, and cancerous tumors. Therefore, the growing need for cardiovascular and oncology treatments has become the foremost factor driving the market growth for the hospitals segment. The other factors fueling the market growth are provision of 24*7 services committed to delivering optimal care, reimbursement plans provided by government bodies, rising prevalence of various diseases, and rapid growth of various surgical procedures performed specifically in hospitals.

The scope of the radiopharmaceutical therapeutic market report includes the assessment of the market performance in North America, Asia Pacific, Europe, South & Central America, and the Middle East & Africa. Asia Pacific is likely to register the highest CAGR in the market from 2023 to 2031 owing to the rising chronic disease prevalence and favorable reimbursement policies, expansion and product launch strategies implemented by market players, and growing R&D in the field of nuclear medicine. China and Japan are the major contributors to the Asia Pacific radiopharmaceutical therapeutic market growth. New centers for radioisotope research in the region are being established to meet the growing demand for targeted drug therapies. In February 2022, INVAP, an Argentine company, stated that the nuclear medicine research and radioisotope production facility would be built in China due to the interest in Argentine technology for nuclear medicine.

The academic groups and associations involved in the field of therapeutic radioisotopes and radiopharmaceuticals in China mainly include the Chinese Isotope Society, the Chinese Nuclear and Radiochemistry Society, the Chinese Society of Nuclear Medicine, the China Isotope and Radiation Association, and the Chinese Society of Radiopharmaceutical Science. They have greatly promoted the research, development, production, and clinical application of radiopharmaceuticals in China. Thus, the aforementioned factors are expected to bolster the radiopharmaceutical therapeutic market size in Asia Pacific during the forecast period.

Prostate cancer is one of the most common cancers, with increasing incidences reported in Japan and other countries across the world. Based on the National Cancer Center projections, it is estimated that deaths from prostate cancer in the country would amount to 14,700 yearly from 2020 to 2024. In March 2023, Sumitomo (a Japanese company) invested in radiopharmaceutical startup Alpha Fusion, a developer of astatine-based radiopharmaceuticals for targeted alpha therapy. In addition, investigator-initiated clinical trials on differentiated thyroid cancer (jRCT2051210144) at Osaka University have commenced, and further progress is highly anticipated. Therefore, these factors are expected to favor the radiopharmaceutical therapeutic market in Asia Pacific.

Cardinal Health, Bayer, Novartis, Jubilant DraxImage Inc., Curium, Yantai Dongcheng Pharmaceutical Group, Lantheus, Q BioMed, Telix Pharmaceuticals, and Radiopharm Theranostics are among the leading companies profiled in the radiopharmaceutical therapeutic market report.

Based on product type, the radiopharmaceutical therapeutic market is segmented into Technitium-99m, Thallium-201, Gallium-68, Iodine-131, Copper-64, and others. In terms of therapy type, the market is classified into alpha emitters, beta emitters, and brachytherapy isotopes. By application, the market is categorized into oncology, neurology, cardiology, and others. Based on end user, the radiopharmaceutical therapeutic market is divided into hospitals, oncology clinics, and others. Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, the UK, Germany, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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