Europe Radiopharmaceuticals Market to Grow at a CAGR of 8.5% to reach US$ 3,442.11 million by 2028 Million from 2021 to 2028

The Europe radiopharmaceuticals market is expected to grow from US$ 1,940.54 million in 2021 to US$ 3,442.11 million by 2028; it is estimated to grow at a CAGR of 8.5% from 2021 to 2028.

The UK, Germany, France, Italy, and Spain are major economies in Europe. Rising advancements in nuclear imaging techniques is expected to fuel the market growth. The use of nuclear medicine procedures is expanding rapidly, as PET and SPECT continue to improve the accuracy of detection, localization, and characterization of disease. PET and SPECT are among the nuclear medicine radiology modalities employed in clinical settings. As per the Society of Nuclear Medicine, every year, millions of nuclear medicine procedures are performed with radiopharmaceuticals and imaging instruments to diagnose disease and deliver targeted treatments in the countries across the region. These techniques have also been adopted in immunology, infection, gastroenterology, cardiology, oncology, neurology, and psychiatry, among other fields, for diagnosis and other applications. Advanced nuclear medicines and modern imaging equipment are assisting doctors in diagnosing diseases in a better manner and in less time. Continuous development of new radiopharmaceuticals for the PET/CT and SPECT/CT platforms, which are used in novel clinical applications such as neurology and orthopedics, along with the increasing accuracy of different tumor staging methods, are further contributing to the market growth. In September 2020, Curium launched Detectnet, a positron emission tomography (PET) agent, indicated for the localization of somatostatin receptor-positive neuroendocrine tumors (NETs) in adult patients. Thus, the technological advancements for improving the quality and efficacy of nuclear imaging techniques are favoring the Europe radiopharmaceuticals market growth.

In case of COVID-19, Europe is highly affected especially France and Russia. The COVID-19 pandemic has profoundly changed hospital activities, including NM practice across Europe. A literature search on PubMed was performed covering COVID-19 studies published up until January 2021. As per the findings, the pandemic strongly challenged NM departments, and a reduction in the workforce has been experienced in every center in Europe. NM departments introduced restriction measures to limit COVID-19 transmission, including rescheduling of non-high-priority procedures. Also, some of the departments experienced a delay in radiopharmaceuticals supply or technical assistance due to COVID-19. As a result, the pandemic resulted in a significant reduction of diagnostic and therapeutic NM procedures and a reduced level of care for patients affected by diseases other than COVID-19, such as cancer or acute cardiovascular disease. The pandemic influenced workflows in a substantial proportion of NM departments. New findings supporting COVID-19 diagnosis are expected to accelerate the growth of radiopharmaceuticals in the region. For instance, as per the research study by Chentao Jin et al., published in the European Journal of Nuclear Medicine and Molecular Imaging in May 2021, positron emission tomography (PET) is expected to offer pathophysiological alternations of COVID-19 and facilitate the clinical management of patients. With the role of PET in the COVID-19, the research studies can also pave the way in combating other epidemics in the future.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe radiopharmaceuticals market. The Europe radiopharmaceuticals market is expected to grow at a good CAGR during the forecast period.

Europe Radiopharmaceuticals Market Segmentation      

Europe Radiopharmaceuticals Market – By Type

• Diagnostic Nuclear Medicine
  • SPECT
  • PET
• Therapeutic Nuclear Medicine
  • Alpha Emitters
  • Beta Emitters
  • Brachytherapy Isotopes

Europe Radiopharmaceuticals Market – By Application

• Oncology
• Cardiology
• Neurology
• Others

Europe Radiopharmaceuticals Market – By End User

• Hospitals
• Imaging Centers
• Academic and Research Centers
• Others

Europe Radiopharmaceuticals Market, by Country

• Germany
• France
• UK 
• Italy
• Spain
• Rest of Europe

Europe Radiopharmaceuticals Market -Companies Mentioned

• Advanced Accelerator Applications
• Bayer AG
• Bracco Imaging S.p.A 
• Cardinal Health Inc
• Curium
• ECZACIBAŞI MONROL NUCLEAR PRODUCTS CO.
• GENERAL ELECTRIC
• Lantheus Medical Imaging, Inc.
• Nordion
• NTP RADIOISOTOPES 

Europe Radiopharmaceuticals Report Scope