April 21, 2024

Pharmaceutical Therapies Set to Bolster Oncology Radiopharmaceuticals Market Growth owing to Increasing Cancer Prevalence

Oncology radiopharmaceuticals are radioactive molecules used for diagnosis, staging and treatment of various cancers.They provide targeted radiation to cancer tissues through their specific uptake by tumors while delivering minimal radiation exposure to non-cancerous cells. Common radiopharmaceuticals include Iodine-131, Strontium-89, Yttrium-90 and Lutetium-177 used for thyroid cancer, bone metastases and neuroendocrine tumors respectively.

The global Oncology Radiopharmaceuticals market is estimated to be valued at US$ 8468.36 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2030.

Key Takeaways
Key players: Key players operating in The Oncology Radiopharmaceuticals Market include Accord Healthcare Inc., Viatris Inc., Sandoz Inc., Sun Pharmaceutical Industries Inc., Vintage Pharmaceuticals Inc., Zydus Pharmaceuticals USA Inc., Watson laboratories Inc., Torrent Pharmaceuticals Ltd., Dr Reddy’s Laboratories Ltd., Unichem Laboratories Ltd., Apotex Inc. and Intas Pharmaceuticals Ltd.
Key opportunities: Increasing prevalence of cancer and associated metastatic diseases presents a huge opportunity for radiopharmaceutical manufacturers to develop newer targeted formulations. Emerging applications of radiolabeled antibodies and peptides in radioimmunotherapy also opens new avenues.
Global expansion: Major players are expanding manufacturing capacities and product portfolios through acquisitions and partnerships to strengthen global market presence. Greater availability of specialized radiopharmaceuticals can improve cancer management in developing regions.

Market Drivers
The increasing prevalence of cancer due to lifestyle changes, pollution and an aging population is a major market driver. According to WHO, cancer burden is projected to grow to 27.5 million new cancer cases and 16.3 million deaths by 2040. Expanding applications of radionuclide therapies in combination with other treatment modalities also aids market growth. Improving reimbursement policies for specialized oncology treatments and newer product approvals further support market expansion over the forecast period.

PEST Analysis
Political: The oncology radiopharmaceuticals market is regulated by various authorities like the U.S FDA, EMA, etc who regulate the approval and commercialization of new radiopharmaceutical drugs and ensure product safety and efficacy. Stringent regulations may impact the growth of this market.
Economic: Rising incidences of cancer and increasing healthcare spending are driving the demand in this market. However, high costs of development and regulatory requirements pose economic challenges.
Social: Growing awareness about the role of precision medicine and nuclear imaging in cancer diagnosis and treatment is positively impacting the social factors. Advanced healthcare services and medical reimbursement policies also support market growth.
Technological: Ongoing research in radiopharmaceutical drug development coupled with diagnostic and imaging advancements like PET scanning is expanding application areas. Artificial intelligence and robotics offer growth opportunities by enhancing drug development processes and supply chain management.

The geographical region concentrating the highest market value is North America. Wide acceptance of precision medicine, availability of advanced healthcare facilities and presence of major industry players drive the North American market.

The Asia Pacific region is poised to witness the fastest growth during the forecast period. This can be attributed to factors like rising cancer incidence, growing medical infrastructure, increasing healthcare expenditure and expansion of key players in emerging countries like China and India offering growth opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it