July 19, 2024
Oncology Radiopharmaceuticals Market

Projected Expansion Of Precision Medicine To Boost The Growth Of Oncology Radiopharmaceuticals Market

The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 45% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Oncology radiopharmaceuticals are radioactive pharmaceutical products used in cancer diagnostics and therapeutics. These are used in both conventional nuclear medicine and emerging theranostics procedures involving diagnostics and therapy. Molecularly-targeted radiopharmaceuticals have shown promise in personalized medicine by enabling non-invasive cancer detection and real-time tumor monitoring. Some key advantages of using oncology radiopharmaceuticals include high imaging sensitivity, high specificity for tumors compared to conventional imaging modalities, no ionizing radiation for PET tracers like fluorine-18 and potential for targeted radionuclide therapy for cancer.

Market key trends:

One of the major trends driving the market growth is increasing adoption of precision medicine approach for cancer diagnosis and treatment. Precision medicine takes into account individual variability in genes, environment and lifestyle for each person. Oncology radiopharmaceuticals play a key role in precision oncology by enabling tumor profiling using molecular imaging techniques like PET. This helps understand tumor biology and select appropriate targeted therapies. Another factor fueling the market is robust research pipeline for developing novel targeted radiotracers and therapeutics. Several public and private organizations are conducting clinical trials to assess efficacy and safety of investigational radiopharmaceuticals in specific cancer types. Geographic expansion of market players especially in emerging countries also presents lucrative opportunities in the coming years.

Porter’s Analysis

Threat of new entrants: The high costs involved in R&D, clinical trials, manufacturing, and regulatory approvals pose significant barriers for new players to enter the market.

Bargaining power of buyers: Individual buyers have low bargaining power due to availability of alternative treatment options. However, large healthcare organizations and suppliers have significant bargaining power.

Bargaining power of suppliers: Key raw material suppliers have considerable bargaining power due to niche expertise and technical know-how required for production. Supplier consolidation has further increased their power.

Threat of new substitutes: Alternatives have limited efficacy and higher costs. However, nanotechnology-based substitutes may emerge as a threat in long run.

Competitive rivalry: Market dominated by few large players. Intense competition exists in terms of quality, innovation, and pricing.

Key Takeaways

Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth, exhibiting 45% CAGR over the forecast period, due to increasing cancer prevalence worldwide.

Regional analysis: North America dominated the market in 2023 with over 40% share owing to supportive regulatory framework and high healthcare spending in the US. Asia Pacific is expected to grow at the fastest rate during the forecast period with increasing healthcare investments in China and India.

Key players: Key players operating in the Oncology Radiopharmaceuticals market are 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.

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