The global radiopharmaceutical and therapeutics market should reach $22.0 billion by 2023 from $14.1 billion in 2018 at a compound annual growth rate (CAGR) of 9.2% for the period of 2018 to 2023.
The scope of this report is broad and covers type, production method, technology and applications of radiopharmaceuticals and therapeutics. By type, the market has been segmented into radiotherapy and radiopharmaceuticals. Revenue forecasts from 2017 to 2023 are provided for each segment and regional market, with estimated values derived from manufacturers’ total revenues.
The report also includes a discussion of the major players in each region in the radiopharmaceutical and therapeutics market. Further, it explains the major drivers and regional dynamics of the global radiopharmaceutical and therapeutics market and current trends within the industry.
The report concludes with a special focus on the vendor landscape and detailed profiles of the major vendors in this market.
Report includes comprehensive company profiles of major players, including Accuray Inc., Bayer Pharma AG, C. R. Bard Inc., Eli Lilly and Company, Navidea Biopharmaceuticals Inc., Siemens Healthcare, and Triad Isotopes Inc.
Population and human life expectancy are growing globally, spurring more chronic conditions and life threatening diseases. Obesity, a sedentary lifestyle and a lack of physical activity have further worsened the situation, leading to the increased importance of medical interventions and treatments. Despite incredible advancements in the field of medicine in the last few decades, an unmet need remains for the prevention, diagnosis and treatment of aggressive ailments such as cancer, cardiovascular diseases and central nervous system disorders.
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Since the discovery of radioactivity, it has been recognized that radiation can play a role in the treatment of various diseases. Radiopharmaceuticals are a type of radioactive drug that is internally administered and intended for use in the diagnosis and treatment of diseases. Radiopharmaceuticals are now a crucial part of the healthcare industry, as they can identify various disease processes much earlier than other diagnostic tests. Applications of radiopharmaceuticals are growing significantly in the fields of cardiology, neurology, oncology and other medical specialties such as endocrinology, gastroenterology and nephrology, for both diagnostic and therapeutic purposes.
Radiopharmaceuticals have also become an inevitable part of personalized medicine. Diagnostic applications account for a large share of the global radiopharmaceutical market, and therapeutic applications constitute the smaller part of the market. The market for therapeutic radiopharmaceuticals is expected to grow at a steep rate in the coming years, due to growing applications and increased demand.
Growing acceptance and utilization of nuclear medicine scans (i.e., SPECT and PET) and better availability of radiopharmaceuticals due to an increasing number of cyclotrons have significantly contributed to growth in the radiopharmaceutical industry. Innovative technological equipment leading to early and accurate diagnoses, increased awareness of radiopharmaceuticals among physicians and patients and new regulatory approvals of radiopharmaceuticals are other major driving forces for the global radiopharmaceutical market.
Furthermore, increasing incidences of different types of cancers across the globe are considered a major driver behind the growth of radiopharmaceuticals and therapeutics. According to Our World in Data, approximately 19 million people had cancer in 1990; that has increased more than two-fold as of 2016, reaching 42 million worldwide. In addition, breast cancer has been identified as the leading type of cancer, as eight million people had breast cancer in 2016. In the same year, 6.3 million, 5.7 million and 2.8 million people had colon and rectum cancer, prostate cancer and tracheal, bronchus and lung cancer, respectively. Hence, increasing incidences of various cancers drives the need for radiopharmaceuticals and therapeutics, considering diagnostic and therapeutic areas.
The global radiopharmaceutical and therapeutics market is projected to rise during the forecast period of 2018 through 2023. In 2023, total revenues are expected to increase compared to the revenue in 2017.