Radiopharmaceuticals Market

Radiopharmaceuticals are pharmaceutical drugs that have radioactivity. Radiopharmaceuticals are used as therapeutic and diagnostic agents. They are medicinal formulations that contain radioisotopes and are majorly used in clinical areas for therapy or diagnosis. Over the last few decades, biology, immunology, and genetics have progressed due to which the development of neurological, oncological, and cardiological therapies have received push.
 In the past two decades, multiple radionuclide-based targeted therapies have emerged as one the most advanced therapies used for inflammatory lesions and cancer treatment. Currently, an array of therapeutic radionuclides, mainly β−emitters, is rising beings used for clinical trials as well as clinics.

Impact of COVID-19 Pandemic on the Radiopharmaceuticals Market

• The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. Research and development activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the radiopharmaceuticals market growth.
• COVID-19 has brought about a significant burden on the healthcare industry globally, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
• Realizing the disturbing healthcare trends, governments are making efforts to provide excellent quality healthcare to patients globally. Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in skin injuries may lead to a decline during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The prevalence of chronic diseases like cardiovascular diseases and cancer are rising rapidly worldwide due to the aging population, rising obesity, and unhealthy food habits. For example, as per the American Heart Association, cardiovascular diseases alone account for nearly 17.3 million deaths every year, which is more deaths caused due to cancer.

Radiopharmaceuticals give an upper hand to radiologists in comparison to conventional medications for the treatment of diseases owing to benefits provided due to radiopharmaceuticals like targeted therapy. These advantages are expected to boost the radiopharmaceuticals market. According to the Healthcare Quality Improvement Partnership (HQIP) report, about 9,200 new cases of neck and head cancers are diagnosed in Wales and England every year. Increasing situations are witnessed to boost the market growth of radiopharmaceuticals, worldwide.

 Radiopharmaceuticals play an important role in the diagnosis of several diseases by resulting in a better understanding of disease staging. Radiopharmaceuticals are linked with chemical compounds that permit specified physiological processes. Benefits of radiopharmaceuticals such as non-invasive external monitoring and efficacy have increased global radioisotope production for use in therapeutic nuclear medicines and molecular imaging. These benefits are anticipated to fuel the growth of the market for radiopharmaceuticals.

As per the World Nuclear Association, radioisotopes are also useful in medicine over 10,000 hospitals globally and 90% of procedures involve diagnosis of cancer, infectious diseases, neurological disorders. The diagnostic use of radiopharmaceuticals is complex and more varied and on the flip side, it contributes to significant growth in the nuclear imaging industry.

North America region will dominate the radiopharmaceuticals market due to the strong presence of a vast patient population who are suffering from coronary disorders, strokes, cancer and the rise in research and development for lesser side effects and effective therapies. Asia-Pacific is predicted to expand the market at a significant growth rate in the forecast timeline because of an increasing number of geriatric populations who require invasive therapies for treating cases related to cardiovascular disorders.

Key Benefits of the Report:

• This study presents the analytical depiction of the global radiopharmaceuticals market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global radiopharmaceuticals market share.
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the global radiopharmaceuticals market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global radiopharmaceuticals market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Radiopharmaceuticals Market Research Report:

• What are the leading market players active in the radiopharmaceuticals market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Radiopharmaceuticals Market Report Highlights