Press Release Description

Radiopharmaceuticals Market to Drive Owing to the Quest for Effective Cancer Treatment

The Global Radiopharmaceuticals Market is projected to grow at a CAGR of 10.02% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market growth has been attributed to the expanding applications of radiopharmaceuticals in the treatment of various diseases & increasing investments in the development of novel radiopharmaceuticals. There has been a significant rise in several patients with chronic diseases, such as cancer, cardiovascular diseases (CVDs), etc., across the globe. This has largely accelerated the adoption of radiopharmaceuticals that have been designed to target and treat diseases, particularly cancer.

Also, the world has witnessed a tremendous rise in the old-age population. With the increased burden of the geriatric population, the incidence of multiple diseases, including cancer, cardiovascular diseases (CVDs), etc., has increased enormously across the world. This has further supported the adoption of radiopharmaceuticals for disease diagnosis as well as the treatment, propelling the Global Radiopharmaceuticals Market. 

Also, awareness programs & initiatives by both government and non-government organizations are promoting early disease diagnosis and treatment. These efforts often encourage individuals to undergo regular health check-ups, including full-body screenings, to detect diseases like cancer at early stages when treatment is more effective. As a result, the adoption of radiopharmaceuticals has increased. Further, the upsurge in the demand for radiopharmaceuticals has led to an increment in the number of strategic activities, including acquisitions and mergers by the key companies to boost their product portfolio and gain a prominent share in the Radiopharmaceuticals Market landscape.

These efforts by global companies are anticipated to drive the growth graph in the coming years as well. Additionally, advancements in technology, increased awareness about the benefits of radiopharmaceuticals, and favorable reimbursement policies have also enhanced the market size, further states the research report, "Global Radiopharmaceuticals Market Analysis, 2024".

Global Radiopharmaceuticals Market

Global Radiopharmaceuticals Market Segmentation Analysis

Oncology Segment Dominated the Global Radiopharmaceuticals Market

Based on the indication segment, the market is further categorized into Oncology, Cardiology, Gastroenterology, Nephrology, and Others. Oncology is estimated to have the largest market share of all the segments. This has been attributed to the growing number of patients with different cancer types, such as prostate cancer, breast cancer, etc. As radiopharmaceuticals are largely employed for the diagnosis as well as the treatment of cancer patients, their demand has increased enormously with a surge in cancer patients globally. Further, a rise in the number of risk factors, including old age, smoking, etc., associated with causing cancer coupled with growing awareness for early cancer detection has positively impacted the segmental market growth.  

North America Witnessed Considerable Growth in the Global Radiopharmaceuticals Market

Geographically, North America stands tall as a frontrunner across the Global Radiopharmaceuticals Market among all the other regions. The dominance is attributed to the presence of key players, product introduction, well-established healthcare infrastructure, government initiatives, etc. The prevalence of various chronic diseases, such as cancer, cardiovascular diseases (CVDs), etc., has increased in the region. With that, the demand for radiopharmaceuticals has amplified tremendously and has accelerated the North American Radiopharmaceuticals Market growth. Also, the region’s increased elderly population that is at risk for multiple diseases, like Alzheimer’s, cancer, cardiovascular diseases (CVDs), etc., has positively driven the growth of the North American Radiopharmaceuticals Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Bayer AG, Iso-Tex Diagnostics, Inc., Jubilant Pharmova Limited, Novartis AG, General Electric Company, Lantheus Holdings, Inc., Eli Lilly, and Company, Siemens Healthineers AG, Curium Pharma, Cardinal Health, Blue Earth Diagnostics, Inc. (Bracco Group), Acrotech Biopharm, Northstar Medical Technologies LLC, IBA Radiopharma Solutions, Sun Pharmaceutical Industries, Inc., etc., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Radiopharmaceuticals Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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