What is Radiopharmaceuticals Market during 2020-2027
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global radiopharmaceuticals Market was worth USD 4.31 Billion in the year 2020. It is estimated to grow at the CAGR of 6.0%, earning revenue of around USD 6.43 Billion by the end of 2027. Increasing chronic disorders like cancer and cardiovascular diseases across the world due to the aging population, unhealthy food habits contribute to the growth of the Radiopharmaceuticals Market. The high demand for nuclear medicines like single-photon emission computerized tomography (SPECT) and Positron emission tomography (PET) scans for cancer diagnosis and increasing patient awareness for accuracy of this method in the diagnosis led to the market growth. However, the high cost of developing radiopharmaceutical treatment and stringent regulatory requirements are hindering the development of the radiopharmaceuticals market.
High demand for early diagnosis in the event of cancer and cardiovascular chronic diseases
The demand for radiopharmaceuticals is growing due to an increase in cancer cases and the increased use of medical imaging as a diagnostic technique. The radiopharmaceuticals market is fueled by a high demand for nuclear medicines such as SPECT and PET scans used for diagnosing diseases such as cancer and other chronic illnesses. Patients nowadays are becoming more aware of the accuracy of the diagnosis. Additionally, the number of molecular imaging applications is growing. Thereby driving the growth of the global radiopharmaceuticals market.
Convenience of treatment
Owing to the ease of the procedure, which requires minimally invasive procedures, patients nowadays prefer radiopharmaceuticals over chemotherapy. Radiopharmaceuticals are radioactive isotope-based formulations. These have diagnostic and therapeutic uses. They comprise a radioactive agent used for treating cancer, as well as heart and neurological conditions. For oncology and cancer therapy, these are more convenient and suitable therapeutic radiopharmaceuticals. It not only assists doctors in diagnosis, but is also a more convenient and safer choice for patients as compared to X-Rays and other external imaging instruments.
High cost and Regulatory requirements
Supply shortages, logistical challenges, and a scarcity of skilled clinical professionals are some of the factors that are limiting the market's development. Furthermore, the high cost of developing radiopharmaceuticals, as well as strict regulatory requirements, restrict the market's growth. Radiopharmaceuticals face additional scrutiny and undergo unique regulatory and sanction pathways. Sometimes, extensive testing may also put investigators under a lot of financial strain. Furthermore, reimbursement causes issues for the manufacturer, and high capital investment hampers the market growth.
Impact of COVID-19 in the industry
The ongoing coronavirus-induced pandemic has affected almost every industry. This also has had a negative impact on nuclear medicine development, production, and supply, as well as the growth of the radiopharmaceuticals industry. COVID-19 has caused a lockdown in many countries, resulting in the closure of all industrial establishments except those that manufacture essential commodities. The supply chain for radiopharmaceuticals and diagnostic kits has also been disrupted as a result of the pandemic. Moreover, due to suppliers’ cost, and transportation issues, nuclear medicine manufacturers have been facing problems in obtaining cold kits used for simplifying radiopharmaceutical production.
Hospitals occupy the largest share of the Global Radiopharmaceuticals Market
Based on end-user, the hospital segment is expected to be the fastest-growing segment during the forecast period. It is mostly due to an increase in the adoption of various imaging technologies such as PET scans and MRI scans, as well as an increase in the number of trained medical practitioners working in radiology departments around the world. Additionally, the rising number of diagnostic centers, especially in developed countries, such as the U.S., is also expected to hasten the growth of the radiopharmaceuticals market in the future.
Northern Region is expected to witness significant growth in the market during the forecast period
North America is predicted to hold the major radiopharmaceuticals market share during the forecast period. The significant market share can be attributed to the advancement of innovative technologies in the region for manufacturing radioisotopes. Additionally, government support and company initiatives are also contributing the market growth. The Asia-Pacific radiopharmaceuticals market is also poised to grow at the fastest rate during the forecast period due to an increase in the demand for PET and SPECT devices induced by increased patient awareness levels.
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