Radiopharmaceuticals Market to Hit USD 10.26 Billion by 2030 due to Increasing Prevalence of Cancer and Cardiovascular Diseases Worldwide

Pune, March 17, 2023 (GLOBE NEWSWIRE) — The size for Radiopharmaceuticals Market was valued at USD 5.07 billion in 2022 and is projected to reach USD 10.26 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 9.2% from 2023 to 2030, as reported by SNS Insider.

Market Overview

Radiopharmaceuticals have many applications in modern medicine. They are commonly used in the diagnosis and treatment of cancer, cardiovascular disease, and neurological disorders. Radiopharmaceuticals can also be used to evaluate the function of organs such as the heart, lungs, and liver, as well as to detect infections and bone abnormalities.

Market Analysis

The global radiopharmaceuticals market is experiencing rapid growth, driven by the increasing prevalence of target disorders and rising demand for alpha radioimmunotherapy-based targeted cancer treatment. Radiopharmaceuticals are an essential tool in the diagnosis and treatment of various diseases, including cancer, neurological disorders, and cardiovascular diseases. The increasing prevalence of cancer and other diseases, coupled with advancements in technology, has resulted in a surge in demand for radiopharmaceuticals. Moreover, the growing aging population and increasing healthcare expenditure are expected to further drive the growth of the market in the coming years.

Major Key Company profiles Listed in this Report Are:

Key Players: GE Healthcare, Jubilant life sciences, Curium, JSC isotopes, Novartis AG, Bracco Diagnostic,  Cardinal Health, Norgine B.V, Siemens healthineers, Curium,  Lantheus Medical Imaging, Australian Nuclear Science and Technology

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Radiopharmaceuticals Market Report Scope:

Impact of Recession on Radiopharmaceuticals Market Growth

It’s important to note that the impact of a recession on the market can vary depending on the type of recession and the region in which it occurs. For example, during the COVID-19 pandemic, there was actually an increase in demand for certain radiopharmaceuticals used in the diagnosis and treatment of COVID-19 patients.

Key Regional Developments

The radiopharmaceuticals market in North America has been the dominant force in the industry and is projected to maintain its lead during the forecast period. This can be attributed to the widespread adoption of efficient nuclear imaging technologies and the growing use of technically advanced therapeutic radiopharmaceuticals in the region. The North American market has been witnessing significant growth owing to the rising demand for accurate and reliable diagnostic tools for various diseases. Radiopharmaceuticals offer unique advantages over traditional imaging techniques, making them a preferred choice among healthcare professionals and patients alike.

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Key Takeaway from Radiopharmaceuticals Market Study

• The growth of the cyclotrons segment in the market has been driven by a combination of technological advancements, cost-effectiveness, and a growing demand for more accurate and efficient diagnostic and treatment options. As these machines continue to evolve and improve, it is likely that they will continue to play a key role in the future of medical imaging and therapy.
• According to market analysis, the neurology segment is expected to experience the most significant growth in the market. The use of radiopharmaceuticals in neurology has been increasing in recent years due to their ability to provide valuable information about the function of the nervous system.

Recent Developments Related to Radiopharmaceuticals Market

• Evergreen Theragnostics, a biotechnology company specializing in the development of innovative diagnostic and therapeutic solutions, has recently completed a $15 million Series B funding round. This new investment will allow the company to further expand its research and development efforts, accelerate its commercialization activities, and enhance its supply chain capabilities.
• Sumitomo Heavy Industries, Ltd. has made a strategic investment in Alpha Fusion Inc., a company that specializes in the development of Astatine based radiopharmaceuticals for Targeted Alpha Therapy. This investment demonstrates Sumitomo Heavy Industries’ commitment to the advancement of innovative technologies in the field of healthcare and its recognition of the potential of Alpha Fusion’s cutting-edge research.

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