Radiopharmaceuticals Market Size is Expected to Reach USD 9.934 Billion by 2026 - Valuates Reports

BANGALORE, India, April 13, 2020 /PRNewswire/ -- The global nuclear medicine/radiopharmaceuticals market size is estimated at USD 5.762 billion in 2020  USD and projected to reach 9.934 billion by the end of 2026, rising at a CAGR of 8.0% in 2021-2026.

Radiopharmaceuticals are radioactive materials which are administered to the patient and tracked for diagnostic and therapeutic purposes by different imaging tools. It is composed of a bond between the radioisotope and an organic molecule. The organic molecule transfers the radioisotope to specific organs, tissues, or cells. The radioisotope is selected according to its properties.

Nuclear Medicine/Radiopharmaceuticals are used for various diseases (for example, brachytherapy) in the field of nuclear medicine as radioactive tracers in medical imaging and therapy. Technetium-99m (Tc-99m) has a number of useful properties, including a gamma-emitting tracer nuclide, making it particularly essential for radiopharmaceuticals. 

The global revenue of the radiopharmaceuticals market was estimated at 4.546 Billion USD in 2016, with a sale of about 130 million doses.

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TRENDS INFLUENCING THE RADIOPHARMACEUTICALS MARKET SIZE

●  Increase in the number of cancer cases and cardiovascular disease, growing demand for targeted cancer treatment dependent on alpha radioimmunotherapy, increasing demand for nuclear imaging techniques, and developments in radiotracer treatment are anticipated to boost the radiopharmaceuticals market size.

●  Radiopharmaceuticals play an important role in the treatment of different diseases by providing a deeper understanding of the staging of diseases. Radiopharmaceuticals linked to chemical compounds allow the analysis of a particular physiological cycle. Advantages such as high efficacy and noninvasive external monitoring are expected to increase the radiopharmaceuticals market size.

●  Other reasons attributed to its continued increase in radiopharmaceuticals market size include increasing R&D activities, especially in developing economies, and expanding the reach of radiopharmaceutical applications such as thyroid, oncology, and bone pain palliations.

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RADIOPHARMACEUTICALS MARKET SHARE ANALYSIS

●  North America is expected to hold the largest radiopharmaceuticals market share. The significant share can be attributed to the advancement of innovative technologies in the region for the manufacture of radioisotopes, government support, and company initiatives.