#Radiopharmaceutical Market

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Nuclear Medicine/Radiopharmaceuticals Market Size in 2023 was worth US $ 6.04 Bn at a CAGR 9 % and it is expected to reach US $ 11.05 Bn in 2030.

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The Nuclear Medicine or Radiopharmaceuticals Market in 2023 is US$ 5.5 billion, and is expected to reach US$ 13.16 billion by 2031 at a CAGR of 11.50%.

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Saudi Arabia and Middle East Radioisotope Market is Poised for High Growth Owing to Growing Medical Applications

Radioisotopes find numerous applications in the field of medicine for purposes such as diagnosis and treatment of certain medical conditions. Technetium-99m and iodine-131 are among the most widely used medical radioisotopes globally. The growing prevalence of chronic diseases such as cancer is propelling the demand for nuclear medicine diagnostics and therapies, which in turn is driving the radioisotope market in the region.

The Saudi Arabia and Middle East radioisotope market is currently valued at US$ 691.3 million  in 2024 and is expected to exhibit a CAGR of 1.1% over the forecast period of 2024-2031. Key Takeaways Key players: Key players operating in the Saudi Arabia And Middle East Radioisotope Market Growth are GE Healthcare, IBA, Sumitomo Corporation, BWX Technologies, Inc., Advanced Cyclotron Systems, Inc., Navidea Biopharmaceuticals, Inc., BEST Cyclotron Systems Inc., NorthStar Medical Radioisotopes, Siemens Healthineers, Novartis, Moravek Biomedicals Inc., Nordion, Research Products International Corp., Cardinal Health Nuclear Pharmacy, American Radiolabeled Chem. Inc., Perkin-Elmer (NEN), IRE, Eckert & Ziegler., Curium, ANSTO, HTA Co., Ltd, Isotope JSC., SAMIRA, OECD-NEA, Telix Pharmaceuticals Limited., The State Atomic Energy Corporation, ROSATOM, ISOTOPIA, NTP Radioisotopes, KFSH&RC, Jordan Research and Training Reactor, Esfahan Nuclear Technology Center, ETRR-2, and SRR-1.

Key players operating in the Saudi Arabia and Middle East radioisotope market include GE Healthcare, IBA, Sumitomo Corporation, BWX Technologies, Inc., among others. PEST Analysis Political: The radioisotope market in Saudi Arabia and Middle East region is greatly influenced by the political stability of the region. Political tensions and conflicts impact the supply chain and distribution channels of radioisotopes. Economic: The economic growth and development in the healthcare sector will drive the demand for radioisotopes used in diagnostic imaging and therapeutic procedures. Public healthcare spending influences the adoption of advanced medical technologies using radioisotopes. Social: A growing and ageing population coupled with increasing incidence of chronic diseases is enhancing the social need for accessible and affordable healthcare services. This is positively impacting the utilization of radioisotopes in medical diagnostics and treatment.

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Global Nuclear Medicine Therapeutics Market: Pioneering Healthcare Solutions

A pharmaceutical composition including radioactive elements is known as therapeutic nuclear medicine. In comparison to X-rays and other external radiation imaging technologies, therapeutic nuclear medicines are widely employed as an effective and safer alternative for cancer patients. 

Market Size & Growth Rate:                                                                                                            

The nuclear medicine therapeutics market was valued at USD 1 billion in 2021 and is expected to reach USD 1.8 billion by 2027, exhibiting a CAGR of 9.6% during the forecast period 2022-2027. The growth could be attributed to the return of demand to pre-pandemic levels, increasing authorization of novel & innovative medicines, extensive research, disease prevalence, and immunotherapies. 

Market Dynamics:                                                                                                                              

According to the oncidium foundation, nuclear-therapy accounted for 20% of the global nuclear medicine market in 2019 and is expected to reach 70% by 2030. Nuclear therapeutic is majorly used for the treatment & diagnosis of Cardiovascular Disease (CVD) and cancers. According to WHO-2021, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. The prevalence of these markets has promoted several market players and stakeholders to focus on expanding the overall application of radio-therapeutics. With the expanding application segments of nucleo-emitters, their demand and anticipated rising during the forecast period. It indicates to market players for growth of the nuclear medicine therapeutics market. In addition, various R&D activities in the business space are expected to stimulate the demand for therapeutic nuclear medicine through 2029. For instance, 

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Based on the radionuclide therapeutic type, the beta emitters segment grow at a considerable pace during the forecast period. These beta particles like Samarium-153 (SM-153), Iodine-131 (I-131), and Lutetium-177 (LU-177) are known to be lighter than alpha particles like Radium-224 (RA-224), Radium-223 (RA-223) and can penetrate the skin easily                                     

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According to precedence research, by application, the oncology segment accounted major market share of around 40% in 2021 followed by cardiology. 

Market Drivers:

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The market players are focusing on various research developments, product launches, and acquisitions that are anticipated to increase the market growth. For instance, 

Challenges:

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Radiopharmaceuticals in Nuclear Medicine Market Market Overview,Market Key Trends

The global Radiopharmaceuticals In Nuclear Medicine Market is estimated to reach a value of US$ 11,978.6 Mn or Mn by 2022, exhibiting a steady compound annual growth rate (CAGR) of 8.0% over the forecast period of 2020-2027

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Data Bridge Market Research analyses that the radiopharmaceuticals market, which was USD 5.32 billion in 2022, would rise to USD 12.18 billion by 2030 and is expected to undergo a CAGR of 10.90% during the forecast period 2023 to 2030.

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Radiopharmaceuticals Market

The “Radiopharmaceuticals Market” size was valued at USD 6,242.80 million in 2021 and is estimated to reach a compound annual growth rate CAGR of 6.2% over the forecast period 2023 to 2030. Radiopharmaceuticals are a class of pharmaceutical medicines with a significant radioactivity level. Radiopharmaceuticals are pharmaceuticals formulations that contain radioactive isotopes. These medications can be administered intravenously, orally, or interstitially. In addition, compared to X-rays and other external radiation imaging systems, it is a suitable and secure alternative for patients and aids physicians in diagnosis.

Radiopharmaceuticals and nuclear medicine are increasingly utilized in diagnostic imaging and radiotherapy. This has paved the way for the market expansion of radiopharmaceuticals. Nuclear medicine and radiopharmaceuticals aid in diagnosing organs affected by any pathological condition, particularly malignancy. This modality's applications have expanded from oncology to cardiology, neurology, and infection detection due to the rapid development of nuclear imaging technologies, particularly PET/PET-CT.

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Radiopharmaceuticals Market Dynamics:

Drivers:

The radiopharmaceuticals market is driven by several factors, including:

Increasing prevalence of cancer: With the rising incidence of cancer, the demand for radiopharmaceuticals is increasing as they are used in cancer diagnosis, staging, and treatment.

Growing demand for nuclear medicine: Radiopharmaceuticals are an essential part of nuclear medicine, which is increasingly being used for the diagnosis and treatment of various diseases.

Technological advancements in imaging modalities: The development of new imaging modalities, such as PET/CT and SPECT/CT, is driving the demand for radiopharmaceuticals, as these modalities require the use of radiopharmaceuticals.

Favorable regulatory policies: Governments are implementing favorable policies and regulations to promote the use of radiopharmaceuticals in healthcare, which is driving the growth of the market.

Increasing investment in research and development: Pharmaceutical companies are investing heavily in research and development to develop new radiopharmaceuticals and improve the existing ones, which is driving the growth of the market.

Rising geriatric population: With the increasing geriatric population, the incidence of chronic diseases is on the rise, which is driving the demand for radiopharmaceuticals in diagnosis and treatment.

Growing awareness about the benefits of nuclear medicine: As the awareness about the benefits of nuclear medicine and radiopharmaceuticals is increasing among patients and healthcare professionals, the demand for these products is also increasing.

Restraints:

Side-Effects of Radiopharmaceuticals

Numerous adverse effects of radiopharmaceuticals inhibit market expansion. Among the side effects are chills, severe lethargy, difficulty breathing, flushing or redness of the skin, nausea or vomiting, skin rash, hives, itching, severe headache, and abdominal pain. Therefore, these factors inhibit market expansion.

This radiopharmaceuticals market report provides details of new developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographies served, and competitive landscape. For more information on the radiopharmaceuticals market, contact Data Bridge Market Research for an Analyst Brief; our team will assist you in making well-informed decisions for market expansion.

Opportunities:

Increasing Demand for Nuclear Imaging Technologies

The development of nuclear imaging technologies, such as PET or PET-CT, has aided in expanding the applications of this modality from oncology to cardiology, neurology, and infection detection. These technological advances have significantly increased the number of PET and SPECT procedures. In the United States, approximately 2,220,300 PET treatments were performed in 2020, up from 2,200,800 in 2019. Consequently, it is anticipated that this factor will increase radiopharmaceutical market revenue.

Growing R&D Activities Associated with Radiopharmaceuticals

Increased radiopharmaceutical-related R&D activities enhanced market growth. In 2022, for example, the first patient dosed in phase III clinical trials for PET radiopharmaceutical imaging agents developed by GE Healthcare was initiated. The strategic approach will help to enhance patient care by identifying adult Parkinson's disease with greater precision. GE Healthcare will expand its radiation patent portfolio. Thus, this factor stimulates market expansion.

Market Segmentation Analysis:

The global Radiopharmaceuticals Market” is Segmented by Radioisotopes, Application, Source, End-user, and Region.

By Radioisotopes

Tec.99 

F18 

Iodine 131 

Lutetium 177

Yttrium 90 

Gallium 68 

Gallium 67 

Rubidium 82 

Iodine 123 

Iodine 125 

Indium 111 

Others

By Application

Oncology 

Cardiology

Gastroenterology 

Neuroendocrinology 

Neurology

Nephrology 

Others

By Source 

Cyclotrons

Nuclear Reactor

By End User

Hospitals 

Diagnostic Imaging Centers 

Ambulatory Surgical Centers

Cancer Research Institute

By Region:

North America 

Latin America 

Europe 

Asia Pacific 

Middle East, and Africa

Competitive Landscape:

The radiopharmaceuticals market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market are 

Siemens AG

Positron Corporation

Curium

GE Healthcare

Lantheus Holdings Inc.

Sotera Health LLC

Bayer AG

Eckert & Ziegler

Novartis AG, and BWX Technologies Inc. 

The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, which are contributing to the growth of the radiopharmaceutical market globally.

Siemens AG

Siemens is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power.

Recent Development

In 2021, NorthStar Medical Radioisotopes, LLC, a global radiopharmaceutical developer, and GE Healthcare confirmed an exclusive partnership to manufacture and distribute iodine-123 (I-123) capsules in the U.S. The product will assist GE Healthcare in enhancing its product portfolio and boosting its market position.

In 2021, Noria Therapeutics Inc. and PSMA Pharmaceuticals Inc. were acquired by Bayer AG Targeted both radiotherapy businesses are developing therapeutic and diagnostic radiopharmaceuticals. The acquisition is anticipated to add to Bayer's current nuclear medicine oncology portfolio.

Regional Analysis:

North America dominates the radiopharmaceuticals market because of the huge base of healthcare facilities and increasing overweight population base. Also, wide presence of a huge patient population suffering from chronic diseases such as coronary disorders, cancer, and strokes and rising number of research activities in this region are also boosting the market growth.       

Asia-Pacific is expected to witness significant growth due to the growth in government initiatives to raise awareness and increasing research activities in the region. Also, growing availability of the well-established infrastructure, wide presence of major market players, growth in cases of cardiovascular diseases are boosting the growth rate of the market.

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https://twikkers.nl/blogs/246668/Nuclear-Medicine-or-Radiopharmaceuticals-Market-Size-Overview-Share-and-Forecast

The Nuclear Medicine or Radiopharmaceuticals Market in 2023 is US$ 5.5 billion, and is expected to reach US$ 13.16 billion by 2031 at a CAGR of 11.50%.

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Innovations in PET Imaging Drugs Market: Transforming Diagnostics and Treatment Pathways - UnivDatos

According to a new report by UnivDatos Market Insights, the PET Imaging Drug Market is expected to reach USD 1318.52 Million in 2030 by growing at a CAGR of 4.6%. PET imaging drugs have emerged as vital tools that enable physicians to peer into the body's molecular processes, offering insights into disease diagnosis, staging, and treatment assessment. Positron Emission Tomography (PET) scans, combined with these radiopharmaceuticals, have revolutionized the way healthcare professionals understand and manage various medical conditions. This article delves into the demand, applications, cost factors, manufacturing processes, and the significant role that PET imaging drugs play in the medical landscape.

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PET Imaging Drugs Demand:

The demand for PET imaging drugs has witnessed a substantial surge, driven by their unparalleled ability to provide molecular-level information about disease states. These radiotracers emit positrons, which interact with electrons within the body, resulting in the emission of gamma rays. These rays are captured by PET scanners, creating detailed images that reveal the presence and extent of diseases, such as cancer and neurodegenerative disorders, long before structural changes occur. As personalized medicine gains momentum, the demand for PET imaging drugs is set to rise, with an increasing focus on individualized treatment plans tailored to patients' unique molecular profiles.

Applications of PET Imaging Drugs:

The applications of PET imaging drugs are multifaceted and span across various medical specialties. In oncology, these drugs play a pivotal role in cancer detection, staging, and assessing the efficacy of treatment regimens. Neurology benefits from PET scans that help diagnose and differentiate various brain diseases, including Alzheimer's and Parkinson's. Cardiology relies on PET imaging drugs to evaluate myocardial perfusion and viability, providing critical information for cardiac patient management. Moreover, infectious diseases, inflammatory conditions, and even assessment of treatment response find application through PET imaging, underlining the diverse utility of these radiopharmaceuticals.

Manufacturing and Challenges:

The manufacturing of PET imaging drugs is a meticulous process that involves the synthesis of radiotracers with a short half-life. Cyclotrons are used to produce the radioactive isotopes required for these drugs, and the radiotracers are synthesized in a highly controlled environment. The time-sensitive nature of these drugs poses logistical challenges, requiring close coordination between cyclotron facilities, radiopharmacy, and imaging centers. Regulatory compliance, quality assurance, and radiation safety are paramount throughout the manufacturing process to ensure patient safety and accurate imaging results.

Recent Developments/Awareness Programs:- Several key players and governments are rapidly adopting strategic alliances, such as partnerships, or awareness programs for the treatment:-

· In March 2021, Bracco Diagnostics Inc. announced a new partnership with CardioNavix, LLC to improve patient access to cardiac PET imaging, an important diagnostic test for the detection of coronary artery disease (CAD).

· For instance, At Arab Health 2023 in Dubai, China-based firm United Imaging has forged a partnership agreement with I-ONE Nuclear Medicine & Oncology Center for a collaboration and research agreement for the first PET/MR uPMR 790 in the Gulf Countries.

· In June 2023, Siemens Healthineers (PETNET Solutions Inc.), and Blue Earth Diagnostics announced the commercial availability of POSLUMA (flotufolastat F 18) in the U.S., POSLUMA (formerly referred to as to as 18F-rhPSMA-7.3) is an optimized, high-affinity radio hybrid (rh) Prostate-Specific Membrane Antigen (PSMA)-targeted PET imaging agent.

· In 2020, Ga-68 PSMA-11, approved by FDA and developed by Advanced Accelerator Applications that is used for prostate-specific membrane antigen (PSMA) PET imaging. It offers high-resolution images to detect prostate cancer metastases and is gaining prominence for its role in guiding treatment decisions.

Drug Price Transparency Legislation

The U.S. government has been addressing concerns over rising prescription drug prices through various measures, including drug price transparency legislation. These policies aim to increase transparency in drug pricing by requiring pharmaceutical companies to disclose the costs associated with their medications, enabling consumers and healthcare providers to make more informed decisions about treatment options.

Orphan Drug Act

The Orphan Drug Act incentivizes the development of medications for rare diseases that affect a limited number of patients. This policy grants pharmaceutical companies orphan drug status, providing them with various incentives, including extended market exclusivity and tax credits, to encourage the development of treatments for rare diseases that might not be financially viable otherwise.

FDA Accelerated Approval Program

The U.S. Food and Drug Administration (FDA) offers the Accelerated Approval Program, which expedites the development and approval of drugs that address unmet medical needs. This policy allows drugs for serious conditions to be approved based on surrogate endpoints, with the requirement for post-approval studies to confirm clinical benefits. It aims to provide patients with earlier access to promising therapies..

Biosimilar Approval Pathway

The Biologics Price Competition and Innovation Act (BPCIA) established an approval pathway for biosimilar drugs, which are highly like existing biologic medications. This policy encourages competition in the biologic drug market, potentially leading to lower drug prices and increased access to important treatments for patients.

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Conclusion

In conclusion, PET imaging drugs have transcended the realm of diagnostics to become indispensable tools in the healthcare arsenal. Their ability to visualize molecular processes empowers physicians with invaluable information that shapes treatment decisions and improves patient outcomes. As technology advances and research continues, the applications of PET imaging drugs are likely to expand, unlocking new possibilities in disease understanding and management. While challenges such as cost and manufacturing complexity persist, the positive impact these radiopharmaceuticals have on patient care underscores their pivotal role in the evolution of modern medicine.

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Scintillation Counters Market

Scintillation Counters Market Size, Share, Trends: Hitachi Ltd. Leads

Increasing Prevalence of Chronic Diseases Driving Demand for Nuclear Medicine

Market Overview:

The global scintillation counters market is projected to grow at a CAGR of 5.8% during the forecast period of 2024-2031, reaching a value of USD YY million by 2031, up from USD YY million in 2024. North America dominates the market, accounting for YY% of the global share in 2024. This dominance is driven by the presence of a well-established healthcare infrastructure, increasing investments in nuclear medicine, and the growing adoption of scintillation counters in various industrial applications. The market is witnessing steady growth due to the rising prevalence of chronic diseases, the increasing demand for radioisotopes in medical diagnostics and therapeutics, and the growing applications of scintillation counters in environmental monitoring and radiation safety. 

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Market Trends:

The increasing prevalence of chronic diseases such as cancer and cardiovascular ailments is driving the demand for more advanced diagnostic and therapeutic methods in nuclear medicine. Scintillation counters play a crucial role in detecting and quantifying radioactivity in various nuclear medicine applications, such as PET, SPECT, and radioimmunotherapy. According to the World Health Organisation (WHO), cancer is the world's second biggest cause of death, accounting for YY million deaths in 2021. The rising prevalence of chronic diseases is predicted to boost demand for scintillation counters in the healthcare industry.

Market Segmentation:

Liquid scintillation counters are predicted to dominate the scintillation counter market over the forecast period. In 2024, the liquid scintillation counters industry was responsible for more than YY% of the global market share. Liquid scintillation counting is a prominent technique for detecting and quantifying low-energy beta emitters like tritium and carbon-14, which have a variety of applications in biological sciences, drug development, and environmental monitoring. For many applications, liquid scintillation counters are the optimum choice because of their high sensitivity, minimal background noise, and ability to monitor a wide range of sample types. Growing research efforts in radiopharmaceuticals, as well as rising need for environmental radiation monitoring, are projected to drive the liquid scintillation counters market in the approaching years.

Market Key Players:

Prominent players in the scintillation counters market include Hitachi Ltd., Mirion Technologies, Inc., Hidex Oy, PerkinElmer Inc., and Berthold Technologies GmbH & Co. KG. These companies are leading the market with their innovative approaches, extensive product portfolios, and global distribution networks, continuously setting industry standards and driving market growth.

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