The Global Market for Radiopharmaceuticals is Projected to Reach US$6 Billion by 2020
Expanding Commercial Use in Nuclear Imaging Drives Demand for Radiopharmaceuticals,
According to a New Report by Global Industry Analysts, Inc.
GIA
announces the release of a comprehensive global report on Radiopharmaceuticals. The global market for Radiopharmaceuticals is
projected to reach US$6 billion by 2020, driven by the growing mainstream
interest in nuclear medicine, and the development of new radionuclides for
cancer nuclear imaging and internal radiotherapy.
Defined as radioactive isotopes, radiopharmaceuticals are used as tracers to diagnose and treat various
life-threatening diseases. The global market
for radiopharmaceuticals is driven by the increase in the number of nuclear
imaging procedures in the field of cardiology, neurology, pulmonology, and
oncology. Diagnostic radiopharmaceuticals represent the largest market, supported
by the well-established use of radioisotopes in diagnostic imaging. While cardiovascular and oncology imaging represent the
core application areas for diagnostic radiopharmaceuticals, research has
expanded its use to other areas of medicine including neurology.
Stringent regulations governing the production
and storage of radiopharmaceuticals, fears associated with radioactivity
exposure, and shortage of raw materials, represent immediate challenges to
growth in the market. The global production and supply of Technetium-99, a key
radioisotope used in radiopharmaceuticals, remains challenged. As a result, development
of a new technology is currently underway to produce isotopes without a nuclear
reactor.
Therapeutic radiopharmaceuticals represents the fastest growing market,
supported by numerous advantages over traditional therapies and drugs. Few
of these benefits include targeted therapeutic irradiation with lower side
effects, and superior radioactivity enabled noninvasive external monitoring. Easy
detection of metastatic sites and uninterrupted monitoring of progress in
treatment are key factors driving use of radiopharmaceuticals in targeted
treatment applications. Cancer is therefore emerging as a lucrative application
area for radiopharmaceuticals. The success of radioimmunotherapy, which
involves the use of radiolabelled antibodies to release cytotoxic radiation to
a target cell, holds promising prospects for radiopharmaceuticals. Research
revolving around therapeutic radiopharmaceuticals is mainly focused on
antibody-based drugs and the relatively new-targeted peptides linked to
therapeutic isotopes.
As stated by the new market
research report on Radiopharmaceuticals, the United States represents the largest market
worldwide. Asia-Pacific is forecast to emerge as the fastest growing market
with a CAGR of 10.4% over the analysis period. The growth in the region is led by
developing healthcare infrastructure, growing R&D interest in nuclear medicine,
commitment to technology and development of new therapeutic isotopes, and the need
for safe and effective therapies and products to meet the complex healthcare
needs of a growing population.
Major
players covered in the report include Actinium Pharmaceuticals Inc., Advanced
Medical Isotope Corporation, Alliance Medical, Alseres Pharmaceuticals Inc., Avid
Radiopharmaceuticals, Bayer HealthCare Medical Care, Bracco Diagnostics Inc.,
Cardinal Health, Inc., GE Healthcare, Ion
Beam Applications SA, Immunomedics, Inc., Jubilant Pharma, Lantheus Medical
Imaging Inc., Mallinckrodt Pharmaceuticals, Medi-Radiopharma Ltd., Nordion, Inc.,
Peregrine Pharmaceuticals, Inc., PETNET Solutions Inc., Positron Corporation, Singapore
Radiopharmaceuticals Pte Ltd., and Triad Isotopes Inc., among others.
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