According to Vision Research Reports, the global radiopharmaceutical market size surpassed at US$ 3.9 Bn in 2020 and is expected to grow at a CAGR of 4.5% from 2021 to 2028.
Global radiopharmaceutical market size is projected to surpass around UD$ 5.6 billion by 2028, factors such as increase in per-capita healthcare expenditure, rise in healthcare infrastructure such as cancer institute & hospitals, and rapid urbanization in developing countries in Asia is expected to increase the influx of emigrant population, which requires sufficient healthcare services to cater to the unmet medical needs, are anticipated to drive the global radiopharmaceutical market.
The market growth can be primarily attributed to the increasing focus on the discovery of new radiopharmaceuticals and the soaring adoption rate of Technetium – 99 for diagnostic procedures. Stakeholders should align their product development activities and commercialization strategies in tune with regulatory guidelines laid down by the FDA. Moreover, attaining FDA approval will play an important role in the expansion of the radiopharmaceutical market in the coming years. On the regional front, developed regions including North America and Europe are expected to be at the forefront in terms of the development of new drugs, owing to high concentration of market players, rising investment toward research & development, and robust healthcare ecosystem in these regions.
Some of the factors driving the radiopharmaceutical market are expansion activities of key radiopharma players; applications in clinical trials; and increase in aging population, pipeline assessment of new drugs, and disease indication mortality. Shutdown of some of the nuclear reactors has led to the development of cyclotron as an alternate source of production of radioisotopes. Increase in prevalence of cancer and rise in demand for nuclear scans for precise diagnosis are among the key factors driving the expansion of the radiopharmaceutical market. Additionally, cost advantage over outsourced radioactive tracers and accessibility of technologically advanced diagnostic devices such as positron emission tomography scan (PET/CT) and a single-photon emission computerized tomography (SPECT) are playing a crucial role in propelling the radiopharmaceutical market.
Based on end user, the hospital segments accounted for major share of the global radiopharmaceutical market in terms of revenue in 2020. The segment is expected to expand at a moderate CAGR during the forecast period. Hospitals are major end-users of radiopharmaceutical products, which are used in the treatment of diseases such as cancer, cardiovascular heart diseases, neurological disorders, and diabetes. Hospitals are an important channel for the usage of radioisotopes as nuclear medicine. According to government healthcare facilities, hospitals have reimbursement plans and advanced technology systems for disease treatment.
Radiopharmaceutical products are made of radioactive agents, which are required to be handled by experts for treating cancer and other diseases. Hence, patients prefer treatment available in hospitals. Another reason for this preference is that new diagnostic systems are easily available due to government initiatives.
Major Shift from SPECT to PET/CT
Increase in Purchasing Power of Hospitals and Technological Advancements: Key Drivers of Radiopharmaceutical Market
North America held the largest share of the global radiopharmaceutical market in 2020. The demand for medical devices and services continues to be high in the U.S. It is anticipated to increase in the future due to rapidly increasing aging population. Additionally, demand for advanced medical products and technologies is increasing. This is expected to augment the radiopharmaceutical market in North America.
Asia Pacific accounted for a significant share of the global radiopharmaceutical market in 2020. The market in the region is expected to grow at a rapid pace during the forecast period. The radiopharmaceutical market in Asia Pacific is expected to expand at a rapid pace due to higher production rate of isotopes. Production of radioisotopes is higher in Japan, China, India, Australia, and South Korea, which held major shares of the radiopharmaceutical market in Asia Pacific. The radiopharmaceutical market in Japan is expected to be prominent during the forecast period due to the activities of Sumitomo Corporation, which supplies radioactive raw material to radiopharmaceutical companies. Introduction of a new accelerator system for production of radioisotopes in Japan and Australia is projected to propel the radiopharmaceutical market.
Some of the factors likely to boost the radiopharmaceutical market in Asia Pacific are increase in access to healthcare services; growth in per capita income; rise in demand for radiopharmaceuticals; surge in incidence of cancer and heart-related diseases; and speedy introduction of advanced technological systems such as PET/CT, SPECT, and a few accelerator systems.
Leading players in the global radiopharmaceutical market include
The Radiopharmaceutical market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Radiopharmaceutical market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Radiopharmaceutical market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Radiopharmaceutical market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Radiopharmaceutical market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Radiopharmaceutical capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Radiopharmaceutical by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Radiopharmaceutical market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Radiopharmaceutical market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Radiopharmaceutical market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Radiopharmaceutical industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Radiopharmaceutical market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Radiopharmaceutical market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Radiopharmaceutical market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Radiopharmaceutical market. These factors have benefited the growth of the global market for Radiopharmaceutical. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Radiopharmaceutical. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Radiopharmaceutical are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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