June 16, 2024

Oncology Radiopharmaceuticals Market Is Driven By Growing Cancer Prevalence

Radiopharmaceuticals play a vital role in the diagnosis and treatment of various types of cancer through the use of radioactive isotopes. They offer non-invasive procedures for cancer detection at an early stage and help physicians target tumor cells more precisely. For instance, radiopharmaceuticals labeled with radioactive isotopes such as fluorine-18, iodine-131, gallium-67, technetium-99m, yttrium-90, and lutetium-177 are useful in positron emission tomography (PET) scans and radioisotope therapy, enabling physicians to visualize cancer sites and administer localized radiation therapy.

The global Oncology Radiopharmaceuticals Market is estimated to be valued at Us$ 7351 Mn In 2024 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The oncology radiopharmaceuticals market is characterized by new product approvals and launches. Major players are focused on developing innovative radiopharmaceuticals for diagnosing and treating various cancers. For instance, in July 2022, the U.S. Food and Drug Administration (FDA) approved Radspherin, a targeted alpha therapy developed by Bayer AG for the treatment of microcytoma. Radspherin uses alpha particle-emitting radium-223 to kill cancer cells carrying out bone marrow biopsies. Similarly, in May 2022, the FDA granted marketing approval to Pluvicto, a new radiopharmaceutical developed by Advanced Accelerator Applications, a Novartis company, for the treatment of prostate cancer. Pluvicto concentrates in areas of metastases in prostate cancer patients to deliver targeted cancer cell-killing radiation. Such regular new product approvals are expected to drive the market growth.

 

Porter’s Analysis

Threat of new entrants: The threat of new entrants is medium as significant capital investment is required for R&D, manufacturing facilities and obtaining regulatory approval which makes entry difficult.

Bargaining power of buyers: The bargaining power of buyers is medium as oncology radiopharmaceuticals have limited alternatives and buyers have to rely on a few major suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is medium as key raw materials are specialized and suppliers have some control over pricing.

Threat of new substitutes: The threat of new substitutes is low as radiopharmaceuticals are highly specialized with limited substitutes for cancer diagnosis and treatment applications.

Competitive rivalry: The competition in the market is high among major established players.

Key Takeaways

 

The Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth over the forecast period. The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

Regional analysis:

 

North America is expected to account for over 35% market share in 2030 led by developed healthcare infrastructure and availability of reimbursement in countries like US and Canada. Europe market is also projected to grow at a CAGR of around 6% during 2023-2030 due to increasing prevalence of cancer.

Key players:

 

Key players operating in the Oncology Radiopharmaceuticals market are Cardinal Health, Curium, Bayer AG, General Electric Company (GE Healthcare), Lantheus Medical Imaging Inc., Bracco Diagnostic Inc., NTP Radioisotopes and Jubilant Pharma. Cardinal Health is one of the leaders in the global Oncology Radiopharmaceuticals market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it