April 13, 2024

Oncology Radiopharmaceuticals Market is Estimated to Witness High Growth Due to Advancements in Radioisotope Production Technology

The oncology radiopharmaceuticals market has expanded significantly over the past decade owing to the increasing prevalence of various types of cancer and rise in adoption of precision cancer imaging and targeted therapies. Radiopharmaceuticals are gaining popularity as an effective diagnostic and therapeutic approach in the treatment and management of cancer, leukemia, lymphoma, endocrine disorders and other diseases. These drugs help deliver radiation directly to cancer cells thereby enabling accurate diagnosis and localization of tumors, along with helping optimize treatment strategies.

Global oncology radiopharmaceuticals market is estimated to be valued at US$ 8468.36 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2024 to 2030.

Advancement in radioisotope production technology has enabled the development of new targeted radiotracers and alpha & beta-emitting radiopharmaceuticals with improved efficacy and reduced side effects compared to traditional chemotherapy. This has boosted the demand for radiopharmaceuticals in recent years.

Key Takeaways
Key players operating in the oncology radiopharmaceuticals market are Accord Healthcare Inc., Viatris Inc., Sandoz Inc., Sun Pharmaceutical Industries Inc., Vintage Pharmaceuticals Inc., Zydus Pharmaceuticals USA Inc., Watson laboratories Inc., Torrent Pharmaceuticals Ltd., Dr Reddy’s Laboratories Ltd., Unichem Laboratories Ltd., Apotex Inc. and Intas Pharmaceuticals Ltd.
Some of the key opportunities in the market include expansion in developing regions, increased adoption in neuro-oncology and emergence of artificial intelligence assisted radiotracer development. Technological developments such as alpha radiotherapeutics, SPECT/PET imaging agents and therapeutic radioisotopes augur well for market growth over the forecast period.

Market Drivers
One of the key market drivers is increasing demand for PET and SPECT radiotracers for accurate cancer diagnosis and staging. These imaging agents provide higher resolution, sensitivity and specificity for tumor detection compared to CT, MRI and X-rays. Growing geriatric population which is more prone to developing cancer also drives the market. In addition, rise in healthcare expenditure, awareness about early cancer diagnosis and favorable reimbursement policies foster overall adoption of radiopharmaceuticals.

Current challenges in the Oncology Radiopharmaceuticals market
The oncology radiopharmaceuticals market is facing several challenges currently. Manufacturers have to comply with stringent regulations regarding production, storage, administration and disposal of radioactive materials used in imaging and therapeutic radiopharmaceuticals. This increases production cost and delays product launches. The short half-lives of radioisotopes used make distribution and logistics a big challenge. Many countries lack adequate infrastructure and trained personnel for nuclear medicine facilities. Radiopharmaceuticals also require high capital investment in cyclotron and radioactive labeling facilities. Their production involves complex synthesis and quality control procedures.

SWOT Analysis
Strength: Many new radionuclides and disease targeting molecules are being researched which can improve detection sensitivity and expand therapeutic application of radiopharmaceuticals.

Weakness: Short Half-life of radioisotopes requires on-site production facilities or local isotope generators limiting global distribution.

Opportunity: Growing geriatric population and rising cancer incidence create increasing demand. New therapeutic applications in pain palliation, radio immunotherapy etc. are being explored.

Threats: Alternative cancer imaging modalities like MRI, PET competitors. Regulations can delay approvals and increase costs. Safety concerns can negatively impact market if not addressed properly.

Geographical Regions
North America accounts for the largest share of the oncology radiopharmaceuticals market currently, due to growing cancer prevalence, supportive reimbursement structures, and widespread adoption of nuclear medicine technologies. Europe is the second largest market helped by increasing healthcare investments and favorable regulations for drug approvals. Asia Pacific region is expected to witness the fastest growth during forecast period due to rising healthcare infrastructure, growing medical tourism, and large patient pool in densely populated countries like China and India.

The market for oncology radiopharmaceuticals is concentrated most in developed countries of North America and Europe where nuclear medicine facilities are well established. However, Asia Pacific region is emerging as the fastest growing geographical segment in coming years due to rapidly improving healthcare infrastructure and large underserved population suffering from cancer. Countries like China, Japan and India will drive most growth due to heavy recent investments in research facilities and hospitals focused on precision cancer therapies.

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