Global Radiopharmaceuticals in Nuclear Medicine Market to surpass US$ 11,504.8 Mn by 2027, Says Coherent Market Insights (CMI)
SEATTLE--(BUSINESS WIRE)-- According to Coherent Market Insights, the global radiopharmaceuticals in nuclear medicine market is estimated to be valued at US$ 6,700.5 million in 2020 and is expected to exhibit a CAGR of 8.0% over the forecast period (2020-2027).
Key Trends and Analysis:
Key trends in the global radiopharmaceuticals in nuclear medicine market include increasing prevalence of cancer and cardiovascular diseases, increasing research and development activities by market players, and increasing mergers, acquisitions, and partnerships by market players.
According to National Cancer Institute, 2016, an estimated 16.8 million new cases of cancer were diagnosed in the U.S., with around 595,690 deaths from the disease. The number of people with cancer is expected to rise to 19 million by 2024.
Also, according to the data published by American Heart Association in 2018, cardiovascular disease, listed as the underlying cause of death, accounted for around 836,546 deaths in the U.S. This is around 1 in every 3 deaths in the U.S.
Market players are focusing on increasing their research and development activities, which is expected to boost growth of the global radiopharmaceuticals in nuclear medicine over the forecast period. For instance, in February 2019, Fusion Pharma announced the first patient dosing in a phase 1 clinical trial of [225AC]-FPI-1434 (which would target insulin-like growth factor-1 receptor 1 (IGF-1R) injection in patients with advanced solid tumors. Patients will be screened for target expression with the imaging agent [111In]-FPI-1547.
Furthermore, key players in the market are focused on adopting various inorganic growth strategies such as mergers and partnerships to enhance their product portfolio. For instance, in February 2019, Progenics Pharmaceuticals, Inc. acquired the manufacturing facility in Somerset, New Jersey for AZEDRA, for cash consideration of US$ 8.0 million. This Somerset site serves as a launch facility for AZEDRA and will also provide manufacturing support for the company’s development stage radiopharmaceuticals.
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Key Market Takeaways:
The global radiopharmaceuticals in nuclear medicine market is expected to exhibit a CAGR of 8.0% over the forecast period. This is owing to increasing product approvals by regulatory authorities. For instance, in January 2019, Curium Pharma and its partner RadioMedix Inc.’s investigational diagnostic radiopharmaceutical, 64Cu-Dotatate, was granted ‘Fast Track’ designation by the U.S. FDA. 64Cu-Dotatate is a PET diagnostic agent being studied for somatostatin receptor expressing neuroendocrine tumors (NETs).
Among region, North America is expected to hold dominant position in the global radiopharmaceuticals in nuclear medicine market over the forecast period, owing to increasing collaboration and partnership agreements by key players in the region. For instance, in March 2019, NorthStar Medical Radioisotopes, LLC signed a contract with IBA (Ion Beam Applications S.A.) to purchase eight Rhodotron TT300 HE electron beam accelerators to expand the U.S. production of non-uranium based radioisotope Mo-99.
Key players operating in the global radiopharmaceuticals in nuclear medicine market include Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc.
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- Global Radiopharmaceuticals in Nuclear Medicine Market, By Product Type:
- Diagnostic Nuclear Medicine
- SPECT Radiopharmaceuticals
- PET Radiopharmaceuticals
- Therapeutic Nuclear Medicine
- Diagnostic Nuclear Medicine
- Global Radiopharmaceuticals in Nuclear Medicine Market, By Application:
- Global Radiopharmaceuticals in Nuclear Medicine Market, By End User:
- Specialty Clinics
- Diagnostic Centers
- Global Radiopharmaceuticals in Nuclear Medicine Market, By Region:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
Source: Coherent Market Insights