According to the report, the global radiopharmaceutical theranostics market was valued at US$ 0.84 Bn in 2020 and is projected to expand at a CAGR of 11% from 2021 to 2031.
Radiopharmaceutical Theranostics Market: Introduction
According to the report, the global radiopharmaceutical theranostics market was valued at US$ 0.84 Bn in 2020 and is projected to expand at a CAGR of 11% from 2021 to 2031. Nuclear medicine imaging is primarily based on the principle of using radioactive isotopes attached to specific molecules (i.e., radiopharmaceutical agents or radiotracers) to examine key biologic processes, including disease pathophysiology. Radiopharmaceuticals are agents used for both diagnostic and therapeutic purposes. Organizations across the world classify these differently. According to the WHO, these are categorized into ready-for-use radioactive goods, radionuclide generators, non-radioactive components (“kits”) for the production of labelled compounds containing a radioactive component, and precursors used for radiolabelling other substances prior to administration.
The radiopharmaceutical market is projected to be driven by factors such as increase in therapeutic applications, public awareness, usage of hybrid imaging, technological advancements, efficient diagnosis & treatments, emergence of new radioisotopes, and replacement of traditional equipment.
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Rise in Prevalence of Cancer to Drive Global Market
The significance of customized medicine has been growing rapidly, owing to a more urgent need to avoid unnecessary and expensive treatments. In radiopharmaceuticals, the theranostics approach is an established tool for specific molecular targeting, both for diagnostics and therapy. The visualization of potential targets could help predict if a patient would benefit from a particular treatment. According to the International Agency for Research on Cancer, the global cancer burden surged to 19.3 million cases and 10 million cancer deaths in 2020. By 2040, the number of new cancer cases per year is anticipated to reach 29.5 million, with 16.4 million cancer-related deaths.
Radiopharmaceutical theranostics is becoming an increasingly essential component of cancer treatment. Radioiodine is the classic radiotheranostic agent for clinical treatment of thyroid tumors. Radiolabeled metaiodobenzylguanidine is another prominent radiotheranostic drug, which has been used for diagnostic imaging and therapy of neuroblastoma, paraganglioma, and pheochromocytoma patients.
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Significant and promising advancements have been made in radiotheranostics for neuroendocrine tumors, prostate cancer, and other conditions. Few instance of radiopharmaceutical theranostics pair are 177Lu/68Ga, 111In, 223Ra/99Tc, 18NaF, 131I/123I, 124I, etc.
Radiopharmaceutical theranostics is gaining traction and will most likely be able to expand its scope to include new cancer biomarkers and indications in future. Hence, rise in the prevalence of cancer is projected to propel the demand for radiopharmaceutical theranostics over the next few years.
Lutetium (Lu) 177 to Dominate Global Market
In terms of radioisotope, the global radiopharmaceutical theranostics market has been classified into technetium-99, gallium-68, iodine-131, iodine-123, fluorine-18, yttrium-90, lutetium (Lu) 177, copper (Cu) 67, copper (Cu) 64, and others. The lutetium (Lu) 177 segment dominated the global radiopharmaceutical theranostics market in 2020 and the trend is anticipated to continue during the forecast period. The favorable nuclear characteristics as well as easy availability of high activity levels of high specific activity 177Lu are the major factors for the widespread interest in the clinical use of this radionuclide.
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Oncology to Offer Lucrative Opportunities
Based on application, the global radiopharmaceutical theranostics market has been categorized into oncology, cardiology, and others. The oncology segment dominated the global radiopharmaceutical theranostics market in 2020. Most of the radioisotopes are used in oncology for diagnosis or radiation therapy. 68 Ga DOTATE and 177 Lu DOTATOC is the commonly used theranostics pair in diagnosis and treatment of neuroendocrine tumors.
High Number of Cyclotrons Facilities to Drive Global Market
In terms of source, the global radiopharmaceutical theranostics market has been bifurcated into nuclear reactors and cyclotrons. The cyclotrons segment dominated the market in 2020. The segment is expected to expand at the highest CAGR from 2021 to 2031. The segment is likely to witness rapid growth, owing to a large number of existing cyclotron facilities across the world.
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North America to Lead Radiopharmaceutical Theranostics Market
The global radiopharmaceutical theranostics market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, followed by Europe. North America accounted for a major share of the global radiopharmaceutical theranostics market in 2020. The high prevalence of neuroendocrine tumors (NETs) drives the radiopharmaceutical theranostics market in North America. Over 12,000 people in the U.S. are diagnosed with neuroendocrine tumors each year. The sensitivity and specificity of Ga-68 and Lu-177 as a theranostics pair have been evaluated in a number of clinical trials. This factor is expected to fuel the growth of the market in the region.
Competition Landscape
The global radiopharmaceutical theranostics market is fragmented due to the presence of a large number of leading players. Key players operating in the global market include Nihon Medi-Physics, ITM Isotopen Technologien München AG, Advanced Accelerator Applications, Telix Pharmaceuticals, GE Healthcare, Theragnostics Ltd, NuView Life Sciences, Jubilant Pharma Limited, Lantheus Holdings, Inc., Curium Pharma, Bayer AG, and Clarity Pharmaceuticals. New product development through robust R&D activities and mergers & acquisitions are the key strategies adopted by these players to expand business in the global radiopharmaceutical theranostics market.
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