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ONCOLOGY RADIOPHARMACEUTICALS SIZE
BURLINGAME, CALIFORNIA, UNITED STATES, February 6, 2024 /EINPresswire / -- Market Overview:
Oncology radiopharmaceuticals are radioactive compounds used for both diagnostic and therapeutic purposes in cancer treatment. They help in detecting and treating tumors using positron emission tomography (PET) and other nuclear medicine techniques.
Market Dynamics:
The major factors driving growth of the oncology radiopharmaceuticals market include increasing advancement in cancer detection and treatment techniques as well as rising prevalence of cancer worldwide. According to the World Health Organization, cancer is the second leading cause of death globally and accounted for an estimated 9.6 million deaths in 2018. Furthermore, growing awareness about PET imaging and favorable reimbursement policies are also fueling demand for oncology radiopharmaceuticals. Several market players are focusing on developing new targeted radiotracers with higher sensitivity and specificity which is further expected to boost the market growth during the forecast period.
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Top Companies Covered In This Report: Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., International Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health
Market Segmentation:
By Test Type: Radium-223 dichloride, Sodium iodide I-131, Lobenguane iodine-131, Lutetium-177, Yttrium-90, Fludeoxyglucose F 18, Gallium Citrate Ga 67, Technetium-99m, Others
By Route of Administration: Oral, Intravenous
By Application: Diagnosis, Treatment
By End User: Diagnostic Centers, Hospitals and Clinics, Research Institutes
Geographically, the detailed analysis of consumption, revenue, Oncology Radiopharmaceuticals Market share, growth rate, etc. of the following regions:
)) North America (United States, Canada, and Mexico)
)) Europe (Germany, France, UK, Russia, Italy)
)) Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
)) Latin America (Brazil, Argentina, Colombia)
)) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Major market drivers for growing Oncology Radiopharmaceuticals Market
Increasing prevalence of cancer and rising number of cancer diagnosis
Cancer is one of the leading cause of morbidity and mortality worldwide. According to estimates by WHO, around 9.6 million deaths occurred in 2018 due to cancer. The increasing prevalence of cancer has led to rise in number of cancer diagnosis. Higher diagnosis has augmented the demand for radiopharmaceuticals used for cancer imaging, staging, restaging, and therapy of various cancers. The projected increase in cancer burden is expected to boost the sales of radioisotopes based radiopharmaceuticals notably in emerging economies.
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Technological advancements in diagnostic imaging techniques
Technological advancements in diagnostic imaging modalities such as PET/CT and SPECT/CT have expanded their applications in diagnosis, staging, and management of cancer. Positron emission tomography combined with computed tomography (PET/CT) has revolutionized cancer diagnostics. Radiopharmaceuticals play a crucial role as PET imaging agents in PET/CT scans. Novel radioisotope production and labeling methodologies have enhanced target specificity of radiotracers. Development of theranostic radiopharmaceuticals have opened up possibilities for personalized targeted alpha and beta radiation therapy of cancer. This is expected to drive the radiopharmaceuticals market.
Major market restrain for Oncology Radiopharmaceuticals Market
Stringent regulatory requirements for production and distribution
Being a part of healthcare as well as radioactive materials, radiopharmaceuticals are highly regulated by regional and international regulatory bodies. Requirements for production licenses, certifications, labeling and distribution of radioisotopes add considerable compliance costs. The regulatory norms pertaining to personal protective equipment for staff involved with radiopharmaceuticals and radiation protection of equipment further increase operational costs. Changes in regulations due to political events can impact supply of some crucial radiotracers import dependent countries. Stringent policies act as a restraint to the growth of radiopharmaceuticals market.
Major market opportunity for Oncology Radiopharmaceuticals Market
Untapped potential in emerging economies
Developing regions such as Asia Pacific, Latin America, Africa and Middle East represent huge market opportunities that remain mostly untapped. Majority of the emerging nations have low cancer screening rates and limited availability of diagnostic and therapeutic radiopharmaceuticals. Increasing healthcare expenditure, foreign investments in healthcare infrastructure and rising public-private partnerships are slowly expanding access to cancer care in developing countries. This presents significant potential for radiopharmaceutical companies to introduce novel radioisotopes and related services and radiotracers in emerging markets. Product licensing and partnership strategies can help in tapping into unmet needs in developing world.
Major Oncology Radiopharmaceuticals Market trend
Increased focus on theragnostic applications
Traditionally radioisotopes found major applications as diagnostic radiotracers for cancer imaging. However, there is an increasing focus on developing radiopharmaceuticals for both diagnostic as well as therapeutic purposes known as theragnostics. Alpha emitting and beta emitting radionuclides are being studied for targeted radiotherapy of tumors. Combining tumor targeting capabilities of biologics with radiation sources allow personalized treatment strategies. Development of pairs of diagnostic and therapeutic radiopharmaceuticals will help in patient selection as well as concurrent monitoring of treatment responses. Theragnostics is anticipated to be a key area of focus and innovation in radiopharmaceutical industry with potential for improved outcomes.
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FAQ's
Q.1 What are the main factors influencing the Oncology Radiopharmaceuticals market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market's opportunities, risks, and general structure?
Q.4 Which of the top Oncology Radiopharmaceuticals Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Oncology Radiopharmaceuticals market's distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area's assessment of agreements, income, and value implicate?
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