Global Radiopharmaceuticals Market to Reach US$8.9 Billion by the Year 2026

Radiopharmaceuticals are medicinal solutions containing radioisotopes or radiotracers, which are administered to the patient where they localize to specific organs and emit radiation. Growth in the global market is supported by growing number of nuclear procedures driven by rise in prevalence of cancer, and heart diseases. Significant therapeutic usage of radiopharmaceuticals became possible after the availability of cyclotrons and nuclear reactors which could synthesize large quantities of radioisotopes. The market is further supported by the recent discovery of newer and successful therapeutic applications of radiopharmaceuticals in oncology and cardiology prognosis. Additional impetus from a stream of drug development and testing phases demonstrate the interest surrounding radiopharmaceuticals. Development and progress in this space is anticipated to be fueled by immunology combined with radioisotopes and monoclonal antibodies so as to produce radioisotopes with unprecedented specificity in cancer diagnosis and therapy. Rising popularity of advanced SPECT/CT and PET/CT scanners is also expected to unravel new clinical opportunities.

Amid the COVID-19 crisis, the global market for Radiopharmaceuticals estimated at US$5.3 Billion in the year 2020, is projected to reach a revised size of US$8.9 Billion by 2026, growing at a CAGR of 8.7% over the analysis period. SPECT Radioisotopes, one of the segments analyzed in the report, is projected to grow at a 8.1% CAGR to reach US$4.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pet Radioisotopes segment is readjusted to a revised 9.5% CAGR for the next 7-year period. This segment currently accounts for a 24% share of the global Radiopharmaceuticals market. PET diagnostic radiopharmaceuticals are employed in procedures utilizing PET/CT or PET diagnostic scanners while SPECT diagnostic radiopharmaceuticals are employed in procedures utilizing gamma cameras. Rising popularity of advanced SPECT/CT scanners is expected to unravel new clinical opportunities for SPECT Radioisotopes. Rise in PET procedural volume is expected to provide opportunities for radiopharmaceuticals such as Fluorodeoxyglucose (FDG).

The U.S. Market is Estimated at $2.7 Billion in 2021, While China is Forecast to Reach $545.7 Million by 2026

The Radiopharmaceuticals market in the U.S. is estimated at US$2.7 Billion in the year 2021. The country currently accounts for a 48% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$545.7 Million in the year 2026 trailing a CAGR of 11.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7% and 6.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.6% CAGR while Rest of European market (as defined in the study) will reach US$591.5 Million by the end of the analysis period.

Beta Emitters Segment to Reach $1.6 Billion by 2026

Certain radiopharmaceuticals consist of radionuclides that deliver particulate emission such as beta or alpha radiations or auger electrons possessing the capability to kill diseased tissues. In the global Beta Emitters segment, USA, Canada, Japan, China and Europe will drive the 10.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$744.7 Million in the year 2020 will reach a projected size of US$1.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$65.1 Million by the year 2026, while Latin America will expand at a 10.5% CAGR through the analysis period.