Oncology radiopharmaceuticals are radioactive pharmaceutical drugs used for both therapeutic and diagnostic purposes in cancer. These are chiefly used in positron emission tomography (PET) scans and focused on detecting and localizing cancer cells and tumors in the body. Some of the most widely used oncology radiopharmaceuticals include fluorodeoxyglucose (FDG), sodium iodide (I-131), and sodium fluoride (NaF-18). FDG-PET scans utilize radiolabeled glucose analog FDG to detect tumors based on their high glycolytic rates as compared to normal tissues. On the other hand, I-131 is used as a therapeutic radiopharmaceutical for treatment of thyroid cancer.
The global oncology radiopharmaceuticals market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Incidence of Cancer Cases Globally: According to World Health Organization, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The rising prevalence of cancer owing to changing lifestyles, growing elderly population, and increasing environmental risk factors is projected to boost the need for early diagnosis and treatment of cancer. This is expected to upsurge the demand for oncology radiopharmaceuticals significantly during the forecast period. Innovations in Radiopharmaceutical Technologies: Ongoing research and development activities in radiopharmaceuticals development is expected to introduce more targeted and effective radiotracers to accurately diagnose and treat various types of cancer. Emergence of new technologies such as theranostics which enable both diagnosis and targeted radionuclide therapies are anticipated to revolutionize cancer radiopharmaceuticals market in the coming years.
Segment Analysis
Oncology Radiopharmaceuticals market can be segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. Diagnostic radiopharmaceuticals dominates the market currently with more than 60% share owing to higher usages of techniques like PET and SPECT scans for cancer detection and staging at relatively lower costs compared to targeted therapies. Within diagnostic radiopharmaceuticals, fluorodeoxyglucose F 18 (FDG) dominates with majority market share due to its wide acceptability and usage in detection of various cancers like breast, lung etc.
PEST Analysis
Political: Governments across major countries are focusing on increasing cancer screening and early detection rates through favorable reimbursement policies for radiopharmaceutical procedures which is positively impacting the market.
Economic: Rising per capita healthcare spends coupled with growing middle class population in developing countries is augmenting the demand. High cancer treatment costs also provide opportunities for effective affordable radiodiagnostics and targeted radiotherapies.
Social: Increasing public awareness about early cancer detection benefits through initiatives by healthcare providers and government bodies is propelling the market growth.
Technological: Advancements in targeted radiopharmaceuticals development, personalized precision cancer imaging techniques like PET/CT and SPECT/CT scans, and molecularly targeted alpha-particle therapies are fueling the market expansion.
Key Takeaways
he Global Oncology Radiopharmaceuticals Market Growth is expected to witness high over the forecast period supported by rising cancer incidence worldwide. The global oncology radiopharmaceuticals market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
North America dominates currently attributed to well-established healthcare systems, higher healthcare spends and availability of advanced technologies in the region. Factors like presence of leading market players, favorable reimbursement policies and growing adoption of nuclear imaging and treatment contribute to the regional leadership.
Key players operating in the Oncology Radiopharmaceuticals market are Ecolab Inc., BASF SE, Solvay S.A., FQE Chemicals, Innospec Inc., Stepan Company, Dow Inc., Kemira Oyj, GE Water and Process Technologies, Aries Chemical Inc. The market is consolidated in nature with top players accounting for majority share. These players are focused on new product launches, regional expansions and collaborations to strengthen their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it