Pune , Jan. 28, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the radiopharmaceuticals market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the radiopharmaceuticals market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the procedural volume, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global radiopharmaceuticals market are Mallinckrodt PLC, GE Healthcare (A Fully-Owned Subsidiary of General Electric Company), Cardinal Health, Inc., Bayer AG, Bracco Imaging S.P.A, Lantheus Medical Imaging, Inc., Eczacibasi-Monrol Nuclear Products, Advanced Accelerator Applications S.A., Nordion, Inc. (A Subsidiary of Sterigenics International LLC.), Iba Molecular among other. To achieve a substantial market share in the worldwide radiopharmaceuticals market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

One of the main factors influencing the growth of the nuclear medicine imaging market is an increased understanding of the potential effects of early and timely diagnosis and the related favourable influence in the management and treatment of chronic illnesses. The development of nuclear imaging technologies, notably PET/PET-CT, has helped to expand the field of uses for this modality from oncology to cardiology, neurology, and infection detection. The number of PET and SPECT procedures has significantly increased as a result of these technological advancements. In 2020, there were 2,220,300 PET treatments carried out in the United States, up from 2,200,800 in 2019. The increased volume of procedures was brought on by the growing use of PET scanners. The global increase in acute and chronic diseases like cancer as a result of many factors is one of the main drivers propelling the market's rise. Tumor cells in organs or the entire body can be found using radiopharmaceuticals. Cancer is the second largest cause of mortality worldwide. Another important factor driving market expansion is a renewed focus on improving the state of healthcare facilities and the infrastructure of the sector as a whole.

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Scope of Radiopharmaceuticals Market Report

Segmentation Analysis

The diagnostic procedures segment is expected to be the fastest-growing segment in 2022. 

The procedural volume segment is diagnostic procedures and therapeutic procedures. The diagnostic procedures segment is expected to witness the highest growth rate during the forecast period. When other forms of treatment for depression have failed, TMS machines are routinely utilised. The most effective way to treat depression is by giving patients antidepressant-like drugs because doing so boosts treatment effectiveness while lowering the likelihood of clinically significant side effects.

The oncology segment is expected to be the fastest-growing segment in 2022. 

The application segment is an endocrinology, oncology, neurology, cardiology, and others. The oncology segment is expected to witness the highest growth rate during the forecast period. The increased prevalence of cancer and cardiovascular disorders such coronary heart disease and heart failure is helping the market expand. The increasing prevalence of lifestyle disorders, obesity, and tumours brought on by poor behaviours in the elderly are the key factors driving demand for radiopharmaceuticals. Breast, lung, and prostate cancer incidence rates will increase, driving industry growth. The increasing use of nuclear medicine in cardiology and cancer treatment is the primary driver of market expansion. According to the American Cancer Society, the US would see 1.9 million new cases of cancer and 608,570 deaths from cancer in 2021.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for radiopharmaceuticals include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

• The North America region witnessed a major share. Due to an ageing population and poor lifestyle decisions that have led to an increase in cancer and obesity cases, nuclear medicine sales have increased. The development of the nation's radiopharmaceutical industry is anticipated to be boosted by the use of novel radioisotope manufacturing techniques to treat these ailments. According to the American Heart Association, cardiovascular disease claims 17.3 million lives each year. Radiologists benefit from using radiopharmaceuticals for treating a variety of illnesses. The demand for radiopharmaceuticals will increase in the United States due to the development of targeted drugs and sophisticated technology for the treatment of cancer and cardiovascular disease.

Country Analysis

Germany's radiopharmaceuticals market size was valued at USD 0.34 billion in 2022 and is expected to reach USD 0.84 billion by 2030, at a CAGR of 12.1% from 2023 to 2030.  A big patient population with chronic illnesses like cancer, coronary artery disease, and strokes, a strong healthcare infrastructure in the area, and growing research activities.

China's radiopharmaceuticals market size was valued at USD 0.35 billion in 2022 and is expected to reach USD 0.88 billion by 2030, at a CAGR of 12.3% from 2023 to 2030. The introduction of new products, acquisitions, distribution agreements, joint ventures, and regional development by local enterprises, particularly in China, are predicted to drive the market for radiopharmaceuticals in the region.

India's radiopharmaceuticals market size was valued at USD 0.27 billion in 2022 and is expected to reach USD 0.67 billion by 2030, at a CAGR of 12.2% from 2023 to 2030. Due to an increase in government initiatives to raise awareness, an increase in medical tourism, an increase in research activities in the area, the presence of significant market players, the availability of vast untapped markets, a large population pool, the presence of well-established infrastructure, an increase in cardiovascular disease cases, and an expanding demand for high-quality healthcare in the region.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of the radiopharmaceuticals market is mainly driven by the rise in technological advancements in healthcare.

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