Oncology radiopharmaceuticals are radioactive compounds used in diagnostic imaging tests and therapeutic treatment of cancer and its related clinical indications. Radiopharmaceuticals exploit the ability of radioactive substances to selectively concentrate in tumors/cancers for diagnosis and treatment purposes. There are various radiopharmaceuticals based on different radioisotopes likeTechnetium-99m, Iodine-123, Fluorine-18, Xenon-133, etc. used in Positron Emission Tomography (PET) scans and Single Photon Emission Computed Tomography (SPECT) scans to capture images of the inside of the body and identify abnormal growths.
The global Oncology Radiopharmaceuticals Market is estimated to be valued at Us$ 7351 Mn In 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Cancer diagnostics and treatment offers a huge opportunity in the oncology radiopharmaceuticals market. According to WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The increasing incidence of cancer globally is expected to drive the demand for advanced diagnostics and therapeutics in cancer care. Radiopharmaceuticals play a vital role in accurate cancer diagnosis through imaging techniques and targeted radionuclide therapy. Early and precise diagnosis of cancer type and staging helps in developing personalized treatment regimens. Further, ongoing research and new product approvals are expanding the applications of radiopharmaceuticals in cancer theragnostics. This growing need for effective cancer management solutions represents a prominent market opportunity for oncology radiopharmaceuticals over the forecast period.
Porter’s Analysis
Threat of new entrants: The oncology radiopharmaceuticals market requires high capital investment in R&D and regulatory approvals which creates barriers for new companies.
Bargaining power of buyers: Individual consumers have less bargaining power however group purchasing organisations of hospitals have higher negotiating power.
Bargaining power of suppliers: Major suppliers in this market are few biopharmaceutical companies and academic institutions controlling key intellectual properties and technology which gives them bargaining power.
Threat of new substitutes: No major substitute exist currently however new non radiotracer based cancer therapies can emerge as substitutes in future.
Competitive rivalry: The market has few major global players controlling majority share along with regional mid size players increasing competition.
SWOT Analysis
Strength: Strong pipeline of new targeted radiotracers, Growing geriatric population increasing cancer cases, Robust R&D activities in molecular imaging and nuclear medicine.
Weakness: High cost of treatment and equipment, Strict regulatory approvals delay product launches, Short half-life limiting supply chain.
Opportunity: Untapped growth potential in emerging countries, Scope for new indications outside oncology, Collaborations to expand geographical reach.
Threats: Reimbursement challenges, Stringent competition from alternative non radiotracer based therapies.
Key Takeaways
The Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth. The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Regional analysis related content: North America leads due to established healthcare systems, presence of key market players and supportive regulatory guidelines for radiotracer approvals. Europe is second largest region due to growing awareness and favorable government funding for cancer diagnostics. However, emerging economies of Asia Pacific offer significant growth opportunities owing to rising medical tourism, initiatives for cancer treatment infrastructure development and rapidly growing elderly population. Countries like China, India and South Korea are expected to be high potential markets going forward.
Key players related content: Key players operating in the oncology radiopharmaceuticals market are Siemens Healthineers, GE Healthcare, Novartis, Bayer, Eli Lilly and Company, Curium, Cardinal Health, Bracco Diagnostics Inc, Advanced Accelerator Applications, Blue Earth Diagnostics.
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