Radiopharmaceuticals Market to Reach US$ 11.6 Billion by 2030, Driven by Increasing Disease Prevalence and Developing Centralized Pharmacies

A class of radioactive substances known as radiopharmaceuticals are utilised for either medicinal or diagnostic purposes. The areas of hyperintensity shown on positron emission tomography (PET) images, which indicate a high tissue metabolic demand, are likely to localise to specific tissues despite the administration of radiopharmaceuticals being frequently systemic. Radiopharmaceuticals actively emit radiation, which makes their storage more challenging than non-radioactive medications. Whereas substances that release Auger electrons or alpha particles (helium nuclei) are typically employed for therapeutic interventions, substances that emit beta particles (positrons or electrons) or gamma rays are typically utilised for diagnostic interventions.

The radiopharmaceuticals market is anticipated to reach US$ 11,600.49 Million by the end of 2030 from US$ 5,125.25 Million in 2022, expanding at a CAGR of 10.8% over the forecast period that is 2023 to 2030.

Radiotracers are used in radio-imaging at exceedingly low concentrations (sub-micro quantities). Nowadays, radio-imaging is used to assess tissue physiology, identify disease, and track therapeutic outcomes; however, with the emergence of personalised medicine, new applications are being found.

The radiation that the nuclide emits is used by radiotherapeutic drugs to either kill the target cells or provide palliative care. The brain, spinal cord, kidneys, and bone marrow are particularly vulnerable to radiation toxicity. As many radiopharmaceuticals are systemically administered, in an ideal world, the drugs would preferentially target tumour tissue over normal, healthy tissue. There are numerous distinct radionuclides in use.

Impact of covid-19 on monoclonal antibody therapeutics market

Most businesses have experienced some type of disturbance in their supply chains as a result of transportation restrictions during the COVID-19 epidemic. Additionally, the crisis has caused supply problems for radiopharmaceuticals, radioisotopes, and kits used in therapeutic and diagnostic procedures. The timely availability of radioisotopes is crucial for nuclear medicine and personalised treatment. Transport of Mo-99, Tc-99m, and other radioisotopes is still hindered during COVID times due to restrictions on air freight. Due to logistical issues in South Africa, NTP Radioisotopes is now functioning at less than full capacity.

Despite holding over half of the market, the US only sources Molybdenum-99 and Technetium-99m from three providers. Also, a single supply of these radioisotopes, which are utilised for cancer imaging, is significantly reliant on the bulk of African countries. Due to continued airline restrictions that have significantly affected global supply chains and made the COVID-19 outbreak more complex, participants are now taking extra precautions to assure a steady supply of radiopharmaceuticals for use in nuclear therapy. Participants are also having trouble finding cold kits, which would make it easier to produce radiopharmaceuticals.

Increasing disease prevalence and developing centralized pharmacies support the growth of radiopharmaceutical market

The increasing frequency of acute and chronic disorders, such as cancer, worldwide as a result of many causes is one of the major factors driving market advancement. Radiopharmaceuticals make it possible to find tumour cells in several organs or throughout the body. In the world, cancer is the second leading cause of death.

Both rigorous legislation regulating the use of radiopharmaceuticals and a lack of defined good manufacturing practise (GMP) criteria exist in the radiopharmaceutical industry. Nuclear medicine professionals are pushing for the creation of centralised radio pharmacy to address quality assurance issues. This is due to the fact that administrators and legislators are becoming more and more interested in the rules governing radiopharmaceuticals, PET, and clinical trials. Patients and governing bodies can both profit from a centralised radiopharmacy idea, which has the ability to dispense patient-specific prescriptions and offer requested commodities from all available sources and services. Throughout the forecast period, these actions are expected to boost market expansion.

North America dominates the radiopharmaceutical market

The market for radiopharmaceuticals is dominated by North America, which also has a large patient population suffering from chronic diseases like cancer, cardiovascular problems, and strokes as well as a strong foundation of healthcare facilities and a growing overweight population.

  • Government initiatives and funding: For instance, the United States Centers for Medicare & Medicaid Services (CMS) announced the release of the 2023 Medicare Physician Fee Schedule (MPFS) and Hospital Outpatient Prospective payment (OPPS) final rules in November 2022, according to the Society of Nuclear Medicine and Molecular Imaging. According to a CMS estimate, the final rule will result in a 1% increase in the expected payments for nuclear medicine specialists working in a facility.
  • Research and development: According to the Canadian Association of Radiologists, for instance, the Canadian Minister of Health sanctioned an additional boost to the Canada Health Transfer of USD 2 billion in April 2022. This will guarantee that patients have timely access to medical imaging, including nuclear medicine. It will aid in resolving the huge backlog in medical imaging, as well as assist physicians in properly preparing for the rush of patients into the healthcare system.

Competitive Insights

  • Companies operating in the radiopharmaceuticals market have adopted several growth strategies to expand their market share and increase their revenue. Key players in the market are Advanced Accelerator Applications,

A Novartis Company, Bayer AG, Bracco , B. Braun SE, Cardinal Health, Curium, Eckert & Ziegler, Eczacýbaþý-Monrol , General Electric, Hanger Clinic, Isotope JSC, Lantheus , Nordion (Canada), NMR , NTP Radioisotopes, Otto Bock Healthcare GmBH, Smith & Nephew plc, Zimmer Biomet.

Some of the key growth strategies by key companies include:

  • Pharmaceutical Innovation: the Cardinal Health’s generic pharmaceutical programme, distribution services contracts with branded pharmaceutical manufacturers, over-the-counter healthcare products, and consumer goods all contribute to the gross margin of our Pharmaceutical Distribution division. Cash discounts from the manufacturer are also included.
  • Collaboration on sourcing with CVS Health Company: Contracts for the delivery of generic medications are negotiated on behalf of both businesses by Red Oak Sourcing, LLC (“Red Oak Sourcing”), a U.S.-based generic pharmaceutical sourcing partnership with CVS Health. We updated our contract with CVS Health in August 2021 to prolong Red Oak Sourcing’s term to June 2029.
  • Pharmaceutical Specialized Goods and Services: They use the phrase “specialty pharmaceutical products and services” to describe the goods and services provided by our Specialty Solutions division. In addition to distributing human-derived plasma products to hospitals, dialysis centres, doctor’s offices, and other healthcare facilities, the Specialty Solutions division offers consulting, patient support, logistics, group purchasing, and other services to pharmaceutical manufacturers and healthcare providers with a focus on the development, marketing, and distribution of specialty pharmaceutical products.

Overall, these growth strategies enable companies to expand their market presence, develop new products, and increase their revenue in the monoclonal antibody therapeutics market.

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