Therapeutic Nuclear Medicines Sales Market Projected to Grow at a CAGR of 7.3% During the Forecast Period 2021-2026
Rising Incidence and Prevalence of Cancer and Cardiac Disorders, as Well as Measures to Close the Demand-supply Gap for Mo-99 and Radiopharmaceuticals Are Driving Growth in the Therapeutic Nuclear Medicines Sales Industry.
Hyderabad, India – July 14, 2021 /MarketersMedia/ —
Therapeutic Nuclear Medicines Sales Market size is estimated at $1.6 billion in 2020, projected to grow at a CAGR of 7.3% during the forecast period 2021-2026. Therapeutic Nuclear Medicine is a pharmaceutical formulation containing radioactive materials. Cancer, metastatic bone tumors, and other disorders are treated with therapeutic nuclear medicines. Therapeutic nuclear drugs contain radioactive material that can destroy cancerous tissue, shrink tumors, and alleviate pain. Alpha Emitters, Beta Emitters and Brachytherapy Isotopes are the various types of therapeutic nuclear medicines.
The rising incidence and prevalence of cancer and cardiac disorders, as well as measures to close the demand-supply gap for Mo-99 and radiopharmaceuticals are driving growth in the therapeutic nuclear medicines sales industry.
Therapeutic Nuclear Medicines Sales Market Segment Analysis – By Type
Based on Type, Therapeutic Nuclear Medicines Sales Market is segmented into Alpha Emitters, Beta Emitters and Brachytherapy Isotopes. Beta Emitters accounted for the largest revenue market share in 2020 owing to less damage to surrounding cells, low energy levels, and travel long distance. Furthermore, I-131, Y-90, SM-153, and Re-186 are the most widely used beta emitting radioisotopes. The cost of treating an untreated wound is much greater than the cost of treating a common disease.
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Therapeutic Nuclear Medicines Sales Market Segment Analysis – By Application
Based on Application, Therapeutic Nuclear Medicines Sales Market is segmented into Cardiology, Bone Scans, Pulmonary Scans, Oncology, Neurology, Thyroid Indications, Bone Metastasis and Others. Thyroid Indications accounted for the largest revenue market share in 2020 as hypothyroidism is becoming more common, and people are becoming more conscious of it, which is fueling market development. Various companies are working with government agencies to raise disease control awareness, which is expected to increase the acceptance of drugs for thyroid gland disorders.
Therapeutic Nuclear Medicines Sales Market Segment Analysis – By Geography
Based on Geography, North America Therapeutic Nuclear Medicines Sales Market accounted for the 37% revenue share in 2020 owing to the existence of streamlined healthcare facilities, higher levels of individual understanding, and a wide range of treatment choices like radiopharmaceutical, alpha emitters & beta emitters to choose from are all factors that contribute to its large revenue share. Pharmaceutical companies and government organizations are forming strategic alliances in the region, especially to develop generic drugs and raise awareness among healthcare professionals.
Therapeutic Nuclear Medicines Sales Market – Drivers
The Use Of Radiopharmaceuticals For Therapeutic Purposes Is Gaining Popularity:
Radiopharmaceuticals are used in both diagnostic and therapeutic procedures. Therapeutic nuclear medicines currently account for 12-13 percent of global radiopharmaceutical revenue; however, due to the positive results of Xofigo for the treatment of prostate cancer, monoclonal antibodies and the launch of Iodine-131 for the treatment of hypothyroidism and thyroid cancer, therapeutic nuclear medicines are expected to account for 60-65 percent of global radiopharmaceutical revenue by 2030. Furthermore, for the sale of their drugs, the leading radiopharmaceutical manufacturers are partnering with hospitals and cancer research institutes, aiding growth towards the Therapeutic Nuclear Medicines Sales Market.
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Therapeutic Nuclear Medicines Sales Market Challenges
Stringent Regulatory Guidelines:
Strict regulatory requirements and a shortage of standardization resources in some developed and developing countries are two major factors that are expected to hinder Therapeutic Nuclear Medicines Sales market growth. According to the Nuclear Regulatory Commission, nearly 6,000 licenses for the use of radioactive materials are in place, with violations resulting in disciplinary measures such as license revocation.
Therapeutic Nuclear Medicines Sales Market – Landscape
Therapeutic Nuclear Medicines Sales Market top 10 companies are Cardinal Health, Eckert & Ziegler, Curium Pharma, International Isotopes Idaho, Inc., Medi-Radiopharma Co., Ltd., Novartis AG, Orano, Isoray Inc., Jubilant Pharma, Progenics Pharmaceuticals and Theragenics Corporation.
Acquisitions/Product Launches:
In June, 2020, Lantheus Holdings, Inc., a global leader in the growth, manufacture, and commercialization of advanced diagnostic imaging agents and devices, has merged with Progenics Pharmaceuticals, an oncology company developing innovative medicines and artificial intelligence to detect, battle, and track cancer. The company’s growth will be boosted as a result of this merger.
Key Takeaways
The growing need for early and reliable diagnosis, as well as the increasing demand for better medical solutions around the globe, is expected to drive demand for Therapeutic Nuclear Medicines Sales Industry.
Geographically, North America Therapeutic Nuclear Medicines Sales Market held the largest revenue share of 37% in 2020 owing to the involvement of potential players who are developing innovative products, high investments in R&D and support of government towards the use of medical isotopes investments in healthcare.
The Therapeutic Nuclear Medicines Sales Industry is being driven by the growing geriatric population and increased understanding of nuclear medicines and molecular imaging.
Furthermore, radiopharmaceuticals are widely used in molecular imaging, a method in which molecules are used as biomarkers for complex molecular processes that decide the initiation and/or progression of disease driving the demand for Therapeutic Nuclear Medicines Sales Industry.
Related Reports :
A. Nuclear Medicine Equipment Market
https://www.industryarc.com/Report/16841/nuclear-medicine-equipment-market.html
B. North American Nuclear Medicine/Radiopharmaceuticals Market
https://www.industryarc.com/Report/16741/north-american-nuclear-medicineradiopharmaceuticals-market.html
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