Market Overview:
Nuclear medicine therapy is a cancer treatment that uses radioactive products such as advanced materials, medical devices, and drugs that bind or target cancer cells and destroy them. This therapy is an option for some people with neuroendocrine tumors, prostate cancer, meningioma, thyroid cancer, and lymphoma.
Market Size Growth Rate:
The nuclear medicine therapeutics market was valued at USD 1 billion in 2021 and is expected to reach USD 1.8 billion by 2027, exhibiting a CAGR of 9.6% during the forecast period 2022-2027. The growth could be attributed to the return of demand to pre-pandemic levels, increasing authorization of novel & innovative medicines, extensive research, disease prevalence, and immunotherapies.
Market Drivers:
Increasing incidence and prevalence of target conditions
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The growing prevalence and incidence of target conditions like cancer and cardiovascular diseases are key factors supporting the nuclear medicines market growth. The majority of causes can be prevented through early detection and treatment, nuclear medicines plays important role in these departments.
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According to the WHO, cancer was the leading cause of death in 2021, accounting for nearly 10 million. Annually, 19.3 million new cancer cases are expected to be reported worldwide by 2025. Moreover, according to Globocan2021, the new cancer cases that were diagnosed accounted for 19.3 million in 2021 globally, with 10.0 million deaths due to cancer.
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In the case of the cardiovascular segment, according to the WHO, globally 17.9 million individuals died in 2019, accounting for 32% of the overall deaths across the globe.
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In addition, more than 75% of cardiovascular disease deaths account in developing nations.
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These figures are expected to increase in the future, as nuclear medicines occupied a significant step in various diseases and treatment platforms, the increasing prevalence of these diseases is expected to boost the nuclear medicines market growth during the force cast period.
Market Restraints:
The short half-life of radiopharmaceuticals restricts the use and distribution
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Generally, the expiry of radiopharmaceutical materials significantly depends on the half-life of the radioisotope as well as the radionuclide.
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Radiopharmaceutical half-life is the time required for a quantity of a radioisotope to decay by half. If the half-life of an isotope is relatively short, like a few minutes, or hours, most of the radioactivity will expire in a few days. For instance,
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The radioactivity of F-18 in positron emission tomography scans decreases if not used within 110 minutes, while the radioactivity of C-11 decreases within 20 minutes. In various photon-emission-based diagnoses, the radioactivity of Tc-99m is reduced after six hours, while I-123 and In -111 isotopes should be utilized within 13 and 67 hours, respectively.
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These outdated half-life radioactive products lead to radiation material decomposition, loss of their original characteristics, and reduced form of radioactive purity, which can be lethal during diagnosis and treatment.
Market Opportunities:
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The use of radioactive substances in neurological applications in the investigation of neuropsychiatric disorders mainly in alzheimer disease and parkinson disease is one of the leading platforms for the nuclear medicines therapeutic market. Most of the companies are focusing on cancer and cardiovascular diagnosis deportments, while few significant market players are researching neurological segments like jubilant radiopharma, and fuzionaire diagnostics.
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Moreover, the nuclear medicine therapeutic market players proactively working to develop potential therapeutic methods and drug products to improve nuclear therapy options.
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In May 2022, Memorial Sloan Kettering Cancer Center and Telex Pharmaceuticals collaboratively conducted a pilot trial to evaluate the utility of 124I-cG250 for early identification of therapy in renal cancer patients.
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In August 2022, Progenics Pharmaceuticals, Inc. announced a report on the phase-2 clinical trial designed to evaluate the safety and efficacy of I-131-1095 radiotherapy in combination with enzalutamide in prostate cancer.
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In June 2021, Bayer AG announced the acquisition of Noria therapeutic Inc., and imaging radiopharmaceuticals. The acquisition is expected to expand Bayer’s existing oncology portfolio of nuclear medicine
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In January 2020, Fuzionaire Diagnostics collaborated research agreement with McGill University and The Neuro (Montreal Neurological Institute-Hospital) to detect and treat neurodegenerative diseases
Recent Developments in the Industry:
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In March 2021, Bracco Diagnostics Inc. collaborated with CardioNavix, LLC to enhance patient access to cardiac diagnosis using rubidium.
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In 2021, IBA announced a strategic R&D partnership with SCK CEN to enable the production of a novel radioisotope, Actinium-225. The compound has the potential to support oncology platforms.
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On June 2019, The University of Texas Health Science Center announced a report on the effects of Radium-223 dichloride therapy on Radionuclide Bone Scan Lesions.
Market Segmentation:
As per the research analysis, the global nuclear medicines therapeutics market is segmented by type of therapeutic into alpha emitters, beta emitters, and brachytherapy, by application into oncology, cardiology, neurology, and thyroid
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On the bases of the application type, according to precedence research, the oncology segment accounted major market share of around 40% in 2021 followed by cardiology. In addition according to the oncidium foundation, nuclear therapy accounted for 20% of the global nuclear medicine market in 2019 and is expected to reach 70% by 2030. Nuclear therapeutic is majorly used for the treatment & diagnosis of cardiovascular disease and cancers.
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According to WHO-2021, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths.
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Based on the radionuclide therapeutic type, the beta emitters segment grow at a considerable pace during the forecast period. These beta particles like Samarium-153 (SM-153), Iodine-131 (I-131), and Lutetium-177 (LU-177) are known to be lighter than alpha particles like Radium-224 (RA-224), Radium-223 (RA-223).
Geographical Classification:
The global nuclear medicines therapeutics market is segmented into major countries including North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
North America Nuclear Medicine Therapeutics Market:
It is expected to hold the largest share of the nuclear medicine therapeutics market in 2020. A large share of North America can be researched for the development of novel technologies for radioisotope production, increasing research investments, and company initiatives in the region. Major pharmaceutical companies like Cardinal Health, GEH Healthcare, and Nordion are increasingly focusing on developing significant drugs that are innovative.
The presence of various R&D activities in the business space as well as favorable reimbursement scenarios for therapeutic nuclear medicines in the U.S. is anticipated to increase the market growth. For instance,
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In July 2021, Leo Cancer Care raised USD 25.3 million in funding from investors worldwide, taking active research to develop nuclear therapeutic platforms
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In 2020, the Center for Medical Services (CMS) offered a USD 10 million add-on payment for Tc-99m derived from non-highly enriched uranium (HEU) for hospital outpatient service, the initiatives, in turn, this led to greater patient access to much-needed diagnostic nuclear medicines used for life-threatening diseases
Europe Nuclear Medicine Therapeutics Market:
An aging population and increasing use of radio materials in various therapeutic platforms make Europe a promising market for nuclear medicine therapeutic products. European companies are launching new radioactive products, and some are replacing various treatment methods with radioisotopes in therapeutic segments. Moreover, a few important competitive players (IBA, Bayer, JSC Isotope, Bracco Imaging, and others) are focused on various R&D activities in the business space and which is also stimulating demand for nuclear medicines. For instance,
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Russian government research & conducted inhalation low-dose radionuclide therapy in the treatment of COVID-19
Competitive Analysis:
However, it is expected to grow rapidly in the next couple of years with intense competition among the players and a rising number of cases. A few key players are already being observed adopting strategies, such as collaboration for the development of therapeutic products and instruments, which may make the market crowded with new products in the next couple of years.
Major Companies:
Eckert & Ziegler, Mallinckrodt, GE Healthcare, Jubilant Life Sciences Ltd., Nordion (Canada), Inc., Bracco Imaging S.P.A., The institute for radioelements (IRE), the Australian Nuclear Science and Technology Organization, NTP Radioisotopes SOC Ltd., Lantheus Medical Imaging, Inc., Cardinal Health, IBA Molecular Imaging, Eli Lilly and Others.
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