A pharmaceutical composition including radioactive elements is known as therapeutic nuclear medicine. In comparison to X-rays and other external radiation imaging technologies, therapeutic nuclear medicines are widely employed as an effective and safer alternative for cancer patients.
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 Dynamics:
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 (CVD) and cancers. According to WHO-2021, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. The prevalence of these markets has promoted several market players and stakeholders to focus on expanding the overall application of radio-therapeutics. With the expanding application segments of nucleo-emitters, their demand and anticipated rising during the forecast period. It indicates to market players for growth of the nuclear medicine therapeutics market. In addition, various R&D activities in the business space are expected to stimulate the demand for therapeutic nuclear medicine through 2029. 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.
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) and can penetrate the skin easily
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According to precedence research, by application, the oncology segment accounted major market share of around 40% in 2021 followed by cardiology.
Market Drivers:
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Innovation & Acquisition in the pharmaceutical industry driving demand for therapeutic platforms.
The market players are focusing on various research developments, product launches, and acquisitions that are anticipated to increase the market growth. For instance,
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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 August 2021, GE Healthcare and NorthStar medical radioisotopes, LLC, a global innovator of radiopharmaceuticals, announced a significant agreement to manufacture and distribute iodine-13 capsules in the US. This will help expand GE healthcare’s product portfolio and strengthen its presence on the platform.
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Raising awareness regarding the potential impact of early detection.
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Increasing acceptance of radiopharmaceuticals for therapeutic purposes.
Challenges:
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Shortage of radioisotopes and products.
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Local unavailability of radioisotopes and products, due to some of the radio-emitters like technetium-99m from molybdenum-99, 99Mo is obtained from nuclear fission reactions in nuclear reactors. Nuclear reactors are usually found in developed countries, such as USA, Canada, South Africa, and some countries in Europe. Many developing countries do not have nuclear reactors and have to depend on imported generators and products.
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Moreover, Import, clearance, and local transportation costs reflect the decrease in the nuclear therapy market.
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The high cost of treatment and stringent regulatory scenario restrain the market growth.
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The short half-life of radiopharmaceuticals restricts uses and distribution.
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Lack of stuffiest healthcare professionals regarding nuclear medicine therapeutics.
Competitive landscape:
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.
Key Developments:
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Regional Analysis:
North America 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. In addition, nuclear medicines are key to performing significant growth in this development.
The presence of a favorable reimbursement scenario for therapeutic nuclear medicines in the U.S. is anticipated to increase market growth. For instance,
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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 also remains a favorable region similar to the North American region. In recent times there is increased use of radio materials in various therapeutic platforms, due to the rising number of CVD, cancer, and neurological diseases in these regions. In addition to the increasing aging population, lifestyle factors, and increasing awareness of healthcare platforms are some of the significant driving factors for the growth of the global nuclear medicines therapeutics market. 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 are expected to stimulate the demand for therapeutic nuclear medicine through 2028. For instance,
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Russian government research & conducted inhalation low-dose radionuclide therapy in the treatment of COVID-19.
Asia Pacific therapeutic nuclear medicine market is expanding considerably in the future given the outgrowing prevalence of application-based cases and rising awareness about nuclear medicines in the region. In addition, various pharmaceutical and medical companies in the region are focusing on the development of radiopharmaceuticals for the detection and treatment of various diseases, leading the way for the development of the market. Moreover, increasing investments to drive market access in key markets such as Japan, China, Australia, Singapore, and India. For instance,
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In August 2020, the Australian government opened an application for funding USD 45.5 million to develop regional nuclear therapeutic centers for cancer patients.
Healthcare including the nuclear medicine market in the Middle East is gaining significant progress on account of various factors including government initiatives to encourage medical tourism, evolving health insurance policies, and growing propensity among the local population to consume digital health services. The nuclear medicine therapeutic market is primarily dominated by five countries such as Saudi Arabia, Iran, Israel, Egypt, and UAE. Moreover, all together cover more than 85% of the Middle East healthcare market.
Lack of awareness and healthcare facilities in Latin America will contribute to poor growth nuclear medicine market, in addition, a lack of approved protocol options may lead to the slow growth of the SBS market. However, from the initiates by many government bodies, pharmaceutical companies, health ministries, and NGOs conduct health programs and camps to educate the people and raise awareness of the market players and educating the people and promoting their therapeutics is anticipated to propel the nuclear medicine market during the future growth.
Pipeline:
The nuclear medicines therapeutics pipeline landscape is evolving with increased insight into significant biological pathways and mechanisms underlying nuclear medicines, leading to further targeting and pipeline therapies in various stages of clinical development, key companies are working to improve the pipeline space and future growth potential of the nuclear medicines therapeutics pipeline platform.
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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 an 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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On March 2021, the National Medical Research Radiological Centre of the Ministry of Health of Russia conducted a phase 1 trial to evaluate the safety, pharmacokinetics, and pharmacodynamics of 99mTc-pertechnetate aerosol for subjects with covid-19, and pneumonia. Now, the phase 2 study has been initiated and is recruiting globally.
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In 2020, QSAM Biosciences Announces the FDA Clearance of IND for Samarium-153 DOTMP (CycloSam), an investigational radiopharmaceutical for the treatment of bone cancer, currently in phase 1.
Segments:
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The global nuclear medicine therapeutics market estimates (Value USD Million) & Forecasts and Trend Analyses, 2022 to 2027 based on Therapeutic
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Alpha emitters
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Beta emitters
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Brachytherapy
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The global nuclear medicine therapeutics market estimates (Value USD Million) & Forecasts and Trend Analyses, 2022 to 2027 based on Applications
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Oncology
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Cardiology
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Neurology
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Thyroid
What is the Nuclear Medicine Therapeutic Market Report about?
The Nuclear Medicine Therapeutics market report discusses the commercial and clinical activity associated with applications. It provides insights on the total size of the potential opportunity, key segments driving growth, key challenges faced, and a thorough analysis of market competition by product, geography, indication, and forecasts through 2027. Detailed coverage of the approved nuclear medicine therapeutics, including regulatory approvals, pricing, reimbursement, and market penetration.
So, a new investor can potentially gain information about nuclear medicine therapeutic companies, their key products, their core strategy, key trends in the nuclear medicine therapeutic market, and more.