Radiotheranostics Market is expected to grow at a CAGR of 20.41% through 2031
The rising incidence of cancer worldwide and the increasing number of regulatory approvals for radiotheranostic pairs are driving growth in the
global radiotheranostics market.
According to TechSci's report on “Radiotheranostics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031”, the Global Radiotheranostics Market will grow from USD 11.15 billion in 2025 to USD 33.98 billion by 2031 at a 20.41% CAGR. Cancer is the leading cause of death
in China and the second leading cause of death in the United States. According to a
report by Statista, the incidence rates for cancer are anticipated to increase
from 20 million new cases every year in 2020 to approximately 30 million new
cases per year by the end of 2040. As a result, demand for effective cancer therapeutics and therapies is surging. The increasing usage of radiotheranostics in oncology stems from its potential to target and eliminate tumour cells with minimal adverse effects, providing a positive outlook to the market. Besides, the number of therapeutic procedures and
nuclear medicine examinations is increasing. The growth and expansion of
nuclear medicine depend upon the advancement and availability of
radiotheranostics. Moreover, the rising demand for radiotheranostics with
biological activity to target specific diseases and monitor treatment response is further positively influencing the market. Additionally, the
growing approvals of several radiotheranostics agents are resulting in an increased
adoption of radiotheranostics. In addition, iodine is crucial to the thyroid gland's physiology and function. With the growing
prevalence of thyroid and thyroid cancer, the adoption of radioiodine, a
radioisotope, is proliferating to target and treat the thyroid gland, particularly. All the aforementioned factors are expected to drive the global radiotheranostics market in the coming years.
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Radiotheranostics Market"
The
global radiotheranostics market is segmented by radioisotope, application, end
user, competitive landscape, and regional distribution. Based on the radioisotope, the market is differentiated between technetium-99, gallium-68, iodine-131, iodine-123, 18F, yttrium-90, lutetium (Lu) 177, copper (Cu) 67, copper (Cu) 64, and others. Among these, the iodine-131 and iodine-123 segments are
expected to hold a significant market share in the coming years. These isotopes
have been more effective as compared to other radioisotopes. Moreover, isotopes
of iodine are extensively utilized in clinical nuclear medicine imaging and
radiation therapy.
The market is bifurcated into oncology and non-oncology. Among these,
the oncology segment is anticipated to hold a prominent market share in the
coming years. This is primarily due to the growing prevalence of several types
of cancers across the world. In the United States, cancer has been registered
as the second leading cause of death and accounted for approximately 18% of all
deaths in the US in 2020. The increasing usage of radiotheranostics in oncology to target and eliminate tumour cells with minimal adverse effects is propelling the oncology segment. The oncology segment is further bifurcated into thyroid
cancer, neuroendocrine cancer, hepatocellular carcinoma, multiple myeloma and
lymphoma, and others. Thyroid cancer has been witnessed as one of the most
common cancers among children and women. The exact cause of cancer is not known yet, but is likely to be a combination of genetics and environmental factors. Thyroid cancer treatments, which are generally successful, are treated by either
carrying out surgery or using radioactive iodine. Therefore, the widespread use of radiotheranostics in cancer treatment is supporting growth in the oncology
segment.
By end user, the global market is segmented into hospitals &
clinics, pharmaceutical & biotechnology companies, and others. Among these,
the pharmaceutical and biotechnology companies are projected to hold a
prominent market share in the coming years. This is primarily because radiotheranostics remains under investigation and development. Several
institutes and physicians are increasingly researching and developing novel
therapeutics to deliver best-in-class radiotheranostic agents to address the distinctive and critical treatment needs of cancer patients. As a result, radiotracers are more commonly used in pharmaceutical & biotechnology companies than in hospitals and clinics.
A
list of major market players of the radiotheranostics market includes:
- TransCode Therapeutics, Inc
- Curium SAS
- GE Healthcare Inc
- Bayer AG
- Lantheus Medical Imaging, Inc
- Novartis AG
- Spectrum Pharmaceuticals, Inc
- Ipsen S.A
- Actinium Pharmaceuticals, Inc
- Nordic Nanovector ASA
- Y-mAbs Therapeutics, Inc
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“The growing need for early
and reliable diagnostics due to the proliferating incidences of cancer and
cardiac illness is adding to the demand for effective radiotheranotics. Traditional chemotherapy techniques in oncology are being replaced by more effective radiotheranostics, which are creating new growth opportunities for the radiopharmaceutical industry. Moreover, radiotheranostics is gaining traction among physicians because it enables more efficient and secure patient diagnosis compared with X-rays and other external radiation imaging devices. As a result, the global leading market players are increasingly focusing on developing essential drugs that are innovative, which is expected to create a positive impact on the market growth,” said Mr Karan Chechi, Research Director, TechSci Research, a research-based global management consulting firm.
“Radiotheranostics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Radioisotope (Technetium-99, Gallium-68, Iodine-131, Iodine-123, 18F, Y-90, Lutetium (Lu) 177, Copper (Cu) 67, Copper (Cu) 64, Others), By Application (Oncology v/s Non-Oncology), By End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Others) and Region 2021-2031F” has evaluated
the future growth potential of Radiotheranostics market and provides statistics
& information on market size, structure and future market growth. The
report aims to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges, and opportunities in the Radiotheranostics market.
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