Radiotheranostics Market Projected to Register an Impressive Growth Through 2027

The growing cases of cancer across the world and the increasing number of regulatory approvals for radiotheranostics pairs are propelling the growth of the global radiotheranostics market. 

According to TechSci report on, “Radiotheranostics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the radiotheranostics market is expected to grow at an impressive CAGR during the forecast period of 2023-2027, due to the growing cases of cancers across the globe. Cancer is the leading cause of death in China and the second leading 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, the demand for effective therapeutics and therapies to treat cancer is surging. The increasing usage of radiotheranostics in oncology stems due to its potential of targeting and eliminating tumor cells with minimal adverse effects is 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 a specific disease and monitor response to the treatment is positively influencing the market further. Additionally, the growing approvals of several radiotheranostics agents are resulting in an increased adoption of radiotheranostics. Apart from this, iodine is crucial in the physiologic metabolism and function of the thyroid gland. With the growing prevalence of thyroid and thyroid cancer, the adoption of radioiodine, a radioisotope, is proliferating to particularly target and treat the thyroid gland. All the aforementioned factors are anticipated to propel the global radiotheranostics market over the coming years.

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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, y-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.

 

By offering, 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 tumor cells with nominal 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 liked 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 wide use of radiotheranostics in treating cancer is supporting the growth of the oncology segment. 

 

On the basis of end-user, the global market is segmented between 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 is still under the research and development phase. Several institutes and physicians are increasingly researching and developing novel therapeutics to bring out the best-in-class radiotheranostic agents in order to deal with the distinctive and critical treatment needs of cancer patients. As a result, radiothernostic research is more conducted 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. (ATNM)

·         Nordic Nanovector ASA

·         Y-mAbs Therapeutics, Inc.

·         Sofie Biosciences, Inc.

·         Terumo Corporation

·         Sirtex Medical Limited

·         Boston Scientific Corporation

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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 or effective radiotheranotics. Traditional chemotherapy techniques for oncology and cancer treatment are being substituted by more effective radiotheranostics that is providing new growth opportunities to the radiopharmaceuticals industry. Besides, radiotheranostics is gaining more traction among the physicians because it enables physicians to diagnose patients efficiently and securely, when compared to X-Rays and other external radiation imaging devices. As a result, the global, leading market players are increasingly focussing on developing essential drugs that are innovative which is expected to create a positive impact to 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, 2017-2027 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” has evaluated the future growth potential of Radiotheranostics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Radiotheranostics market.

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