Oncology Radiopharmaceuticals Market is anticipated to rise at a value CAGR of 11.5% over 2019-2028. According to a study published by Insure Insights on the Oncology Radiopharmaceuticals Market, Oncology Radiopharmaceuticals are radioactive drugs, used to diagnose or treat Cancer. These medications can be either taken orally (in pill form) or intravenously. Growing awareness about the radiopharmaceuticals and Technological advancements are driving the market growth.

Top Driver: Rise in the incidences of Cancer globally is driving the Market

There has been a remarkable growth in the incidence of Cancer worldwide; for instance, in the year 2016, the National Cancer Institute had estimated there are about 15.5 million cancer survivors in the United States. The number of cancer survivors is likely to increase to 20.3 million by 2026. The rise in the healthcare expenditure and increased preference given to disease targeted cancer therapy is further driving the market growth. Government funding for better healthcare, increase in R&D investments are extending the market growth. An increase in the geriatric population and an unhealthy lifestyle is further accelerating the growth of the Market.

Therapeutic Nuclear Medicine to Make Crucial Contribution to Growth of Global Oncology Radiopharmaceuticals Market

Based on the Type Segment Therapeutic Nuclear Medicine has dominated the Market as Radiopharmaceutical has proved to be beneficial in treating Cancer. The alpha emitters have proved to be beneficial in therapy. The tiny amounts of radium-226 are inserted into cancerous masses. These particles destroy cancer cells but lack the penetrating ability to damage the surrounding healthy cells. For an instance, on 8 June 2020 Alpha TAU Medical had announced that they are performing a clinical trial to treating solid cancer tumors with the help of Alpha radiation

In terms of the Procedural Volume segment, Diagnostic Procedures have obtained the highest growth as diagnostic radioisotopes have obtained an obtained more popularity as compared to therapeutic radioisotopes. SPECT diagnosis is a widely used diagnostic procedure. In terms of the application segment, Therapeutic application as Radiopharmaceutical are effective in killing the cancer cells.

Technological advances in Radiopharmaceutical to benefit the  North Americas Market

There are various advances done in Radiopharmaceuticals for cancer therapy in North America; for instance, in May 2020, Malvern, Pennsylvania-based PETNET Solutions of the U.S had received FDA approval for its advanced PET imaging agent for breast cancer.  The existence of a majority of key players in the region will benefit market growth. The rise in the awareness among people about Radiopharmaceutical, an increase in the healthcare expenditure, and the rise in medical tourism in the region is expanding the growth of the Market. The rise in Government spending, favorable reimbursement for advanced healthcare, Increased R&D expenditure is enhancing the market growth. The rise in the geriatric population and lifestyle changes, a rise in the number of smokers globally is further boosted the market growth.

Strategic collaboration and acquisition, Joint Venture partnerships are the major strategies of the competitors

The Market Oncology Radiopharmaceuticals are largely fragmented. Acquisition, collaborations, partnerships are the key strategies of the competitors.  The key players of the Market are GE Healthcare, Cardinal Health, Mallinckrodt., General Electric Company, Lantheus Medical Imaging, Inc., Bayer AG., Nordion (Canada) Inc., Advanced Accelerator Applications, Surgery Theater, and Curium

Cardinal Health: Cardinal Health is a giant competitor of the Market.; for instance, in the year 2019, Cardinal Health had announced the complete acquisition of Medtronic’s Patient Recovery Business for USD 6.1 billion. The acquisition was made to expand its product portfolio in Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency.

Lantheus Holdings, Inc.:  Lantheus Holdings, Inc. is a popular competitor in the global Oncology Radiopharmaceutical Market. In October 2019 Lantheus Holdings, Inc had announced that it had completed the acquisition of Progenics Pharmaceuticals, the acquisition was made by Lantheus Holdings to strengthen its product portfolio in Oncology therapeutics.

Bayer AG: Bayer AG is one major competitor of the Market. Bayer AG, in the year 2018 had announced the acquisition Monsanto business; the acquisition was made to strengthen its product portfolio in chemical and biological crop protection.

Scope of the Report

By Type

• Diagnostic Nuclear Medicine
• Brachytherapy Isotopes
• Therapeutic Nuclear Medicine

Procedural Volume

• Diagnostic Procedures
• Therapeutic Procedures

By Application

• Diagnostic Applications
• Therapeutic Applications

By Region

• North America
• Europe
• Asia Pacific
• LAMEA