The Global Oncology Radiopharmaceuticals Market Growth Accelerated By Advancement In Radioisotopes Technology

ONCOLOGY RADIOPHARMACEUTICALS MARKET
Oncology Radiopharmaceuticals Market

Oncology radiopharmaceuticals are radioactive compounds utilized in diagnosis and therapeutic applications for cancer treatment. These products allow targeted delivery of radiation which helps in precise localization and treatment of cancer tumors. Advancement in radioisotopes technology is boosting the development of new oncology radiopharmaceuticals with longer half-lives and better stability.

The global Oncology Radiopharmaceuticals Market is estimated to be valued at Us$ 7351 Million In 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:


The increasing investments in development of alpha emitting radioisotopes is one of the key trends driving the growth of oncology radiopharmaceuticals market. Alpha emitting radioisotopes such as Actinium-225 and Bismuth-213 offer higher tumor cell killing ability as compared to beta emitters due to dense ionization.


Segment Analysis


The global oncology radiopharmaceuticals market is segmented by type, application and geography. By type, the market is further divided into therapeutic radiopharmaceuticals and diagnostic radiopharmaceuticals. Therapeutic radiopharmaceuticals dominate the market as this segment offers targeted therapies for cancer treatment. It is widely used options for bone metastases and thyroid cancer. By application, the market is further classified into oncology and cardiology. Oncology holds a major share as radiopharmaceuticals are increasingly used for diagnosis and treatment monitoring in various types of cancers.

Key Takeaways


The Global Oncology Radiopharmaceuticals Market Demand  is expected to witness high growth over the forecast period. Several factors such as rising cancer incidence, growing preference for targeted therapies and increasing healthcare expenditure are expected to drive the market. The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 million in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030.

Regional analysis:

North America is currently the largest and fastest growing regional market. Factors such as high healthcare spending, presence of prominent players and early adoption of advanced technologies contribute to its dominant position. Asia Pacific is anticipated to showcase lucrative growth opportunities owing to rising awareness about radiopharmaceuticals, improving healthcare infrastructure and growing incidence of cancer.

Key players:

Key players operating in the oncology radiopharmaceuticals market are Bayer AG, IBA Radiopharma Solutions, Eckert & Ziegler Group, Nordion (Canada) Inc., Positron Corporation, Curium, Novartis AG and Diagnostic BioSystems. Bayer AG holds a significant share due to its wide portfolio of therapeutic and diagnostic radiopharmaceuticals for oncology. Novartis has a strong position backed by its radioligand therapies.

Get more insights on this topic :

https://www.insightprobing.com/oncology-radiopharmaceuticals-market-is-driven-by-growing-cancer-prevalence/

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