Nuclear medicine therapeutics using radioactive sources includes treatment of the thyroid, pain palliation of bone metastasis and certain other cancers. Research is underway to develop new radiopharmaceuticals to treat different tumors. Recently, due to increasing cancer and cardiac ailments, the burden from these diseases have increased globally. This has helped in the awareness regarding nuclear medicine therapeutics among the population. Hence all these factors have helped in the growth of the market.
However, radioisotopes have short half-life, which results in faster decay. Moreover, the cost of equipment and radioisotopes themselves is high. As a result, many health providers do not invest in these therapies. These have, hence, been restraining the market growth.
Key Market Trends
Application in Oncology is Expected to Dominate the Market
According to World Health Organization (WHO) 2018 data on cancer, the global cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths in 2018. Moreover, Cancer Research UK suggests that the population suffering from cancer is expected to increase in the future. As per the report, if recent trends in incidence of major cancers and population growth are consistent, it is predicted there will be 27.5 million new cancer cases worldwide each year by 2040. This is an increase of 61.7% from 2018 (17 million as per Cancer Research UK).
Nuclear medicine offers therapeutic procedures, such as radioactive iodine (I-131) therapy that use small amounts of radioactive material to treat the cancer. Non-Hodgkin's lymphoma patients who do not respond to chemotherapy may undergo radioimmunotherapy (RIT), which is a personalized cancer treatment that combines radiation therapy with the targeting ability of immunotherapy, a treatment that mimics cellular activity in the body's immune system. Hence as the incidence of cancer increases, the demand for nuclear medicine therapeutics is also expected to icnrease.
North America is Expected to Show High Growth Over the Forecasted Period
The prevalence of cancer is one of the highest in North American countries of the United States (US) and Canada. Cardiac disorders are also prevalent in the US and Mexico. However, the United States (US) and Canada have a developed and well-structured health care system, and Mexico is also coping up with these counties. These systems thus encourages research and development. These policies encourage global players to enter the US and Canada.
Hence as a result, these countries enjoy the presence of many global market players. As high and increasing demand is met by the presence of global players in the region, the market is further expected to increase.
Majority of the nuclear medicine therapeutics products are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Incidence of Cancer and Cardiac Ailments
4.2.2 Growing Awareness Regarding the Nuclear Medicine
4.3 Market Restraints
4.3.1 Short Half-Life of Radiopharmaceuticals
4.3.2 High capital investment
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Alpha Emitters
188.8.131.52 Radium-223 (RA-223) & Alpharadin
184.108.40.206 Actinium-225 (AC-225)
220.127.116.11 Lead-212 (PB-212)/Bismuth-212 (BI-212)
5.1.2 Beta Emitters
18.104.22.168 Iodine-131 (I-131)
22.214.171.124 Yttrium-90 (Y-90)
5.2 By Application
5.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.3 Asia- Pacific
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Middle- East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.3.5 South America
188.8.131.52 Rest of South America
6.1.1 Actinium Pharmaceutical Inc.
6.1.2 Alpha Tau Medical Ltd
6.1.3 Bayer AG
6.1.4 Fusion Pharmaceuticals
6.1.5 IBA Radiopharma Solutions
6.1.6 RadioMedix Inc.
6.1.7 Telix Pharmaceuticals Ltd
6.1.8 NTP Radioisotopes
6.1.9 Triad Isotopes (Jubilant Life Sciences)