Nuclear Medicine/Radiopharmaceuticals Market: Alpha Radioimmunotherapy-Based Targeted Cancer Treatment
Market Drivers & Opportunity: Increasing Incidence and Prevalence of Target Conditions, Initiatives to Lessen the Demand-Supply Gap of Mo-99, Use of Radiopharmaceuticals in Neurological Applications
The global nuclear medicine/radiopharmaceuticals market is expected to reach US$ 6,683.99 Mn in 2027 from US$ 3,982.11 Mn in 2018. The market is estimated to grow with a CAGR of 6.2% from 2019-2027.
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The market for nuclear medicine/radiopharmaceuticals is expected to grow, owing to factors such as the rising prevalence of chronic diseases, alpha radioimmunotherapy-based targeted oncology treatment and advancement in imaging technologies using radiopharmaceuticals play a vital role in the growth of the radiopharmaceuticals market. However, the restraints such as short shelf-life of radiopharmaceuticals and the availability of substitutes of radiopharmaceuticals are likely to impact the growth of the market in the forecast period.
A radiopharmaceutical is a drug, which can be used either for diagnostic or therapeutic purposes. Radiopharmaceuticals are radioisotopes that are bound to biological molecules that target specific tissues, organs, or cells within the human body. Radioisotopes emitting gamma rays are useful for diagnostic imaging where the radiation escapes the body. These rays are detected by a specific device, which is usually single-photon emission computed tomography (SPECT)/ positron emission tomography (PET) cameras.
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The shelf-life or expiry date of a radiopharmaceutical preparation depends mainly on the half-life of the radioisotope, the radiochemical stability and the content of longer-lived radionuclide impurities in the preparation under consideration. Most of the radiopharmaceutical preparations contain radioisotopes with very short half-lives and such preparations have very short shelf-lives. These preparations require an expiry date and time to be indicated. For example, technetium based preparations and positron emission tomography (PET) preparations are generally intended to be used within less than 12 hours, or sometimes within few minutes of preparation. Hence, the short shelf-life of radiopharmaceuticals is expected to hinder the growth of the market in the future years.
Global nuclear medicine/radiopharmaceuticals were segmented by application and end-user. The application segment was segmented as diagnostic applications and therapeutic applications. Based on the end-user, the market was segmented as hospitals and diagnostic centers. During 2018, the hospital’s segment led the nuclear medicine/radiopharmaceuticals market by the end-user.
Some of the major primary and secondary sources included in the report for, Society of Nuclear Medicine, Food and Drug Administration, American Cancer Society, World Health Organization, American Hospital Association (AHA), National Cancer Institute (NCI), Canadian Association of Nuclear Medicine, and others.
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