Radiopharmaceuticals In Nuclear Medicine Market Size Worth US$ 11,504.8 Million | 8.0% CAGR By 2027 : Coherent Market Insights
Global Radiopharmaceuticals in Nuclear Medicine Market, By Product Type (Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals and PET Radiopharmaceuticals) and Therapeutic Nuclear Medicine), By Application (Oncology, Cardiology, Neurology, Endocrinology, and Others), By End User (Hospitals, Specialty Clinics, and Diagnostic Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 6,700.5 million in 2020 and is expected to exhibit a CAGR of 8.0% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
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Manufacturers are focusing on research and development of novel products for radiopharmaceuticals in nuclear medicine, which is expected to propel the market growth over the forecast period. For instance, in July 2018, GE Healthcare and Lantheus Holdings, Inc., parent company of Lantheus Medical Imaging, Inc., initiated a second Phase 3 clinical trial of Flurpiridaz 18F (called the AURORA study), an investigational agent being evaluated for the detection of coronary artery disease (CAD), one of the most common forms of heart disease.
Global Radiopharmaceuticals in Nuclear Medicine Market – Impact of Coronavirus (Covid-19) Pandemic
Governments across the globe are largely involved in addressing demand and supply issues of healthcare products such as medicines, medical devices, radiotherapeutics, and others, by relaxing the rules for essential product productions and distribution during the lockdown. For instance, in May 2020, Australia’s Therapeutic Goods Administration (TGA) relaxed the rules on the production of radiopharmaceuticals, to address the shortage of radiopharmaceuticals in Australian states.
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The COVID-19 pandemic has caused a significant reduction in direct flights between state capitals, which has affected some hospitals due to limited access to short-shelf-life radiopharmaceuticals. To overcome this issue, TGA added radiopharmaceuticals to the list of products that are exempt from some manufacturing requirements.
Browse 56 Market Data Tables and 50 Figures spread through 304 Pages and in-depth TOC on “Radiopharmaceuticals in Nuclear Medicine Market”- Global Forecast to 2027, By Product Type (Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals and PET Radiopharmaceuticals) and Therapeutic Nuclear Medicine), By Application (Oncology, Cardiology, Neurology, Endocrinology, and Others), By End User (Hospitals, Specialty Clinics, and Diagnostic Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in the global radiopharmaceuticals in nuclear medicine market press release, click the link below: https://www.coherentmarketinsights.com/press-release/radiopharmaceuticals-in-nuclear-medicine-market-to-surpass-us-106-billion-threshold-by-2026-111
Key players operating in the market are adopting various inorganic strategies such as mergers and acquisitions in order to strengthen their market presence, which is expected to drive growth of the global radiopharmaceuticals in nuclear medicine market. For instance, in August 2018, Alliance Medical Group (a division of Life Healthcare Group) acquired Piramal Imaging and renamed it as Life Molecular Imaging (LMI). LMI is now part of the Alliance Medical Molecular Imaging division, an integrated business including research and development laboratories, a network of cyclotrons, radio pharmacies, and imaging facilities.
Key Takeaways of the Global Radiopharmaceuticals in Nuclear Medicine Market:
- The global radiopharmaceuticals in nuclear medicine market is expected to exhibit a CAGR of 8.0% over the forecast period, owing to increasing collaboration and partnership agreements by market players. For instance, in February 2018, Advanced Accelerator Applications S.A. entered into an exclusive worldwide license agreement with Cancer Targeted Technology, LLC (CTT) to develop and market an investigational new drug product, F-18-labeled CTT1057.
- Among product type, diagnostic nuclear medicine segment held a dominant position in the radiopharmaceuticals in nuclear medicine market in 2019, owing to increasing product launches for radiopharmaceuticals in nuclear medicine by market players, For instance, in 2018, Fresenius Kabi launched Adenosine Injection, USP in 60mg/20mL and 90mg/30mL dosage strengths, as an adjunct to thallium-201 myocardial perfusion scintigraphy in patients unable to exercise adequately.
- Key players operating in the global radiopharmaceuticals in nuclear medicine market include Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc.
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