Global Demand for Therapeutic Nuclear Medicines is expected to Increase Given its Superior Efficacy in Cancer Treatment
Radiopharmaceuticals are used for diagnosis as well as therapeutic purposes. But the radiopharmaceuticals are currently used for diagnostic purpose rather than the therapeutic purpose. At present, Therapeutic Nuclear Medicines accounts for only 12.9% of the revenue of the global radiopharmaceutical market. However, Therapeutic Nuclear Medicines is expected to account for around 60-65% of the revenue of the global radiopharmaceutical market by 2030. According to the latest research by Future Market Insights (FMI), the global therapeutic nuclear medicines market is estimated to account for US$ 619.2 Mn in terms of value during 2017. The report on therapeutic nuclear medicines further projects significant growth potential with an average year-on-year growth rate pegged at 11.1% over the period of 2018-2028.
The positive results of Xofigo for the treatment of prostate cancer and the launch of Iodine-131 for the treatment of hypothyroidism and thyroid cancer in developed countries are among the factors fuelling the growth of the therapeutic nuclear medicines market. Moreover, the leading radiopharmaceutical manufacturers are collaborating with hospitals and cancer research institutes for the sale of their products, and this has increased the acceptance of therapeutic nuclear medicines. The increasing usage of radiopharmaceuticals in therapeutic indications has boosted the interest of mainstream pharmaceutical companies to collaborate with suppliers to build a strong supply chain.
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The treatment of cancer or bone metastasis by Therapeutic Nuclear Medicines requires proper precautions due to high exposure to radiation. According to guidelines by the FDA, Therapeutic Nuclear Medicines must be prescribed to a patient by a registered nuclear medicine physician. In the past decade, there has been a decline in the number of nuclear medicine physicians in the U.S. and Europe. On other hand, the demand for the nuclear medicine physicians is increasing exponentially due the rising prevalence of cancer. Hence, this demand supply gap of nuclear medicine physicians is likely to hamper the growth of the Therapeutic Nuclear Medicines market over the forecast period.
The treatment of cancer and other diseases by chemotherapy results in several adverse effects that last for a prolonged period. Moreover, there are several risks associated with surgical procedures for the treatment of different diseases. However, radiographers and medical professionals have not observed any physiological responses or adverse effects pertaining to the usage of nuclear medicine. According to nuclear medicine physicians, if few safety guidelines are followed, the usage of therapeutic nuclear medicines for the treatment of cancer is completely safe. Hence, the rising acceptance of therapeutic nuclear medicines among physicians due to the negligible risk associated with their usage is expected to boost the Therapeutic Nuclear Medicines market over the forecast period.
The Radium-223 segment, a sub-segment of the radionuclide type segment of the therapeutic nuclear medicines market, is the leading segment in terms of revenue and it is estimated to gain more than 79% of the revenue share in 2017. By indication, the prostate cancer segment is estimated to be a prominent segment in the global therapeutic nuclear medicines market in terms of revenue owing to the high acceptance of Xofigo for the treatment of prostate cancer. The U.S. therapeutic nuclear medicines market is a prominent market in the global therapeutic nuclear medicines market, and it estimated to register a revenue share of 42.8% in 2017.
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The availability of a favourable reimbursement scenario in the U.S. is fuelling the growth of the therapeutic nuclear medicines market in the country. China is among the fastest-growing therapeutic nuclear medicines markets in the global therapeutic nuclear medicines market, and it is projected to grow with CAGR of 14.2% over the forecast period of 2018-2028. The therapeutic nuclear medicines market report tracks some of the key companies operating in the therapeutic nuclear medicines market, which include Bayer AG, Novartis AG, GE Healthcare, Curium Pharmaceuticals, Jubilant DraxImage, Spectrum Pharmaceuticals, Progenics Pharmaceuticals, Inc., ANSTO, Lantheus Medical Imaging, Inc., Eckert & Ziegler and International Isotopes Inc.