Therapeutic Nuclear Medicines Market Expanding at a CAGR of 10.6% During The Forecast Period 2022 – 2028
In the backdrop of the growing criticality of a more reliable, safer, and lesser harmful line of treatment for cancers, therapeutic nuclear medicines are being increasingly perceived as the potential treatment for cancer patients.
Moreover, consistently surging instances of bone metastases further supports adoption growth, in the therapeutic nuclear medicines market.
Increasing acceptance of therapeutic nuclear medicines (or radiopharmaceuticals) among industry experts will remain a prominent factor encouraging their adoption.
Though associated with a negligible risk factor, radiopharmaceuticals are likely to witness growing recommendation owing to no proven significant adverse effects.
Just-under 10% Annual Growth Projected for Radiopharmaceuticals Adoption
A recent market research intelligence by Future Market Insights focuses on the deep-dive evaluation of global therapeutic nuclear medicines landscape, emphasizing the analysis of the most influential factors responsible for surging acceptance of radiopharmaceuticals in treating a range of cancers and a few other chronic conditions.
The study projects robust progress for the global radiopharmaceuticals market in coming years, reportedly driven by remarkable adoption in the treatment of prostate cancer.
In 2019, the global demand for therapeutic nuclear medicines is expected to grow at a 9.7% annual rate, and maximum adoption is estimated by cancer research institutes at a global level.
- North America, jointly with Western Europe, represents more than 65% share of the total market value.
- Outpacing developed regional markets, the radiopharmaceuticals market in China and emerging economies across Asia Pacific, Latin America, and Middle East & Africa are slated for higher year on year revenue growth of over 12% in 2019 and ahead.
- China is reportedly the most lucrative market for penetration of therapeutic nuclear medicines, which is attributed to an expanding cancer patient pool in the country and a consistently surging rate of radiopharmaceuticals recommendation.
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Top Three Companies Account for More than 87% Market Value Share
A highly consolidated marketplace, global therapeutic nuclear medicines landscape is dominated by Bayer AG that currently accounts for just-under 80% revenue share in market.
The top three players include GE Healthcare and Novartis AG other than Bayer, which collectively cover over 87% of the total valuation of radiopharmaceuticals market.
While exceptional sales and success rate of Xofigo have been prominently retaining Bayer’s top position in the global market, strategic acquisitions are identified to be the key strategy behind Novartis’ success at a global level.
Thorough assessment of the competitive landscape of global therapeutic medicines market reveals a few prominent developmental strategies adopted by a majority of key companies operating in radiopharmaceuticals landscape –
- Investments in R&D of targeted cancer therapeutics
- Stronger supply chain and more streamlined distribution network
- Improved flagship product sales
- Strategic collaborations with pharma/biopharmaceutical companies
- Contractual relationships with domestic/regional stakeholders
- Strategic deals with internationally recognized cancer research institutes
Over 20% Growth Forecast for Erbium-169
Radium-223 has been the highest recommended type of radionucleotide in radiopharmaceuticals market.
While it currently accounts for a whopping 78% share in the global market revenue, it is more likely that Erbium-169 that has been witnessing higher traction in recent past would witness relatively higher revenue growth in coming years.
The report forecasts over 20% year on year revenue growth for Erbium-169 in 2019.
Exceptional Growth Projections for Thyroid & Brain Cancer
While over half the global market value is accounted by the adoption of therapeutic nuclear medicines for treatment of prostate cancer, bone metastases also accounts for sizable revenue generation in the market.
Brain tumor and thyroid cancer are likely to emerge highly lucrative targets for manufacturers of therapeutic nuclear medicines, according to the report.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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