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Therapeutic Nuclear Medicines Sales Market Projected to Grow at a CAGR of 7.3% During the Forecast Period 2021-2026

(Publishing-NewsWire.com, August 22, 2021 ) Therapeutic Nuclear Medicines Sales Market size is estimated at $1.6 billion in 2020, projected to grow at a CAGR of 7.3% during the forecast period 2021-2026. Therapeutic Nuclear Medicine is a pharmaceutical formulation containing radioactive materials. Cancer, metastatic bone tumors, and other disorders are treated with therapeutic nuclear medicines. Therapeutic nuclear drugs contain radioactive material that can destroy cancerous tissue, shrink tumors, and alleviate pain. Alpha Emitters, Beta Emitters and Brachytherapy Isotopes are the various types of therapeutic nuclear medicines.



The rising incidence and prevalence of cancer and cardiac disorders, as well as measures to close the demand-supply gap for Mo-99 and radiopharmaceuticals are driving growth in the therapeutic nuclear medicines sales industry. Thyroid-related disorders like hyperthyroidism, respiratory diseases, bone diseases, and neurological diseases neuroblastoma are among the conditions for which research and studies are performed.



For instance, French researchers published research in July 2019 demonstrating the use of hafnium oxide nanoparticle NBTXR3 as a radio enhancer to boost radioimmunotherapy response for soft-tissue sarcoma Theragnostic which is expected to boost the overall market demand for Therapeutic Nuclear Medicines Sales Industry. Government policies and funding for the development of new techniques are expected to push therapeutic nuclear medicine.



For example, in January 2019, the European Fund for Regional Development (EFRO) and the Kansen voor West organisation funded NRG to FIELD-LAB, which will develop new nuclear medicines for cancer treatment.



Therapeutic Nuclear Medicines Sales Market Segment Analysis - By Type



Based on Type, Therapeutic Nuclear Medicines Sales Market is segmented into Alpha Emitters, Beta Emitters and Brachytherapy Isotopes. Beta Emitters accounted for the largest revenue market share in 2020 owing to less damage to surrounding cells, low energy levels, and travel long distance. Furthermore, I-131, Y-90, SM-153, and Re-186 are the most widely used beta emitting radioisotopes. The cost of treating an untreated wound is much greater than the cost of treating a common disease.



Owing to the disease's high prevalence, there will be many opportunities for companies in the industry to expand. It also serves as a simpler and safer alternative to X-Rays and other external radiation imaging devices for patients, as opposed to X-Rays and other radioimmunotherapy external radiation imaging devices aids to Therapeutic Nuclear Medicines Sales Industry expansion.



Brachytherapy Isotopes segment is anticipated to grow with the fastest CAGR of 7.9% in the forecast period 2021-2026. This is attributed to the rise in the increasing global acceptance of hybrid imaging, increasing levels of funds for advanced technology advancement, rising application of radiopharmaceuticals, and adoption of various treatment and diagnosis are some of the factors that are anticipated boost the growth of the brachytherapy isotopes.



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Therapeutic Nuclear Medicines Sales Market Segment Analysis By Application



Based on Application, Therapeutic Nuclear Medicines Sales Market is segmented into Cardiology, Bone Scans, Pulmonary Scans, Oncology, Neurology, Thyroid Indications, Bone Metastasis and Others. Thyroid Indications accounted for the largest revenue market share in 2020 as hypothyroidism is becoming more common, and people are becoming more conscious of it, which is fueling market development. Various companies are working with government agencies to raise disease control awareness, which is expected to increase the acceptance of drugs for thyroid gland disorders.



It currently affects 200 million people worldwide, with half of the population in most countries remaining undiagnosed. Women and the elderly are more likely to develop this disorder. According to the Thyroid Foundation of Canada's 2015 statistics, congenital hypothyroidism affects one out of every 1700 children in Canada. This depicts the potential for therapeutic drug demand in the coming years, thereby, driving the Therapeutic Nuclear Medicines Sales Industry growth. Cardiology segment is anticipated to grow with the fastest CAGR of 7.6% during the forecast period 2021-2026 owing to the low cost of techniques like radioimmunotherapy and high acceptance rate. As a result, major players are concentrating their efforts on developing new diagnostic methods to tackle cardiovascular diseases.



Therapeutic Nuclear Medicines Sales Market Segment Analysis - By Geography



Based on Geography, North America Therapeutic Nuclear Medicines Sales Market accounted for the 37% revenue share in 2020 owing to the existence of streamlined healthcare facilities, higher levels of individual understanding, and a wide range of treatment choices like radiopharmaceutical, alpha emitters & beta emitters to choose from are all factors that contribute to its large revenue share. Pharmaceutical companies and government organizations are forming strategic alliances in the region, especially to develop generic drugs and raise awareness among healthcare professionals.



As a result, the North American market is extremely lucrative. For instance, Genzyme will provide customized solutions for the treatment of thyroid gland disorders in collaboration with Veracyte Inc. aiding growth towards the Therapeutic Nuclear Medicines Sales Industry. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards the increasing geriatric population and increased awareness of nuclear medicines and molecular imaging. This area is also concentrating on the manufacture of radiopharmaceuticals for the diagnosis and treatment of a variety of diseases like metastatic bone pain, radionuclide therapy.



In August 2018, the National Nuclear Agency of Indonesia (BATAN) collaborated with the International Atomic Energy Agency (IAEA) to create new radiopharmaceuticals (99mTc-ethambutol) for tuberculosis diagnosis driving the market growth.



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Therapeutic Nuclear Medicines Sales Market - Drivers



The Use Of Radiopharmaceuticals For Therapeutic Purposes Is Gaining Popularity:



Radiopharmaceuticals are used in both diagnostic and therapeutic procedures. Therapeutic nuclear medicines currently account for 12-13 percent of global radiopharmaceutical revenue; however, due to the positive results of Xofigo for the treatment of prostate cancer, monoclonal antibodies and the launch of Iodine-131 for the treatment of hypothyroidism and thyroid cancer, therapeutic nuclear medicines are expected to account for 60-65 percent of global radiopharmaceutical revenue by 2030. Furthermore, for the sale of their drugs, the leading radiopharmaceutical manufacturers are partnering with hospitals and cancer research institutes, aiding growth towards the Therapeutic Nuclear Medicines Sales Market.



Therapeutic Nuclear Medicines Sales Market Challenges



Stringent Regulatory Guidelines:



Strict regulatory requirements and a shortage of standardization resources in some developed and developing countries are two major factors that are expected to hinder Therapeutic Nuclear Medicines Sales market growth. According to the Nuclear Regulatory Commission, nearly 6,000 licenses for the use of radioactive materials are in place, with violations resulting in disciplinary measures such as license revocation. The FDA's strict regulatory guidelines for the approval and development of radiopharmaceuticals are likely to stifle the therapeutic nuclear medicine market's revenue growth. The market's growth is being hampered by high costs, a scarcity of isotopes, and the possibility of traditional/alternative diagnostic procedures.



Therapeutic Nuclear Medicines Sales Market - Landscape



Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Therapeutic Nuclear Medicines Sales Market. Therapeutic Nuclear Medicines Sales Market top 10 companies are Cardinal Health, Eckert & Ziegler, Curium Pharma, International Isotopes Idaho, Inc., Medi-Radiopharma Co., Ltd., Novartis AG, Orano, Isoray Inc., Jubilant Pharma, Progenics Pharmaceuticals and Theragenics Corporation.



Acquisitions/Product Launches:



In June, 2020, Lantheus Holdings, Inc., a global leader in the growth, manufacture, and commercialization of advanced diagnostic imaging agents and devices, has merged with Progenics Pharmaceuticals, an oncology company developing innovative medicines and artificial intelligence to detect, battle, and track cancer. The company's growth will be boosted as a result of this merger.



Key Takeaways



The growing need for early and reliable diagnosis, as well as the increasing demand for better medical solutions around the globe, is expected to drive demand for Therapeutic Nuclear Medicines Sales Industry.



Geographically, North America Therapeutic Nuclear Medicines Sales Market held the largest revenue share of 37% in 2020 owing to the involvement of potential players who are developing innovative products, high investments in R&D and support of government towards the use of medical isotopes investments in healthcare.



The Therapeutic Nuclear Medicines Sales Industry is being driven by the growing geriatric population and increased understanding of nuclear medicines and molecular imaging.



Furthermore, radiopharmaceuticals are widely used in molecular imaging, a method in which molecules are used as biomarkers for complex molecular processes that decide the initiation and/or progression of disease driving the demand for Therapeutic Nuclear Medicines Sales Industry.



Related Reports :



A. Nuclear Medicine Equipment Market

https://www.industryarc.com/Report/16841/nuclear-medicine-equipment-market.html



B. North American Nuclear Medicine/Radiopharmaceuticals Market

https://www.industryarc.com/Report/16741/north-american-nuclear-medicineradiopharmaceuticals-market.html



For more Lifesciences and Healthcare Market reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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