The United Kingdom Radiopharmaceutical Market to be dominated by Diagnostic Radiopharmaceuticals through 2028.
The increasing concern about health benefits is expected to drive the growth of the United Kingdom Radiopharmaceutical market in the forecast period, 2024-2028.
According to TechSci Research
report, “United Kingdom Radiopharmaceutical Market - By Region,
Competition Forecast and Opportunities, 2018-2028”, United Kingdom
Radiopharmaceutical market is anticipated to grow at an impressive rate in the
forecast period, 2024-2028. This can be ascribed to the rising
demand for targeted therapy with medical benefits such as targeting specific
tumors, such as thyroid, lymphomas or bone metastases along with growing
preference for diagnostic imaging among people are facing chronic diseases
issues across the region. Additionally, rapid advances in science and
technology, increasing healthcare expenditure, changes in food laws affecting
label and product claims, and rising interest in attaining diseases free
through treatment will escalate the growth of United Kingdom
Radiopharmaceutical market in coming years. Besides, emergence of new product
development PSMA PET Radiotracers, Theranostic Radiopharmaceutical,
Alpha-emitting Radiopharmaceuticals, and Improved Imaging Agents will further
be expected to support the United Kingdom Radiopharmaceutical market growth.
However, the regulation of
radiopharmaceutical in United Kingdom can be complex, and there are hurdles
Developing and bringing radiopharmaceuticals to market involves navigating
complex regulatory processes. Obtaining regulatory approvals, such as those
from the U.S. Food and Drug Administration (FDA), can be time-consuming and
costly which can slow down the growth of United Kingdom Radiopharmaceutical
market in the forecast period. Similarly, the limited availability of
radioisotopes and the need for specialized infrastructure can pose constraints
on the supply chain, which can lead to confusion among consumers which may
hamper the United Kingdom Radiopharmaceutical market growth during the forecast
period. Also, some radiopharmaceuticals rely on specific radioisotopes that may
be prone to shortages. Factors such as limited production capacity, technical
difficulties, and regulatory issues can contribute to these shortages. Supply
disruptions of critical radioisotopes can impact patient care which can further
restrict the growth of United Kingdom Radiopharmaceutical Market.
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The United Kingdom Radiopharmaceutical market can be
segmented by Type, Application, End User and by region.
Based on Type, the United Kingdom Radiopharmaceutical
market can be segmented into Diagnostic Radiopharmaceuticals, Therapeutic
Radiopharmaceuticals. The Diagnostic Radiopharmaceuticals segment dominated the
market in 2022 and is expected to continue maintaining its dominance throughout
the forecast period. This can be ascribed to increasing Diagnostic
radiopharmaceuticals for medical imaging to diagnose various conditions and
diseases. They typically involve the use of gamma-emitting radioisotopes and
imaging techniques such as positron emission tomography (PET) and single-photon
emission computed tomography (SPECT). Diagnostic radiopharmaceuticals help visualize
physiological processes, assess organ function, detect tumors, evaluate cardiac
conditions, and provide valuable diagnostic information. across the
region.
Based on Distribution Channel, the market can be segmented
into Oncology, Cardiology, Neurology, Others {Respiratory, Musculoskeletal
System Diseases, Thyroid, etc.}. The Oncology and Cardiology segment is
expected to dominate during the forecast period on account of the rising
awareness related to the Diagnostic radiopharmaceuticals, such as FDG-PET
(Fluorodeoxyglucose positron emission tomography), are widely used for cancer
staging, tumor detection, and assessing treatment response.
Radiopharmaceuticals play a crucial role in cardiac imaging to evaluate
myocardial perfusion, assess myocardial viability, and diagnose cardiac
conditions.
Major companies operating in United Kingdom Radiopharmaceutical market are:
- GE Healthcare Ltd
- Alliance Medical Ltd
- Eckert & Ziegler Radio pharma GmbH
- IBA Molecular Ltd
- Mallinckrodt Pharmaceuticals Plc
- Lantheus Medical Imaging Inc
- Jubilant Radiopharma Inc
- Sofie Biosciences Inc/United Kingdom
In 2014, Mallinckrodt acquire Questcor Pharmaceutical
in cash and stock valued at approximately USD5.8 billion this is done because
it will provide a strong and sustainable platform for future revenue and
earnings growth and provide exceptional value for shareholders of both
Mallinckrodt and Questcor.
In 2018, Alliance Medical Ltd acquires molecular
imaging firms at undisclosed able amount the united company will offer imaging
services, radiopharmacies, and cyclotrons, and is anticipated to improve access
to imaging agents for clinical trials as well as provide integrated biomarkers.
In2021, the $3 billion ultrasound business at GE
Healthcare expands beyond diagnostics to include therapeutic and surgical
solutions. Significant synergies are anticipated to further boost BK Medical's
renowned company as it adds competence in the rapidly expanding advanced
surgical visualization market.
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“United Kingdom Radiopharmaceutical is expected to
dominate the market during the forecast period on account due to the rising
demand for targeted therapy with medical benefits along with growing preference
for diagnostic imaging across the region. Furthermore, trend of personalized
medication is growing, particularly among individuals with chronic medical
conditions, where treatment is modernized which will further contributing to demand
for United Kingdom Radiopharmaceutical market during the forecast period.
Besides, increasing concern about healthy lifestyles and increasing expenditure
on health and wellness is further expected to create lucrative opportunities
for the market growth” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“United Kingdom Radiopharmaceutical Market by Type
(Diagnostic Radiopharmaceuticals, Therapeutic Radiopharmaceuticals), By
Application (Oncology, Cardiology, Neurology, Others {Respiratory,
Musculoskeletal System Diseases, Thyroid, etc.}), By End User (Hospitals &
Clinics, Diagnostic Centers, Academic & Research Institutions, Others
{Pharmaceutical Companies, Ambulatory Centers etc.}) and By Region and
Competition”, has evaluated the future growth potential of United Kingdom
Radiopharmaceutical Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in United Kingdom
Radiopharmaceutical Market.
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