Nuclear Medicine Therapeutics Market to grow with a CAGR of 9.60%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Global Nuclear Medicine Therapeutics Market.
According
to TechSci Research report, “Global Nuclear Medicine Therapeutics Market Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Nuclear Medicine
Therapeutics Market has valued at USD 985.80 million in 2022 and is anticipated
to witness an impressive growth in the forecast period with a CAGR of 9.60% through
2028. This can be due to collaborations and partnerships among leading
companies with a diverse approach to merge the expertise of individual
companies and to strengthen their position in the market.
Advancements
in radiotherapy play a significant role in driving the demand for the Global
Nuclear Medicine Therapeutics Market. While nuclear medicine therapeutics and
radiotherapy are distinct modalities, they share common goals in cancer
treatment and often complement each other. In some cases, nuclear medicine
therapeutics are used in combination with external beam radiation therapy
(EBRT) or other forms of radiotherapy to enhance treatment outcomes. This
combination approach is referred to as "theranostics" and involves
using diagnostic nuclear medicine scans to guide targeted therapeutic
interventions. Some nuclear medicine agents, when combined with radiotherapy,
can act as radiosensitizers. They enhance the sensitivity of cancer cells to
radiation, making the radiotherapy more effective at killing tumor cells while
minimizing damage to surrounding tissues. Advancements in radiation therapy
delivery systems, such as linear accelerators (linacs) and image-guided
radiation therapy (IGRT) machines, enable more precise and targeted radiation
delivery. This aligns with the goals of nuclear medicine therapeutics, which
aim to deliver radiation to specific disease sites.
The
COVID-19 pandemic influenced the market for nuclear medicine therapies,
initially diverting research attention to the creation of COVID-19
vaccinations. The number of nuclear investigations, nuclear cardiac imaging,
and cancer positron emission tomography declined in the first few months of the
pandemic, according to the Centers for Disease Control and Prevention (CDC). By
February 2021, however, there were fewer COVID-19 cases in the United States,
and procedures steadily increased.
In
February 2023, according to the Research Cooperation Agreement published in
February 2021, Telix Pharmaceuticals Limited has reported the successful
completion of its cooperative research project with Heidelberg University
Hospital (UKHD). Using the beta-emitting isotope rhenium-188, the goal of this
study was to develop and verify a generator-based theranostic drug for urologic
cancer that targets PSMA. A targeted agent that can be coupled with a
true-theranostic pair of radioisotopes—99mTc (technetium-99m) for imaging and
188Re for therapeutic purposes—makes up the technology platform. Due to its
strong energy output over a 16.9-hour half-life and its capability to be
consistently supplied at the point of care through a generator, 188Re is seen
as an appealing alternative for radiopharmaceutical therapy applications.
The short half-life of radioisotopes is a challenge in the Global
Nuclear Medicine Therapeutics Market. Radioisotopes are essential components of
nuclear medicine, used for both diagnostic imaging and therapeutic
applications.
Radioisotopes have a finite half-life, which means
they decay over time, becoming less radioactive. This limited window of
usability can be a challenge in nuclear medicine, as radiopharmaceuticals must
be administered promptly after production to ensure adequate radioactivity for
diagnosis or treatment.
The production and distribution of
radiopharmaceuticals with short half-lives require efficient processes and
logistics to ensure timely delivery to healthcare facilities. Delays in
production or transportation can lead to shortages and affect patient care. Short-lived
radioisotopes generate radioactive waste, which must be handled, stored, and
disposed of in accordance with strict regulations. Proper waste management can
be complex and costly.
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Global Nuclear Medicine Therapeutics Market segmentation
is based on Type, Application, and Region. Based on Type, Global Nuclear Medicine Therapeutics
Market is segmented into Alpha Emitters, Beta Emitters, and Brachytherapy. Alpha
emitters play a significant role in nuclear medicine therapeutics, particularly
in the treatment of certain types of cancer. Alpha emitters are radioactive
isotopes that emit alpha particles, which consist of two protons and two
neutrons and have a relatively high energy. The unique properties of alpha particles
make them well-suited for specific therapeutic applications. Alpha
particles have a high linear energy transfer, which means they deposit a large
amount of energy over a very short distance as they travel through tissue. This
characteristic allows alpha emitters to deliver a highly localized and intense
dose of radiation to target cells while minimizing damage to surrounding
healthy tissue. Several
alpha-emitting radioisotopes are used in nuclear medicine therapeutics. Some
commonly used alpha emitters include radium-223 (for the treatment of bone
metastases in prostate cancer), actinium-225 (for targeted alpha-particle
therapy), and bismuth-213 (used in experimental therapies).
Based on Region, North America dominated the Global Nuclear Medicine Therapeutics Market. North
America boasts a highly developed healthcare infrastructure with
state-of-the-art medical facilities and advanced technologies. This enables the
widespread adoption of nuclear medicine for diagnostics and therapeutics. The
United States has one of the highest healthcare expenditure rates globally.
This level of investment in healthcare services, research, and technology
contributes to the growth of the nuclear medicine market. North America has a
significant aging population, which is more susceptible to chronic diseases,
including cancer and cardiovascular conditions. These conditions often require
nuclear medicine diagnostics and treatments. The region is home to several
major pharmaceutical and radiopharmaceutical companies that are at the
forefront of nuclear medicine research and development. These companies drive
innovation and product offerings in the market.
Asia-pacific region to fastest growth in the Global Nuclear
Medicine Therapeutics Market. The APAC region has a rapidly aging population,
which is more susceptible to chronic diseases like cancer and cardiovascular
conditions. As mentioned earlier, the aging population drives the demand for
nuclear medicine therapeutics, including both diagnostics and treatments. The
prevalence of cancer, cardiovascular diseases, and other chronic conditions is
on the rise in the APAC region. This high disease burden necessitates advanced
diagnostic and therapeutic options like nuclear medicine to improve patient outcomes.
Many countries in the APAC region are investing in healthcare infrastructure
development, including the establishment of modern healthcare facilities,
cancer centers, and nuclear medicine departments. Improved infrastructure
facilitates the growth of nuclear medicine services. As economies in the APAC
region continue to grow, healthcare spending is increasing. Patients and
healthcare providers have greater access to advanced medical technologies,
including nuclear medicine.
Some
of the major companies operating in the Global
Nuclear Medicine Therapeutics Market include:
- Actinium Pharmaceutical Inc.
- Alpha Tau Medical Ltd
- Bayer AG
- Fusion Pharmaceuticals Inc.
- IBA Radiopharma Solutions
- RadioMedix Inc.
- Telix Pharmaceuticals Ltd
- NTP Radioisotopes Pty Ltd.
- Bracco SpA
- Cardinal Health Inc.
- Nordion Inc. (Sotera Health Company)
- Triad
Isotopes Inc. (Jubilant Life Sciences)
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“Certain areas, particularly in North
America, are projected to exert significant demand for nuclear medicine. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people each
year, are expected to contribute to a remarkable growth of the Global Nuclear
Medicine Therapeutics Market in the forecast period," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Nuclear
Medicine Therapeutics Market - Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented by Type (Alpha Emitters, Beta Emitters, and
Brachytherapy), by Application (Oncology, Cardiology, Thyroid, and Other
Applications) and By Region, Competition evaluated
the future growth potential of Global Nuclear Medicine Therapeutics Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide innovative 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 Global Nuclear Medicine Therapeutics Market.
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