Growth of the Radiopharmaceuticals Market during 2020-2027

NOIDA, India - May 12, 2021 - PRLog -- A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global radiopharmaceuticals Market was worth USD 4.31 Billion in the year 2020. It is estimated to grow at the CAGR of 6.0%, earning revenue of around USD 6.43 Billion by the end of 2027. Increasing chronic disorders like cancer and cardiovascular diseases across the world due to the aging population, unhealthy food habits contribute to the growth of the Radiopharmaceuticals Market. The high demand for nuclear medicines like single-photon emission computerized tomography (SPECT) and Positron emission tomography (PET) scans for cancer diagnosis and increasing patient awareness for accuracy of this method in the diagnosis led to the market growth. However, the high cost of developing radiopharmaceutical treatment and stringent regulatory requirements are hindering the development of the radiopharmaceuticals market.

Growth Drivers

High demand for early diagnosis in the event of cancer and cardiovascular chronic diseases

The demand for radiopharmaceuticals is growing due to an increase in cancer cases and the increased use of medical imaging as a diagnostic technique. The radiopharmaceuticals market is fueled by a high demand for nuclear medicines such as SPECT and PET scans used for diagnosing diseases such as cancer and other chronic illnesses. Patients nowadays are becoming more aware of the accuracy of the diagnosis. Additionally, the number of molecular imaging applications is growing. Thereby driving the growth of the global radiopharmaceuticals market.

Convenience of treatment

Owing to the ease of the procedure, which requires minimally invasive procedures, patients nowadays prefer radiopharmaceuticals over chemotherapy. Radiopharmaceuticals are radioactive isotope-based formulations. These have diagnostic and therapeutic uses. They comprise a radioactive agent used for treating cancer, as well as heart and neurological conditions. For oncology and cancer therapy, these are more convenient and suitable therapeutic radiopharmaceuticals. It not only assists doctors in diagnosis, but is also a more convenient and safer choice for patients as compared to X-Rays and other external imaging instruments.


High cost and Regulatory requirements

Supply shortages, logistical challenges, and a scarcity of skilled clinical professionals are some of the factors that are limiting the market's development. Furthermore, the high cost of developing radiopharmaceuticals, as well as strict regulatory requirements, restrict the market's growth. Radiopharmaceuticals face additional scrutiny and undergo unique regulatory and sanction pathways. Sometimes, extensive testing may also put investigators under a lot of financial strain. Furthermore, reimbursement causes issues for the manufacturer, and high capital investment hampers the market growth.

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