In a recent report published by Future Market Insights, the global radiopharmaceuticals revenues in 2016 reached an estimated US$ 4,800 million value, and are anticipated to close in on US$ 8,500 million by the end of 2026. In terms of revenue, the global radiopharmaceuticals market is projected to soar steadily at 5.9% CAGR.
Future Market Insights predicts that shorter half-life of radiopharmaceuticals, and lack of specified guidelines for their use in commercial-scale drug production will restrict the market from growing at higher rate. In the years to come, ageing research reactors from all corners of the world will be closed, which will significantly bring down global production of radiopharmaceuticals. With respect to sourcing these radiopharmaceuticals, the report predicts that nuclear reactors have accounted for more than 60% of global market revenues till date. Shutting down these reactors, however, has propelled the installation of cyclotrons, which are also a feasible source for radioisotopes. Hence, sales of radiopharmaceuticals derived from cyclotrons will continue to increase, amassing more than US$ 6,500 million by the end of 2026.
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Surging Demand for Technetium-99 Radioisotope
Production of radiopharmaceuticals can be classified into several key radioisotopes, the prominent ones include, fluorine-18, leutetium-177, gallium-68, gallium-67 and technetium-99. In 2016, sales of radiopharmaceuticals constituting technetium-99 amassed revenues worth over US$ 2,200 million, globally. By the end of 2026, fluorine-18 radioisotope will continue to account for 16% of global radiopharmaceuticals revenues. On the other hand, global radiopharmaceutical revenues accounted by leutetium-177, gallium-68 and gallium-67, respectively, will soar at more than 6% CAGR through 2026.
North America – Dominant Region for Sales of Radiopharmaceuticals
Access to advanced medical facilities, highly-trained professionals and lucrative healthcare expenditure adds up to make North America the most dominant region in global radiopharmaceuticals market. North America’s radiopharmaceuticals revenues will grow at more than 6% CAGR, accounting for nearly 50% of global revenues by the end of 2026. Companies such as Positron Corporation, GE Healthcare, Mallinckrodt plc, Lantheus Holdings, Inc., and Nordion, Inc., are observed to be leading players in global radiopharmaceuticals market, and are all based across North America.
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Siemens Healthineers is slated to remain the most dominant company in the global radiopharmaceuticals market, accounting for over 40% of global revenues. Due to participation of Siemens and companies such as Advanced Accelerator Applications (France), Bayer AG (Germany), IBA Radiopharma Solutions (Belgium) and Eckert & Zeigler (Germany), Western Europe’s radiopharmaceuticals market is also expected to expand progressively and close in on US$ 1,600 million valuation by the end of 2026.
Radiopharmaceuticals – Scope for Application & End-use
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