Radiopharmaceutical Theranostics Market Size to Cross USD 12.4 Bn by 2031 | Transparency Market Research

The global radiopharmaceutical theranostics market growth is driven by the rise in prevalence of cancer & other diseases and advancements in radiopharmaceutical technology. Surge in demand for personalized medicine is another factor fueling market development

Wilmington, Delaware, United States, April 04, 2023 (GLOBE NEWSWIRE) — The global radiopharmaceutical theranostics market was valued at USD 3.0 Bn in 2022 and is projected to reach USD 12.4 Bn by 2031 with CAGR of 15.1%.

Recent market trends indicate an increase in utilization of PET/CT imaging agents, which use positron-emitting radioisotopes, such as fluorine-18 and gallium-68. PET is preferred over conventional imaging techniques for staging and diagnosis of prostate cancers due to its high-resolution and better diagnostic accuracy. Rise in demand for prostate-specific membrane antigen (PSMA) theranostics is likely to offer lucrative opportunities for companies in the market.

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Market Snapshot:

Report Coverage  Details
Market Revenue  USD 3.0 Bn in 2022
Estimated Value  USD 12.4 Bn by 2031
Growth Rate  15.1%.
Forecast Period  2023–2031
No. of Pages  226 Pages
Market Segmentation  By Radioisotope, Application, Source, Approach, Radiotracer Type, and End-user
Regions Covered  North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered  Advanced Accelerator Applications (Novartis AG), Aurobindo Pharma, Bayer AG, Blue Earth Diagnostics (Bracco), Cardinal Health, Clarity Pharmaceuticals, GE Healthcare, Jubliant Radiopharma, Navidea Biopharmaceuticals, Inc., SOFIE, Telix Pharmeceuticals, and Lantheus Medical Imaging

Introduction of novel theranostic and radiotherapy approaches is likely to increase effectiveness of targeted single photon emission computed tomography (SPECT)/CT imaging of prostate and neuroendocrine tumors. The U.S. FDA and several organizations in Europe have approved a number of novel theranostic agents. These theranostic molecules target PSMA and are useful to treat castrate-resistant prostate cancers and oligometastatic prostate cancer.

Another example is development of novel theranostics for pediatric tumor-specific targets. Surge in need for early staging of cancers to avoid bone metastasis (cancer that spreads/metastasizes to the bones) is anticipated to accelerate radiopharmaceutical theranostics market development.

Key Findings of Study

  • Significant Adoption of Radiopharmaceutical Theranostics for Therapy and Diagnosis of Cancer & Other Diseases: Need for faster and accurate diagnosis, early staging, and rapid treatment of specific tumors have spurred the demand for theranostics in nuclear medicine. Surge in demand for targeted alpha therapy is anticipated to propel the radiopharmaceutical theranostics market. Adoption of targeted alpha particle therapy to manage/treat neuroendocrine tumors has increased in the past few years.
  • Utilization of 177Lu in Therapy and Imaging to Bolster Market Value: High efficacy and favorable toxicity profile of targeted alpha-particle radiotherapy is likely to drive the targeted therapeutic (Rx) segment. 177Lu (Lutetium-177) is gathering traction in the market, owing to the fact that it can efficiently deliver therapeutic radiation to cancer cells. Additionally, 177Lu is utilized in high-quality SPECT/CT imaging; lutetium-177 (Lutathera) is used to treat neuroendocrine tumors of the digestive tract.

Clinical trials with the objective of development of innovative theranostic approaches in nuclear medicine are likely to pave the way for introduction of radiopharmaceutical agents with enhanced antitumor efficacy.

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Competition Landscape

Leading companies in the radiopharmaceutical theranostics market are focusing on clinical trials on radionuclides in order to reduce toxicity profile and improve safety of currently available targeted alpha therapies. Key players are developing novel theranostics in order to increase revenue.

Prominent companies in the radiopharmaceutical theranostics industry are Aurobindo Pharma, Telix Pharmaceuticals, SOFIE, Bayer AG, GE Healthcare, Cardinal Health, Jubliant Radiopharma, Blue Earth Diagnostics, Lantheus Medical Imaging, and Navidea Biopharmaceuticals, Inc.

Key Drivers

  • Surge in prevalence of cancer and cardiovascular diseases is expected to propel the radiopharmaceutical theranostics industry. Increase in utilization of cancer biomarkers and advanced molecular imaging techniques in oncology are likely to augment market size.
  • Surge in need for innovative cancer therapies is likely to drive advancements in nuclear medicine. Rapidly increasing R&D activities aimed at improving efficacy, safety, and long-term outcomes of current theranostics in adult and pediatric cancers is likely to broaden the radiopharmaceutical theranostics market outlook.
  • Rise in demand for personalized medicine in oncology is anticipated to accelerate market growth. Emerging theranostic agents are showing potential in personalized radiopharmaceutical therapy, which is likely to offer new business opportunities for companies in the global radiopharmaceutical theranostics market.

Regional Growth Dynamics

The U.S. is a lucrative market for radiopharmaceutical theranostics, owing to high utilization of nuclear medicine in oncology. The country held major market share in 2022. Increase in demand for innovative anticancer therapies and PET radiotracers in the patient population in the U.S. is likely to propel market growth from 2023 to 2031. High prevalence of cancer is anticipated to increase usage of radiopharmaceuticals for imaging and therapy in hospital settings in the U.S. This is attributed to presence of a large elderly population and established healthcare infrastructure in the country.

Key Points from Table of Content (TOC):

1. Preface

    1.1. Market Definition and Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

    1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary: Global Radiopharmaceutical Theranostics Market

4. Market Overview

    4.1. Introduction       

    4.2. Overview

    4.3. Market Dynamics

    4.4. Global Radiopharmaceutical Theranostics Market Analysis and Forecast, 2017-2031

5. Key Insights

    5.1. Regulatory Scenario

    5.2. Key Distribution Strategies

    5.3. Pricing Analysis

    5.4. Patents on Radiotracers

    5.5. Technological Advancements in Radiopharmaceutical Theranostics

    5.6. Radiotracer Type – Overview

    5.7. COVID-19 Pandemic Impact on Industry

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16. Competition Landscape

List of Tables

List of Figures

…… TOC Continued….

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Radiopharmaceutical Theranostics Market Segmentation

Radioisotope

  • Technetium-99
  • Gallium-68
  • Iodine-131
  • Radium-223
  • Fluorine-18
  • Yttrium-90
  • Lutetium-177
  • Copper-67 and 64
  • Samarium-153
  • Others

Application

  • Oncology
  • Cardiology
  • Others

Source

  • Nuclear Reactors
  • Cyclotrons

Approach

  • Targeted Therapeutic (Rx)
  • Companion Diagnostic (DX)

Radiotracer Type

  • Peptidic
  • Non-peptidic

End-user

  • Hospitals
  • Academic Research Institutes
  • Others

Region

  • U.S.
  • EU
  • Rest of World

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