Report : North America Radiopharmaceutical Theranostics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type [Alpha Emitters, Beta Emitters, and Positron Emission Tomography (PET) Tracers], Radioisotope [Technetium-99, Gallium-68, Iodine-131, Iodine-123, Yttrium-90 (Y-90), Fluorine-18 (18F), Lutetium (Lu) 177, Copper (Cu) 67, Copper (Cu) 64, and Others], Source (Nuclear Reactors and Cyclotrons), Application [Targeted Therapeutic (Rx) and Companion Diagnostic (CDx)], Indication (Oncology, Cardiology, Neurology, and Others), and End User (Hospitals, Diagnostic Imaging Centers, Academic and Research Institutes, and Others)
Oncology Segment to Lead North America Radiopharmaceutical Theranostics Market During 2022–2028
According to our latest study on "North America Radiopharmaceutical Theranostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type, Radioisotope, Source, Application, Indication, and End User," the market is projected to reach US$ 1,529.88 million by 2028 from US$ 795.88 million in 2022; it is estimated to grow at a CAGR of 11.5% from 2022 to 2028. The report highlights the key factors driving and restraining the market growth, prominent players with their developments in the market, and trends prevailing in the market.
Radiopharmaceuticals are biological molecules tagged with radioisotopes, which target specific tissues, organs, or cells within the human body. Radioisotopes emitting gamma rays are used in diagnostic imaging. Radiopharmaceuticals can target various malignancies such as prostate cancer, heart disease, and thyroid cancer. These drugs are known as theranostics as they can be used for both therapeutic and diagnostic purposes. Radiopharmaceutical theranostics can target any specific tumor receptor. The rising incidence of cancer and increasing application in the treatment of cardiovascular disorders drive the North America radiopharmaceutical theranostics market growth. However, regulatory challenges for the approval of radiopharmaceutical theranostics hamper the growth of the market.
Based on indication, the North America radiopharmaceutical theranostics market is segmented into oncology, neurology, cardiology, and others. In 2022, the oncology segment held the largest share of the market, and it is expected to register the fastest CAGR during the forecast period. Theranostics methods involve administering nanoparticles into the patient’s body. These methods can be applied in the treatment of esophageal cancer, prostate cancer, breast cancer, and others. Several radiopharmaceuticals are routinely used in clinical practice, such as [68Ga/177Lu] DOTATATE, and dozens are under preclinical development. [18F] FDG has been widely in use in treating cancer and brain disorders. In March 2022, Novartis received the US FDA approval for Pluvicto (lutetium Lu-177 vipivotide tetraxetan) (formerly referred to as 177Lu-PSMA-617) for treating adult patients with prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC). It is the first FDA-approved targeted radioligand therapy (RLT) that combines a targeting compound (ligand) with a therapeutic radioisotope (a radioactive particle). Thus, the strong clinical need for these therapies and targeted treatments in oncology continues to fuel the search for new theranostics treatment opportunities. Therefore, such factors are expected to boost the market for the segment in the forecast period.
Impact of COVID-19 Pandemic on North America Radiopharmaceutical Theranostics Market
The COVID-19 pandemic has significantly impacted the radiopharmaceutical theranostics market. During the pandemic, most companies experienced disruptions in supply chains owing to transport restrictions. The crisis also resulted in supply issues associated with radiopharmaceuticals, radioisotopes, and therapeutic and diagnostic kits. Nuclear medicine and personalized medicine rely heavily on the timely availability of radioisotopes. Air freight restrictions hampered the transport of Molybdenum-99, Technetium-99m, and other radioisotopes.
As per the Society of Nuclear Medicine and Molecular Imaging (SNMMI), ~80% of survey respondents saw 50–75% decline in non-PET nuclear medicine procedures. In addition, the COVID-19 crisis and its adverse effects on the regular operations of radiopharmacy labs led to changes in policies for radiopharmaceutical preparations in nuclear medicine (NM) departments. In many radio pharmacy labs, diagnostic imaging tests were quantitatively reduced, and test procedures dropped down to almost half (18%) in imaging centers.
Appointments for cancer diagnosis and surgeries were either postponed or cancelled due to the unavailability of medical staff and resources in 2020. For instance, in 2020, Breastcancer.org surveyed 534 patients in the US, revealing that ~31.7% of people diagnosed with breast cancer reported a delay in care; of these people, 22% reported delayed screening and 9.3% reported a delay in treatments. As a result, the pandemic had a negative impact on the market.
However, in the post-pandemic period, more cases of advanced cancers are expected in coming years due to delayed diagnosis and postponed medical appointments. The huge unmet needs and the ensuing massive opportunity for imaging technologies and services will benefit the long-term growth of radiopharmaceuticals. Growth during this period will continue to benefit from the growing mainstream interest in nuclear medicine and the development of new radionuclides for cancer nuclear imaging and internal radiotherapy, supporting the growth of the radiopharmaceutical theranostics market.
Bayer AG; GE HealthCare Technologies Inc; Curium; Lantheus Medical Imaging, Inc.; Telix Pharmaceuticals Ltd.; Cardinal Health Inc; Advanced Accelerator Applications S.A.; Jubilant Radiopharma; Theragnostics; and NuView Life Sciences are among the leading companies operating in the North America radiopharmaceutical theranostics market.
The report segments the North America radiopharmaceutical theranostics market as follows:
The North America radiopharmaceutical theranostics market is segmented on the basis of product type, radioisotope, source, application, indication, end user, and region. Based on product type, the market is segmented into positron emission tomography (PET) tracers, beta emitters, and alpha emitters. Based on radioisotope, the market is segmented into Lutetium (Lu) 177, Gallium-68, Iodine-131, Iodine-123, Technetium-99, Yttrium-90 (Y-90), Copper (Cu) 64, 18F, Copper (Cu) 67, and others. By source, the North America radiopharmaceutical theranostics market is bifurcated into cyclotrons and nuclear reactors. In terms of application, the market is categorized into targeted therapeutic (Rx) and companion diagnostic (CDx). Based on indication, the North America radiopharmaceutical theranostics market is segmented into oncology, neurology, cardiology, and others. The market, based on end user, is segmented into hospitals, diagnostic imaging centers, academic and research institutes, and others. Based on country, the North America radiopharmaceutical theranostics market is segmented into the US, Canada, and Mexico.
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