Market Introduction
The North America radiopharmaceuticals market is analyzed on the basis of three major countries: the US, Canada, and Mexico. The US holds the largest size of the radiopharmaceuticals market. The market is expected to grow owing to the availability of advanced healthcare infrastructure, rising incidence and prevalence of target conditions and product innovations introduced by key players operating in the region. Targeted radiopharmaceuticals for therapeutic use deliver radionuclides directly to tumor anywhere in the body, and hence, have interest for clinical development in women with disseminated chemo refractory ovarian cancers. National Cancer Institute (NCI) used the prior experience from radiopharmaceutical clinical use in ovarian cancer for enhancing its thinking on conjugated radiopharmaceuticals that might be considered for chemorefractory ovarian cancer patient treatment in the future. The market growth is likely to contribute due to rising prevalence of the Alzheimer’s disease and other forms of dementia. The other factors are growing geriatric population and presence of the market leaders providing advanced radiopharmaceutical products, rising number of the hospitals, and other healthcare centers across the region.
In case of COVID-19, North America is highly affected especially the US. The COVID-19 pandemic has significantly impacted the US radiopharmaceutical market. As per the Society of Nuclear Medicine and Molecular Imaging (SNMMI), nearly 80% of respondents saw declines of 50%-75% in non-PET nuclear medicine procedures. In addition, it was also reported that COVID-19 had changed policies for radiopharmaceutical preparations in nuclear medicine (NM) departments by negatively impacting the regular operation of radio pharmacy labs. The COVID-19 has a potential economic impact on most of the sectors, including the oncology procedures. The pandemic has hindered cancer diagnosis and surgeries and is likely to negatively impact the market. The radiopharmaceuticals market in the US is expected to witness modest growth driven by an aging population, increases in health risk factors like poor lifestyle, and the adoption of new technology due to favorable regulatory changes. However, the overall market expansion will be hindered by a saturated installed base of large imaging systems and the consolidation of hospitals. Also, the pandemic has dramatically affected the activities in radio pharmacy laboratories globally. The pandemic affected scheduling criteria, with most staff encouraged to stay at home or observe the social distance. In many radio pharmacy labs, diagnostic imaging tests are quantitatively reduced, and certain imaging centers reduced their test procedures to almost half (18.2%). Thus, the market for radiopharmaceuticals region is expected to witness negative growth for a certain period of time.
Market Overview and Dynamics
The North America radiopharmaceuticals market is expected to grow from US$ 3,296.97 million in 2021 to US$ 6,128.36 million by 2028; it is estimated to grow at a CAGR of 9.3% from 2021 to 2028. Many medical market players focus on emerging countries such as Mexico due to a rise in the prevalence of various diseases in these countries and low per capita income. Further, the prevalence of CVDs is rising significantly, which can be mainly attributed to the shift in lifestyle as well as the adoption of modern facilities. The modernization of residential, corporate, and commercial facilities is leading to reduction in physical activities, while the stress levels are continuously on the rise due to various factors related to livelihood. These conditions may trigger the possibility of developing CVDs among people, thus boosting the demand for various imaging instruments, including nuclear imaging techniques. Research organizations are engaged in the development of advanced diagnosis systems, including cost-effective and high-performance PET/SPECT systems. These developments are mainly aimed at extending their reach to remote areas where advanced medical IT facilities are not accessible. Emerging countries are spending heavily on the development of PET/SPECT machines to lower their costs as well as to offer hospitals and other medical organizations a better access to these machines. Countries in the region are significant targets for the companies to set up their financial operations and increase revenue generation through strategic planning such as mergers and acquisitions. Thus, several countries are offering significant opportunities to the market players to expand their reach and clientele, which will drive the North America market in coming years.
Key Market Segments
In terms of type, the diagnostic nuclear medicine segment accounted for the largest share of the North America radiopharmaceuticals market in 2020. In terms of application, the oncology segment held a larger market share of the North America radiopharmaceuticals market in 2020. Further, the hospitals segment held a larger share of the North America radiopharmaceuticals market based on end user in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America radiopharmaceuticals market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Advanced Accelerator Applications; Bayer AG; Bracco Imaging S.p.A; Cardinal Health Inc; Curium; ECZACIBA?I MONROL NUCLEAR PRODUCTS CO.; GENERAL ELECTRIC; Lantheus Medical Imaging, Inc.; Nordion; and NTP RADIOISOTOPES.
Reasons to buy report
North America Radiopharmaceuticals Market Segmentation
North America Radiopharmaceuticals Market - By Type
North America Radiopharmaceuticals Market - By Application
North America Radiopharmaceuticals Market - By End User
North America Radiopharmaceuticals Market - By Country
North America Radiopharmaceuticals Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 3,296.97 Million |
| Market Size by 2028 | US$ 6,128.36 Million |
| CAGR (2021 - 2028) | 9.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Radiopharmaceuticals Market is valued at US$ 3,296.97 Million in 2021, it is projected to reach US$ 6,128.36 Million by 2028.
As per our report North America Radiopharmaceuticals Market, the market size is valued at US$ 3,296.97 Million in 2021, projecting it to reach US$ 6,128.36 Million by 2028. This translates to a CAGR of approximately 9.3% during the forecast period.
The North America Radiopharmaceuticals Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Radiopharmaceuticals Market report:
The North America Radiopharmaceuticals Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Radiopharmaceuticals Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Radiopharmaceuticals Market value chain can benefit from the information contained in a comprehensive market report.
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