by Oncology radiopharmaceuticals are radioactive pharmaceuticals used in diagnosis and therapy of cancer. These products show radioactivity after administration in patients for diagnosis using medical imaging technologies such as positron-emission tomography (PET) and single-photon emission computed tomography (SPECT). PET radiopharmaceuticals include 18F-fluorodeoxyglucose (FDG), which is used for staging and restaging of cancer. On the other hand, SPECT radiopharmaceuticals include molybdenum-99, technetium-99m, iodine-125 and iodine-131. The global oncology radiopharmaceuticals market has witnessed significant growth attributed to increasing prevalence of cancer worldwide.
The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Strategic partnerships and acquisitions between diagnostic companies are expected to drive the market growth over the forecast period. For instance, in January 2022, Jubilant Pharma signed a strategic partnership agreement with PETNET Solutions to streamline the supply chain and distribution of diagnostic radiopharmaceuticals for oncology and cardiology in the U.S. and Canada. Similarly, in August 2021, Curium announced acquisition of Isotopen Technologies Frankfurt (ITF) GmbH to enhance production capabilities for therapeutic and diagnostic radiopharmaceutical products. Such initiatives aim to meet the growing demand through improved supply and innovative product pipeline.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Oncology Radiopharmaceuticals market is moderate. Significant capital investments and regulatory compliance requirements pose barriers for new companies entering the market.
Bargaining power of buyers: The bargaining power of buyers in the Oncology Radiopharmaceuticals market is moderate to high due to the availability of alternative treatment options. However, brand loyalty and availability of few global players limit the impact.
Bargaining power of suppliers: The bargaining power of suppliers in the Oncology Radiopharmaceuticals market is moderate. Key raw material suppliers have a significant influence on pricing but the availability of substitute materials provides some flexibility.
Threat of new substitutes: The threat of substitutes is moderate as alternate treatment options such as chemotherapy and targeted drug therapy are available. However, radiopharmaceuticals provide non-invasive treatment benefits.
Competitive rivalry: The competition in the Oncology Radiopharmaceuticals market is high among global players. Companies compete based on product innovation, quality, and pricing.
Key Takeaways
The Global Oncology Radiopharmaceuticals Market Demand is expected to witness high growth. The global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
North America currently dominates the market due to the high adoption of advanced cancer treatment options and presence of key market players in the region. Asia Pacific is anticipated to showcase fastest growth over the forecast period supported by increasing cancer prevalence, rising healthcare spending, and growing awareness.
Key players operating in the Oncology Radiopharmaceuticals are Ecolab Inc., BASF SE, Solvay S.A., FQE Chemicals, Innospec Inc., Stepan Company, Dow Inc., Kemira Oyj, GE Water and Process Technologies, Aries Chemical Inc. Companies are focusing on strategic collaborations to boost product portfolio and market presence globally. They also invest significantly in R&D activities to develop innovative radiopharmaceutical products in order to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
