Therapeutic Nuclear Medicine Market size is foreseen to account for remunerative growth between 2022 and 2028, driven by the growing prevalence of cancer cases and cardiovascular diseases worldwide. As per WHO statistics, cancer is a leading cause of death globally, accounting for 10 million deaths in the year 2020.
Therapeutic nuclear medicines are extensively used as an effective and safer alternative for cancer patients compared to X-Rays and other external radiation imaging devices. Owing to this, chemotherapy methods are being largely replaced by nuclear medicines for cancer treatment.
The market has evolved significantly over the recent years with the emergence of radiotheranostics, which combines therapy with radio-isotopes and targeted diagnosis, providing a substitute in the treatment of different cancers. Radiotheranostics is based on the use of radio-isotopes which emit radiation enabling cancer cells to be precisely destroyed.
Moreover, various R&D activities in the business space are expected to stimulate the demand for therapeutic nuclear medicine through 2028. For instance, in 2021, IBA announced a strategic R&D partnership with SCK CEN to enable the production of a novel radioisotope, Actinium-225. The compound boasts of the ability to support the treatment of cancer.
Based on the radionuclide type, beta emitters segment would grow at a considerable pace during the forecast timeframe. These particles are known to be lighter than alpha particles and can penetrate the skin easily.
Different types of beta emitters used in nuclear medicine are Samarium-153 (SM-153), Yttrium-90 (Y-90), Rhenium-186 (RE-186), Iodine-131 (I-131), and Lutetium-177 (LU-177). Samarium-153 (SM-153) is a beta-emitting radiopharmaceutical that has an added merit of gamma emission which can be detected for external imaging. The compound has received a nod for application in osteoblastic metastases patients that can be visualized on a nuclear medicine bone scan. Various advances in developments Samarium-153 beta emitters would complement the segment growth. For example, QSAM Biosciences announced FDA nod of IND for Samarium-153 DOTMP, an investigational radiopharmaceutical for bone cancer treatment.
Therapeutic nuclear medicine is being largely adopted across ambulatory surgical centers (ASCs) due to its umpteen benefits. These include enhanced patient outcomes, high cost savings (ASCs are relatively 45% to 60% less expensive than hospitals), support reduction in wait time, and offering personalized care.
Asia Pacific therapeutic nuclear medicine market would expand considerably during 2022 to 2028 given the outgrowing prevalence of cancer cases and rising awareness about nuclear medicines in the region. In addition, various pharmaceutical and medical companies in the region are focusing on the development of radiopharmaceuticals for the detection and treatment of various diseases, leading the way for the development of market.
Some of the prominent leaders operating in the global market include Jubilant Pharma, Eckert & Ziegler, Progenics Pharmaceuticals (Lantheus Holdings), and Advanced Accelerator Applications (Novartis). These market vendors are taking up organic marketing strategies like mergers and acquisitions, partnerships, and product launches to gain a competitive advantage in the global industry space.
The outbreak of COVID-19 had played an inevitable impact on various businesses during 2020, inclusive of the medical and healthcare industry. This had a positive influence on the nuclear medicine market as the treatment was known to play its inherent role in alleviating COVID-19 transmission to patients and healthcare personnel if provided with proper guidelines and PPEs. Besides, with the effective implementation of SOPs, nuclear medicine facilities would be better prepared for actions in case of future outbreaks.
Market, By Radionuclide Type
Market, By Indication
Market, By End-use
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