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Radiopharmaceuticals Market Size
- Report ID: GMI10918
- Published Date: Aug 2024
- Report Format: PDF
Radiopharmaceuticals Market Size
Radiopharmaceuticals Market size was valued at USD 6.7 billion in 2023 and is anticipated to witness growth at a CAGR of 9.8% between 2024 and 2032. The growth of the market is driven by factors such as the increasing prevalence of chronic conditions, growing demand for advanced diagnostics and therapeutics, and the rising technological advancements in diagnostic imaging.
Advances in imaging modalities such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) have revolutionized diagnostic capabilities in healthcare. These techniques rely on radiopharmaceuticals to provide detailed functional and molecular information, complementing traditional anatomical imaging methods like CT and MRI. The development of new radiotracers with improved specificity and sensitivity by market players has enhanced diagnostic accuracy, enabling earlier detection and more precise characterization of chronic diseases. For instance, in June 2023, GE Healthcare announced the launch of the world’s first investigational PET nuclear imaging agent for analyzing and predicting responses to cancer immunotherapies. The newly developed product utilizes 18F-CD8 for diagnosis.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Radiopharmaceuticals Market Size in 2023: | USD 6.7 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 9.8% |
| 2032 Value Projection: | USD 15.4 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 215 |
| Segments covered: | Type, Radioisotope, Application, Source, End Use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The world is witnessing substantial growth in the prevalence of chronic conditions such as cancer, Alzheimer’s disease, and cardiovascular conditions, among others. For example, according to statistics published by the American Cancer Society in January 2024, an estimated 299,000 new cases of prostate cancer are expected to occur in the U.S. in 2024. Additionally, the same statistics indicate that approximately 1 in 8 men is diagnosed with prostate cancer each year in the U.S. Furthermore, according to a research article published by the Alzheimer’s Association in April 2024, an estimated 6.9 million Americans over age 65 are currently suffering from the disease. This number is projected to grow to 13.8 million by 2060. Such a high prevalence of chronic conditions is expected to offer lucrative opportunities for market growth during the forecast period.
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Radiopharmaceuticals Market Scope
