DUBAI, UAE / ACCESSWIRE / August 31, 2020 / According to a new market study by Future Market Insights (FMI), the global therapeutic nuclear medicines market will expand at a healthy rate between 2018 and 2028.
The growth of the market is majorly attributed to factors such as the growing acceptance rate of therapeutic nuclear medicines, also known as radiopharmaceuticals, among consumers and medical professionals. These medicines have proven to be largely free of negative side-effects and minimal risk factors.
Furthermore, the rising prevalence of prostate cancer is acting as a major growth attribute to the market. As the per statistics of the U.K. cancer research organization, prostate cancer is the most prevalent cancer among men with over 47,151 cases being diagnosed in 2015. Likewise, the American Cancer Society states that prostate cancer is the most common cause of death in the US.
As the demand for safer, reliable, and less harmful drugs continues to increase in cancer treatment, therapeutic nuclear medicines are finding significant adoption among cancer patients. Along similar lines, continually increasing incidence of bone metastases is also bolstering the growth of the market.
"Owing to the stringent regulations by the US Food and Drugs Administration (FDA), market players are working on complying with the guidelines to receive approvals", opines FMI analyst.
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Therapeutic Nuclear Medicines Market - Key Takeaways
- The global therapeutic nuclear medicines market will expand at an impressive CAGR of 9.7% through the forecast period.
- Radium-223 is expected to remain the most prescribed drug by medical professionals, accounting for nearly 78% of the market share in overall market value.
- Erbium-169 is forecasted to gain prominence through the forecast period owing to increased usage in the treatment of liver cancer.
- Prostate cancer will remain the dominant indication type, accounting for more than 50% of overall market value owing to high incidence.
- Bone metastases is expected to remain a lucrative segment while brain tumor and thyroid cancer are forecasted to emerge as significant indication types through the forecast period.
Therapeutic Nuclear Medicines Market - Key Trends
- Launch of novel drug formulations has been identified as the major trend in the therapeutic nuclear medicines market.
- For instance, the introduction of Xofigo (Radium-223) and Lutathera (Lutetium-177) for the treatment of prostate cancer, neuroblastoma, and synovitis has proven effective and is bestowing lucrative revenue opportunities.
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Therapeutic Nuclear Medicines Market - Regional Analysis
- North America and Western Europe are forecasted to cumulatively account for nearly 2/3rd of overall market value share.
- Emerging economies such as Asia Pacific, Latin America, and Middle East & Africa are anticipated to register higher growth than developed economies, with Asia Pacific forefronting developing economies.
- In Asia Pacific, China is expected to register the huge growth owing to the widening cancer patient pool in the country and continual innovations by manufacturers in the region.
Therapeutic Nuclear Medicines Market - Competitive Landscape
Key players operating in the market include some of the key players profiled in the therapeutic nuclear medicines market report include Bayer AG, Novartis AG, GE Healthcare, Curium Pharmaceuticals, Jubilant DraxImage, Spectrum Pharmaceuticals, Progenics Pharmaceuticals, Inc., ANSTO, Lantheus Medical Imaging, Inc., Eckert & Ziegler and International Isotopes Inc. The competitive landscape represents a highly consolidated structure with the top three players - GE Healthcare, Novartis AG, and Bayer accounting for nearly 87% of market share.
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Therapeutic Nuclear Medicines Market - Taxonomy
- Rhenium-188+ Rhenium-186
- Prostate cancer
- Painful bone metastasis
- Thyroid cancer, neuroblastoma
- Non-Hodgkins lymphoma
- Hepatic metastases
- Brain tumor
- Ambulatory surgical centers
- Cancer research institutes
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Get Valuable Insights into the Therapeutic Nuclear Medicines Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global therapeutic nuclear medicines market, presenting historical demand data and forecast statistics for the period from 2018-2028. The study divulges compelling insights on the therapeutic nuclear medicines market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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