2024 Radiopharmaceutical Theranostics Market Outlook: Size, Share, and Key Growth Drivers
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What Growth Rate is the Radiopharmaceutical Theranostics Market Anticipated to Experience from 2024-2033?
There has been a quick expansion in the size of the radiopharmaceutical theranostics market in the past few years. The market, which is predicted to increase from $2.51 billion in 2023 to $2.86 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 14.1%. Factors such as radiopharmaceutical development, advancements in clinical research, investment in research, regulatory approval, and progress in nuclear medicine have contributed to the growth during the historic period.
The market size of radiopharmaceutical theranostics is anticipated to experience accelerated growth in the coming years reaching $4.9 billion by 2028, with a compound annual growth rate (CAGR) of 14.4%. This anticipated growth within the forecast period can be linked to advancements such as biomarker discovery and validation, development of genomic and proteomic technologies, advancements in precision radiotherapy, interdisciplinary partnerships, as well as increased patient advocacy and support. Upcoming trends within this period are expected to encompass ethical and legal factors, the application of telemedicine in theranostics, patient-centered care, customization of radiopharmaceuticals, and the growth of nano-theranostics.
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What Are the Significant Influencers of Growth in the radiopharmaceutical theranostics Market?
The prevalence of cancer, which is witnessing a steep rise, is projected to push the evolution of the radiopharmaceutical theranostics market. Cancer is a disease marked by an abnormal and complicated cell growth, that has the potential to infiltrate other body parts. Radiopharmaceutical theranostics contribute to treating cancer by offering accurate and individualized treatments. In 2023, the American Cancer Society, a charity dedicated to cancer health in the USA, predicts 1.9 million new incidences of cancer diagnoses, along with approximately 609,820 deaths connected to cancer. Moreover, it is expected that 88 percent of these diagnoses will be those in the age group of 50 years and older. As a result, the rampant increase in cancer cases is serving as a catalyst to the growth of the radiopharmaceutical theranostics market.
What Key Segments Define the Radiopharmaceutical Theranostics Market?
1) By Product Type: Alpha Emitters, Beta Emitters, Positron Emission Tomography (PET) Tracers
2) By Source: Nuclear Reactors, Cyclotrons
3) By Radioisotope: Technetium-99, Gallium-68, Iodine-131, Iodine-123, 18F, Y-90, Lutetium (Lu) 177, Copper (Cu) 67, Copper (Cu) 64, Other Radioscopes
4) By Indication: Oncology, Cardiology, Neurology, Other Indications
5) By End User: Hospitals, Diagnostic Imaging Centers, Academic And Research Institutes, Other End Users
What Are the Key Developments Shaping the Radiopharmaceutical Theranostics Market?
The progression of technology is a significant trend picking up momentum in the radiopharmaceutical theranostics field. To maintain their market standing, premier companies in this field are creating avant-garde technologies. As an example, in March 2021, GE HealthCare Technologies Inc., renowned for its medical technology expertise in the United States, introduced StarGuide, its groundbreaking SPECT/CT technology designed to facilitate advancements in precision health and theranostics. This pioneering system uses state-of-the-art Cadmium Zinc Telluride (CZT) technology, allowing healthcare professionals to obtain a more profound understanding of patient ailments and enhance patient prognosis across different healthcare domains. With its digitally-oriented detectors and all-around imaging, StarGuide is anticipated to augment precision health and amplify theranostics abilities in nuclear medicine.
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What Regions Are Driving Expansion in the Radiopharmaceutical Theranostics Market?
North America was the largest region in the radiopharmaceutical theranostics market in 2023. The regions covered in the radiopharmaceutical theranostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Radiopharmaceutical Theranostics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the radiopharmaceutical theranostics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Radiopharmaceutical Theranostics Market Include
1. Radiopharmaceutical Theranostics Market Executive Summary
2. Radiopharmaceutical Theranostics Market Segments
3. Radiopharmaceutical Theranostics Market Size And Template Market Growth Rate
4. Key Radiopharmaceutical Theranostics Market Trends
5. Major Radiopharmaceutical Theranostics Market Drivers
……
25. Key Mergers And Acquisitions In The Radiopharmaceutical Theranostics Market
26. Top Radiopharmaceutical Theranostics Companies
27. Radiopharmaceutical Theranostics Market Opportunities And Strategies
28. Radiopharmaceutical Theranostics Market, Conclusions And Recommendations
29. Appendix
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