How Will The Radiopharmaceuticals Market Grow In 2022?
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The radiopharmaceuticals market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 5%, as per The Business Research Company’s market report!
Read More On The Radiopharmaceuticals Market Report 2022 – https://www.thebusinessresearchcompany.com/report/radiopharmaceutical-global-market-report
The Radiopharmaceuticals Market Size In 2022 And Forecast
The global radiopharmaceuticals market is expected to grow from $5.63 billion in 2021 to $5.90 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The radiopharmaceuticals market is expected to reach $7.30 billion in 2026 at a CAGR of 5.5%.
The radiopharmaceuticals market consists of sales of radiopharmaceuticals and related services by entities (organizations, sole traders, and partnerships) that produce radiopharmaceuticals used in treating cancer, cardiovascular, and other diseases.
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Increase In The Prevalence Of Cancer And Cardiovascular Diseases Is Driving The Growth Of The Radiopharmaceuticals Market
According to the International Agency for Research on Cancer (IARC), by 2040, the global burden is projected to increase to 27.5 million active cancer incidents and 16.3 million cancer deaths primarily due to population growth and ageing. About 70% of deaths from cancer occur in low- and middle-income countries. Thus, the rising cases of cancer and cardiovascular diseases are expected to surge the demand for radiopharmaceuticals for the treatment of these diseases.
Competitive Landscape And The Regional Analysis Of The Radiopharmaceuticals Market
Major players in the radiopharmaceuticals market are Siemens Healthcare Private Limited, Bayer, GE Healthcare, Novartis AG, Cardinal Health, Lantheus Medical Imaging Inc., Bracco Imaging S.p.A., Nordion Inc. (A Subsidiary of Sterigenics International), Mallinckrodt plc, Curium, Eckert & Ziegler, Eli Lilly, Eckert & Ziegler, IBA Group, Merck & Co. Inc., Philips Healthcare, Fujifilm Holding Corporation, Areva Pharma, Navidea Biopharmaceuticals Inc., Actinium Pharmaceuticals Inc., Global Medical Solutions LTD., and Shine Medical Technologies.
Additionally, as per TBRC’s research – North America was the largest region in the radiopharmaceuticals market in 2021 holding the largest market share and Middle East is expected to be the fastest-growing region in the forecast period.
The Radiopharmaceuticals Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the radiopharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the radiopharmaceuticals market.
Adopting Various Strategic Initiatives – A Key Trend In The Radiopharmaceuticals Market
Many companies are adopting various strategic initiatives such as opening a new manufacturing facility and plant capacity expansion, which is gaining significant popularity in the radiopharmaceuticals market.
Radiopharmaceuticals Market Segmentation By The Business Research Company
1) By Type: Diagnostic, Therapeutic, Others
2) By Application: Oncology, Cardiology, Gastroenterology, Neuroendocrinnology, Neurology, Nephrology, Others
3) By End-User: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others
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