The global radiopharmaceuticals market is estimated to grow at a CAGR of 10.22% from 2023 to 2027, according to Technavio. This growth is primarily attributed to the increasing prevalence of neurological disorders, rising demand for early and accurate disease diagnosis, and advancements in medical imaging technologies. Radiopharmaceuticals play a vital role in the diagnosis and treatment of various diseases, including cancer, cardiovascular diseases, and neurological disorders. The market is expected to witness significant growth due to the increasing adoption of personalized medicine, the development of new radiopharmaceuticals, and the expansion of the geriatric population.
Radiopharmaceuticals are specialized pharmaceuticals that utilize radioisotopes for both diagnostic and therapeutic purposes. They provide precise insights into neurological conditions and facilitate targeted therapeutic interventions. The rising incidence of neurological disorders has led to a corresponding increase in the demand for radiopharmaceuticals.
The Radiopharmaceuticals Market encompasses the production and distribution of nuclear medicines used in the diagnosis and treatment of chronic diseases. Technetium-99m and gallium-68 are commonly used radioisotopes in this market. The increasing prevalence of cancer, particularly among the geriatric population, has further contributed to the growth of the radiopharmaceuticals market.
Key players in the Radiopharmaceuticals Market include Jubilant Radiopharma, IBA Worldwide, and Medical Solutions. Medical imaging centers and hospitals are the primary end-users of radiopharmaceuticals, significantly contributing to healthcare expenditure. Drug development techniques and alternative treatments are also driving the growth of the radiopharmaceuticals market in the diagnostic and therapeutic sectors.
Technavio is a leading global technology research and advisory company that provides actionable insights to help businesses optimize their market positions. Their research and analysis focus on emerging market trends, covering over 800 technologies and spanning across 50 countries.
