The Radiopharmaceutical Theranostics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Radiopharmaceutical Theranostics Global Market Report 2024, The radiopharmaceutical theranostics market size has grown rapidly in recent years. It will grow from $2.51 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to radiopharmaceutical development, clinical research advances, investment in research, regulatory approval, nuclear medicine progress.
The radiopharmaceutical theranostics market size is expected to see rapid growth in the next few years. It will grow to $4.9 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to biomarker discovery and validation, genomic and proteomic technologies, precision radiotherapy development, interdisciplinary collaborations, patient advocacy and support. Major trends in the forecast period include ethical and legal considerations, telemedicine in theranostics,patient-centric care, radiopharmaceutical customization, nano-theranostics development.
The rising incidence of cancer is expected to propel the growth of the radiopharmaceutical theranostics market going forward. Cancer refers to a disease or condition of complex and abnormal growth of cells that can invade and spread to other parts of the body. Radiopharmaceutical theranostics helps in cancer treatment by providing targeted and personalized approaches. For instance, in 2023, according to the American Cancer Society, a US-based voluntary cancer health organization, in the US, 1.9 million new cancer cases are estimated to be diagnosed and about 609,820 deaths may occur due to cancer. Further, 88% of the people diagnosed are expected to belong to the 50 years or above age group. Therefore, the rising incidence of cancer is driving the growth of the radiopharmaceutical theranostics market.
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The radiopharmaceutical theranostics market covered in this report is segmented –
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
Technological advancements are a key trend gaining popularity in the radiopharmaceutical theranostics market. Major companies operating in the radiopharmaceutical theranostics market are developing advanced technologies to sustain their position in the market. For instance, in March 2021, GE HealthCare Technologies Inc., a US-based medical technology company, launched StarGuide, its latest SPECT/CT technology, aimed at helping advance precision health and theranostics. This advanced system incorporates the latest Cadmium Zinc Telluride (CZT) technology, which enables healthcare providers to gain deeper insights into patient conditions and improve patient outcomes across various care areas. With its digital focus detectors and 360-degree imaging, StarGuide is expected to bolster precision health and enhance theranostics capabilities in nuclear medicine.
The radiopharmaceutical theranostics market report table of contents includes:
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