LONDON, Oct. 18, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the radiopharmaceuticals market, in silico medicine refers to using computer modeling and simulation for conducting biomedical research. In silico approaches can predict the outcomes for crucial variables that are quite taxing by conventional in vitro and in vivo radiopharmaceutical development methods. Radiopharmaceutical manufacturers use the in-silico design approach in the creation of new radiopharmaceuticals, especially peptide-based radiotracers (including peptidomimetics). The use of in silico strategies is steadily increasing in the field of radiochemistry as it contributes to a more rational and scientific approach.
Radiopharmaceuticals, also known as nuclear medicine, are radioactive substances that are used in the scintigraphy technique, also known as a gamma scan – this is a diagnostic test in nuclear medicine, where radioisotopes attached to drugs that travel to intended organ or tissue are taken internally to create images of organs or tissues.
The global radiopharmaceuticals market size is expected to grow from $4.78 billion in 2020 to $5.12 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6.75 billion in 2025 at a CAGR of 7%.
The Business Research Company’s report titled Radiopharmaceuticals Global Market Report 2023 – By Type (Diagnostic, Therapeutic), By Application (Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Neurology, Nephrology), By End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes), COVID 19 Growth And Change covers major radiopharmaceuticals companies, radiopharmaceuticals market share by company, radiopharmaceuticals manufacturers, radiopharmaceuticals market size, and radiopharmaceuticals market forecasts. The report also covers the global radiopharmaceuticals market and its segments.
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Rapid technological advancements are furthering the growth of the radiopharmaceuticals market. For instance, in September 2023, FUJIFILM Toyama Chemical Co., Ltd. was expected to launch its Lutathera injection in Japan for the treatment of somatostatin receptor-positive neuroendocrine tumors. Lutathera is the first approved Peptide Receptor Radionuclide Therapy (PRRT), a type of radioligand therapy in Japan. Developments in radio-labeled peptides and monoclonal antibodies for the diagnosis and treatment of cancerous tumors are used by many researchers. Rapid introduction of advanced technologies in nuclear imaging systems such as SPECT and Positron Emission Tomography (PET) significantly contribute to the market growth. Increasing research and development from leading players is aiding the growth of radiopharmaceuticals market. A SPECT tracer is currently available for accurate diagnosis of Parkinson’s disease.
The radiopharmaceuticals market is highly concentrated. The top ten competitors in the market made up to 88.34% of the total market in 2020. Major players in the industry include Cardinal Health, Curium Pharma, Siemens Healthineers AG, Novartis AG, General Electric Company (GE).
North America is the largest region in the global radiopharmaceuticals market, accounting for 41.6% of the total in 2020. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the radiopharmaceuticals market will be South America and Africa, where growth will be at CAGRs of 9.8% and 8.5% respectively. These will be followed by the Middle East and Asia Pacific, where the markets are expected to grow at CAGRs of 8.2% and 6.4% respectively, during 2020-2025.
Radiopharmaceuticals Global Market Report 2023 – COVID 19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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