The global radiopharmaceuticals market generated $4.8 billion in revenues in 2016 and is expected to increase at a 5.9% compound annual growth rate (CAGR) to reach $8.5 billion by 2026, according to a new report by market research firm Future Market Insights.
Growth is being driven by the increasing importance of radiotracers in the treatment of cancer and cardiovascular diseases, according to the company. In addition, Future Market Insights noted that the use of radiopharmaceuticals in cancer medications has increased as research institutes have developed methods for employing radioisotopes to impede the maturation of malignant tumors, cells, and tissues.
On the downside, growth will be held back by the short half-life of radiopharmaceuticals and the lack of specified guidelines for their use in commercial-scale drug production, according to the firm. To date, radiopharmaceuticals sourced by research nuclear reactors have accounted for 60% of global market revenues. However, many of these aging reactors will be closed in the coming years, significantly decreasing global radiopharmaceutical production, the company said. This trend has accelerated the installation of cyclotrons, and Future Market Insights estimated that sales of radiopharmaceuticals derived from cyclotrons will reach more than $6.5 billion by the end of 2026.
In other findings, Future Market Insights reported that sales of radiopharmaceuticals based on technetium-99m produced more than $2.2 billion in revenues in 2026. In addition, the fluorine-18 radioisotope is projected to account for 16% of global radiopharmaceutical revenues by the end of 2026. Furthermore, global radiopharmaceutical revenues from leutetium-177, gallium-68, and gallium-67 will climb at a CAGR of more than 6% through 2026, according to the firm.
On a regional basis, the North American sector dominates the global radiopharmaceuticals market and will produce a CAGR of more than 6% to account for nearly 50% of global revenues by the end of 2026. The company also said that the Western Europe market will grow "progressively" and come close to $1.6 billion in revenues by the end of 2026.
In addition, Future Market Insights projected that Siemens Healthineers will remain the dominant company in the market, producing more than 40% of global radiopharmaceutical revenues.
