The global radiopharmaceutical theranostics market is projected to reach $3,441.97 million by 2028, with a CAGR of 11.3% during the forecast period. This significant growth is driven by the increasing incidence of cancer and the growing application of radiopharmaceutical theranostics in treating cardiovascular disorders.
Radiopharmaceuticals, which play a crucial role in both the diagnosis and therapy of cancer, provide valuable information for treatment planning. They enable clinicians to diagnose specific types and stages of cancer and offer precise and effective treatment while minimizing harm to healthy tissues. Additionally, radiopharmaceutical theranostics have expanded into other areas of medicine, such as the treatment of cardiovascular disorders, through a combination of therapeutic and diagnostic techniques known as theranostics.
While there are regulatory challenges related to the approval of radiopharmaceutical theranostics, the rising prevalence of cancer worldwide and the promising applications of these therapies in personalized medicine continue to drive market growth. Companies such as Bayer AG, GE Healthcare Technologies Inc, Curium, Lantheus Medical Imaging, Inc., Telix Pharmaceuticals Ltd., Cardinal Health Inc, Advanced Accelerator Applications S.A., Jubilant Radiopharma, Theragnostics, and NuView Life Sciences are key players in this market.
In terms of product type, positron emission tomography (PET) tracers are expected to register the highest growth rate during the forecast period due to their higher resolution and quantification of activity. Lutetium (Lu) 177 is anticipated to witness the highest growth rate among radioisotopes, primarily used in targeted radionuclide therapy for cancer. Cyclotrons are expected to dominate the source segment as they are well-suited for producing radionuclides used in medical imaging techniques, particularly PET.
The oncology segment is expected to hold the largest market share, as radiopharmaceutical theranostics have a significant impact on cancer treatment. In terms of end users, hospitals currently dominate the market, but academic and research institutes are expected to grow at the highest CAGR during the forecast period.
In conclusion, the global radiopharmaceutical theranostics market is poised for substantial growth due to the increasing prevalence of cancer and the expanding applications of radiopharmaceuticals in personalized medicine.