Market Trends of Nuclear Medicine Therapeutics Industry
Application in Oncology is Expected to Hold a Significant Market Share Over The Forecast Period
- The oncology segment is poised to experience substantial growth during the forecast period, mainly due to the rising burden of cancer worldwide and the innovative nuclear medicine therapeutics developed by market players for cancer treatment. The use of nuclear medicine therapy for cancer provides a unique advantage in that radioactive molecules can specifically target tumor cells. These molecules are administered intravenously, circulate in the body, adhere to tumor cells, deliver radiation directly, and cause them to die. The widespread application of nuclear medicine therapeutics in cancer therapy is expected to contribute to the growth of the market during the forecast period.
- According to the Australian Institute of Health and Welfare (AIHW) 2021 report, 150,782 new cancer cases were estimated to have occurred in Australia in 2021. Of these, breast cancer cases were estimated to have been 20,030, lung cancer with 13,810 new cases, and prostate cancer with 18,110 cases estimated to have occurred in 2021.
- Furthermore, the American Cancer Society's Cancer Statistics 2022 report predicted that 1.9 million new cancer cases would arise in the United States in 2022. Of the total cancer cases, 290,560 new cases of breast cancer were estimated to have occurred, along with 60,650 new cases of leukemia and 89,010 new cases of lymphoma in the United States in 2022. Thus, the advantages offered by nuclear medicine in cancer management and the high incidence of cancer are expected to drive segment growth during the forecast period.
- Additionally, the launch of new products is expected to boost the segment's growth during the forecast period. For example, Novartis received US FDA approval in March 2022 for Locametz, a complementary diagnostic imaging agent that uses gallium-68 radiolabeling to identify Prostate-specific membrane antigen (PSMA)-positive lesions.
- Also, in March 2022, the Food and Drug Administration (FDA) approved Novartis's Pluvicto for the treatment of adult patients with a certain type of advanced cancer called prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC) that has spread to other parts of the body.
- In conclusion, the high prevalence of cancer globally and advances in nuclear medicine therapeutics for cancer treatment are expected to fuel the growth of the oncology segment during the forecast period.
North America is Anticipated to Hold a Significant Share in The Nuclear Medicine Therapeutics Market Over the Forecast Period.
North America is expected to dominate the market owing to factors such as the rising incidence of cancer and cardiovascular disorders, better healthcare infrastructure, awareness about nuclear medicine therapeutics among people, and the strong presence of industry players in the region.
According to the Canadian Cancer Statistics November 2021 report, an estimated 2 in 5 Canadians were likely to be diagnosed with cancer in their lifetime. It stated that an estimated 229,200 Canadians was predicted to be diagnosed with cancer in 2021.
In addition, as per the nuclear medicine association updated in April 2022, in the United States, there are over 20 million nuclear medicine procedures every year. Hence, the use of radiopharmaceuticals in diagnosis and therapeutics is expected to grow in the region during the forecast period.
Furthermore, as per RadilogyInfo.Org updated in September 2021, doctors use nuclear medicine tests to diagnose, evaluate, and treat various diseases. These include cancer, heart disease, gastrointestinal, endocrine, or neurological disorders. For instance, Radioactive iodine (I-131) therapy to treat thyroid cancer and hyperthyroidism, I-131 MIBG (radioactive iodine labeled with metaiodobenzylguanidine) to treat neuroendocrine tumors, including paragangliomas and pheochromocytomas, and neuroblastoma in infants. The wide range of application of nuclear medicines is expected to propel the market growth in the region during the forecast period.
Therefore, owing to the aforesaid factors, such as high prevalence of cancer and other diseases and research studies on the nuclear medicine therapeutics, the growth of the studied market is anticipated in the North America Region.
