Currently, the radiopharmaceuticals market is expanding rapidly. Advancements in science, an aging population, and higher rates of cancer are all playing a role in the equation, and companies looking to assist those in need have ample opportunities to expand. Here’s a look at the radiopharmaceuticals market, including its projected growth, what’s spurring the rise in interest, and more.
Numbers and Projections
While radiopharmaceuticals is a relatively new life sciences field, it’s attracted a significant amount of attention. Ultimately, the possible applications have considerable potential in the world of healthcare, and that’s spurring rapid growth.
The radiopharmaceuticals market has been trending upward. Between 2017 and 2022, the market went from $3.9 billion to $5.2 billion. Based on a predicted compounded annual growth rate of 10.2 percent, it’s set to cross $13.67 billion by 2032.
Cancer, Aging, and Radiopharmaceuticals
As mentioned previously, part of what’s spurring growth in the radiopharmaceuticals market is rising occurrences of cancer. One reason for the increase in cancer rates is lengthening lifespans. Populations are generally skewing older, as advances in medicine and healthcare are allowing people to live longer lives. However, with an aging population, cancers are becoming more common.
New radiopharmaceutical advances – such as Pluvicto by Novartis, a prostate cancer treatment – are garnering significant amounts of attention, largely due to their overall potential. In many cases, radiopharmaceuticals can help cancer patients enjoy a higher quality of life after diagnosis. Some are also proving themselves as effective options when other treatments have failed. As a result, interest and demand for radiopharmaceuticals is likely to continue increasing.
Projections in Cardiology and Therapeutics
While cancer treatments are a significant part of the rising interest in radiopharmaceuticals, radiopharmaceuticals have other applications. Overall, the cardiology segment is predicted to outpace the overall expected annual growth rate. Additionally, the therapeutics segment is likely to be similar.
Some of the growth is attributed to the fact that radiopharmaceuticals are being explored as treatment options for conditions where few effective alternatives are available. Essentially, it allows radiopharmaceutical developers to tap into underserved markets, and that leads to substantial growth potential.
Momentum and Challenges
Overall, it’s expected that market momentum will be highest in the Asia-Pacific region, primarily due to the area’s larger aging population. North America is another region with substantial momentum, as the population has a high number of people with chronic conditions.
However, in many countries, there’s a lack of necessary infrastructure and required radio diagnostic tools. That means lower and middle-income nations won’t have as much access to radiopharmaceuticals, as the needed imaging equipment may simply be unavailable.
In time, that landscape may ultimately change since advances in healthcare classically become more accessible as they’re refined. Still, that means challenges do lie ahead, particularly in parts of the world without the resources or funds to get involved close to the beginning.
For professionals, the overall momentum is excellent news, creating new career opportunities for those who want to be at the forefront of the radiopharmaceutical field. If you’re looking for a new radiopharmaceuticals job or are interested in other life science positions, the Staffing Resource Group wants to hear from you. Apply Today and SuRGe your career forward.
