The major drivers in the global radioligand therapy market are skyrocketing demand for highly efficient drugs and surging investments in research and development of cancer treatment. In 2021, the market was valued at $7,785.6 million, and it is predicted to touch $13,073.9 million by 2030. Moreover, the market will witness an approximately 6% CAGR from 2021 to 2030. Additionally, this market had witnessed magnificent growth in the count of FDA-approved drugs with the least aftereffects.
The radiopharmaceuticals have the keen interest of numerous researchers for targeted therapy, thereby driving the radioligand therapy market. Therefore, there is an inclination of nuclear medicine physicians toward the development of centralized radio-pharmacies. The major players in the U.S. market are Jubilant Radiopharma and Cardinal Health. Furthermore, all of this is accompanied by extensive government support. The governments not only grant funds but also initiate policies to curb the spread of cancer. In February 2021, Europe’s Beating Cancer Plan was initiated by the European Commission, aiming to offer cancer services for early diagnosis.
Within the indication segment, the radioligand therapy market can be divided into neuroendocrine tumors, prostate cancer, and others. The prostate cancer bifurcation rules the market, and it is predicted to continue the same trend in the coming years. Moreover, 1.4 million people were diagnosed with prostate cancer in 2020. It is the second most dangerous cancer among men in the U.S. In 2022, there must be at least 268,490 prostate cancer patients as of now. Therefore, the surging count of NET and prostate cancer will propel growth in the market including enhanced endoscopy procedures and improved imaging tests.
Geographically, the U.S. will advance at a swift CAGR in the coming years. The radioligand therapy market is gaining momentum because of the increasing count of research institutions and specialized cancer healthcare centers, coupled with the gradual attempts of the government to enhance chronic illness treatment. Furthermore, the Cancer Moonshot Program is enhanced by the U.S. president in February 2022, to lower the death rate to at least 50% in the next 25 years. Therefore, these increasing government initiatives will augment growth in the market.
Another major driver is the highly-competitive market. The market players are heavily investing in the R&D of radioligand therapy including Johnson & Johnson Services Inc., Pfizer Inc., Radio Medix, ITM Isotope Technologies Munich SE, Molecular Partners, Bayer AG, Telix Pharmaceuticals, POINT Biopharma Global Inc., and Novartis International AG to sustain their position in the market.