Radioligand Therapy Market To Generate $13,073.9 Million Revenue by 2030
- Published: June 2022
Radioligand therapy market sales value is predicted to rise to $13,073.9 million in 2030, advancing at a high growth rate during 2021–2030. The growth is augmented by the increasing research activities for advanced drugs, essentially due to the rising prevalence of cancer. A few drugs are already approved for human use, while many others are in the clinical trial phase and will be eligible for marketing in the next 2–7 years, thus widening the therapeutic choices for patients.
Governments around the world have taken steps to reduce the count of cancer deaths. Therefore, radiopharmaceuticals are rapidly becoming the new normal and are a key focus of the studies being conducted on targeted therapy. Being proved highly successful, radiopharmaceuticals have become increasingly demanded treatments for malignancies, thus boosting the market for radioligand therapy. Considering the aforementioned factors, several key market players are focusing on drugs based on radioligands, many of which have completed clinical trials and will soon find their way to the market.
Market for Radioligand Therapy Is Growing as Cancer Rates Rise
The radiation-based therapy is one of most-effective therapies for prostate cancer and neuroendocrine tumors (NET), and researchers hail it as the future of cancer treatment. Essentially, the exponentially increasing global cancer prevalence, prompting government initiatives for better treatments, has been continuously enhancing the radioligand therapy market growth potential. For instance, in 2018 the age-standardized rate (ASR) for prostate cancer was the highest in Oceania (79.1 per 100,000 people) and North America (73.7 per 100,000 people), followed by Europe (62.1 per 100,000 people).
Thus, the increase in prostate cancer and neuroendocrine tumor cases is a major concern for governments and healthcare organizations, which is why better imaging tests, endoscopy procedures, and treatments are being promoted, thereby improving the radioligand therapy market outlook for the coming years.
North America Is Major Contributor to Market Growth
The market in North America is majorly augmented by the FDA’s approval to an increasing number of drugs, geographical expansions by pharma companies, and rising government funding for cancer research. For instance, the U.S. government raised its funding by 14.3% in 2020 from 2017 for cancer research, which shows the wide potential for new developments in the field of cancer treatment. Moreover, programs such as the Cancer Moonshot Program aim to reduce the count of deaths due to cancer. Thus, the rising cancer prevalence and government initiatives to tackle it augment the market for radioligand therapy in the U.S.
Radiopharmaceuticals a Key Focus Area for Market Players
The development of radiopharmaceuticals is being pursued by many established and emerging companies. Moreover, players in the market for radiopharmaceuticals are collaborating in order to better cater to the rising demand for radioligand drugs. Thus, a number of targeted cancer therapies using radioactive or nuclear agents are in the final phases of clinical trials, while a few more are in the research phase.
The current market for radioligand therapy is majorly dominated by manufacturers such as Novartis International AG, POINT Biopharma Global Inc., Telix Pharmaceuticals, Bayer AG, Molecular Partners, ITM Isotope Technologies Munich SE, Radio Medix, Pfizer Inc., and Janssen Global Services LLC.