North America Radiopharmaceutical Theragnostic Market is expected to reach US$ 1,529.88 million by 2028

Publisher: The Insight Partners

Cyclotrons Segment to Hold Larger Share of Radiopharmaceutical Theranostics Market During 2022–2028

According to our latest study on “North America Radiopharmaceutical Theragnostic Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product Type, Radioisotope, Source, Application, Indication, and End User,” the market is expected to grow from US$ 795.88 million in 2022 to US$ 1,529.88 million by 2028; it is estimated to grow at a CAGR of 11.5% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments in the market.  

The North America radiopharmaceutical theranostics market, based on source, is bifurcated into nuclear reactors and cyclotrons. The cyclotrons segment held the largest share of the market, and the same segment is expected to register a faster CAGR in the coming years. Cyclotrons are best suited for producing proton-rich radioisotopes such as Fluorine-18 (18F). Commercially available cyclotron-produced medical radioisotope involves Carbon-11, Nitrogen-13, Oxygen-15, Fluorine-18 (18F), Copper-64, Gallium-67, Iodine-123, and Thallium-201. According to the International Atomic Energy Agency (IAEA) 2023 report, the most frequent radioisotope produced through cyclotrons are those with short half-lives, particularly fluorine-18, carbon-11, oxygen-15, and nitrogen-13, intended for imaging techniques such as positron emission tomography (PET). Cyclotrons account for almost 95% of the production of radiopharmaceuticals used in PET. Additionally, the demand for cyclotrons is increasing as radionuclides are majorly used in research, diagnosis, and treatment of a range of life-threatening diseases such as cancer, Parkinson's, and Alzheimer's. Further, medical imaging techniques such as PET and SPECT depend on cyclotron-produced radioisotopes. Cyclotrons segment fall under safety and security measures as it is not subjected to any harmful reactors on exposure. 

North America Radiopharmaceutical Theranostics Market, by Country (% Share)

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Source: The Insight Partners Analysis

Rising Incidence of Cancer Boosts North America Radiopharmaceutical Theragnostic Market

Theranostics is the combination of therapeutic and diagnostic techniques that utilize a suitable radiopharmaceutical agent. According to the American Cancer Society’s 2023 report, ~43,720 new cases of thyroid cancer (12,540 in men and 31,180 in women) were recorded in 2023. The report also revealed that 2,120 deaths occurred from thyroid cancer (970 in men and 1,150 in women) in the same year. Radiopharmaceutical theranostics have promising potential in cancer therapy. For example, radioiodine has a well-known theranostic application in diagnosing and treating differentiated thyroid cancer. Several radiopharmaceutical theranostic pairs are available for breast cancer applications. These pairs include 43/44Sc/47Sc, 64Cu/67Cu, 83Sr/89Sr, 86Y/90Y, 110In/111In, 124I/131I, 152Tb/161Tb, 152Tb/149Tb, 68Ga/177Lu, and 90Y/177Lu. 123I/131I is a well-known example of theranostic pair that is used in high-quality single-photon emission computerized tomography (SPECT)/CT for pre- and post-therapeutic assessment of thyroid cancer.

Malignant gliomas are deadly tumors with the availability of only a few therapeutic options. 89Zr- and 177Lu-labeled Lumi804-αCD11b is a promising theranostic technique intended for monitoring and reducing tumor-associated myeloid cells (TAMCs) in gliomas and improving immunotherapy outcomes. Further, theranostics are incorporated in radiometals for PET imaging and targeted radiopharmaceutical therapy (TRT). DOTA-octreotate (dotatate) radiolabeled with Lu-177 (177Lu-dotatate: Lutathera) or Ga-68 (68Ga-dotatate: NetSpot) are approved by the Food and Drug Administration (FDA) for targeted radiopharmaceutical therapy (TRT) and positron emission tomography (PET) imaging. Thus, a radiopharmaceutical theranostic approach has unprecedented value in diagnosing and treating different types of cancer, which fuels the overall market growth.

Impact of COVID-19 Pandemic on North America Radiopharmaceutical Theranostics Market:

The COVID-19 pandemic has significantly impacted the North America radiopharmaceutical theranostics market. In 2020, most companies reported disruptions in their supply chains owing to restrictions on transportation. The crisis also resulted in issues in the supply of radiopharmaceuticals, radioisotopes, and therapeutic and diagnostic kits. Nuclear medicine and personalized medicine rely heavily on the timely availability of radioisotopes. With restrictions imposed on air freight, the transport of Molybdenum-99, Technetium-99m, and other radioisotopes was impacted, and as the US accounts for nearly half of the radiopharmaceutical theranostics market in North America, particularly Molybdenum-99 and Technetium-99m.

Per the Society of Nuclear Medicine and Molecular Imaging (SNMMI), ~80% of respondents saw ~50–75% decline in non-PET nuclear medicine procedures. In addition, the COVID-19 crisis and its adverse effects on the regular operations of radiopharmacy labs led to changes in policies for radiopharmaceutical preparations in nuclear medicine (NM) departments. Appointments for cancer diagnosis and surgeries were either postponed or cancelled due to the unavailability of medical staff and resources in 2020. For instance, in 2020, Breastcancer.org surveyed 534 patients in the US, revealing that ~31.7% of people diagnosed with breast cancer reported a delay in care; of these people, 22% reported delayed screening and 9.3% reported a delay in treatments. As a result, more cases of advanced cancers are expected in coming years due to delayed diagnosis and medical appointments. 

Further, various countries were unable to access therapeutic tracers, including I-123, I-123-MIBG, and I-131-MIBG, due to supply and cost issues. This scenario remains challenging for non-COVID-19 treatment solutions, as medical radioisotopes used in diagnosing and treating cancer and certain health conditions by healthcare providers globally. Also, the COVID-19 pandemic has dramatically affected activities in radiopharmacy laboratories globally. The pandemic affected scheduling criteria, with most staff encouraged to stay at home or observe social distancing. In many radio pharmacy labs, diagnostic imaging tests were quantitatively reduced, and test procedures dropped down to almost half (18%) in imaging centers. Thus, the market for radiopharmaceutical theranostics witnessed negative growth for a certain period in 2020 in North America.

In the post-pandemic period, rising prevalence for cancer and other chronic diseases will ultimately accelerate demand for radioisotopes. The huge unmet needs and the ensuing massive opportunity for imaging technologies and services will result in the growth of the North America radiopharmaceutical theranostics market in the long term. 

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 among the leading companies operating in the North America radiopharmaceutical theranostics market.

The North America radiopharmaceutical theranostics market, by product type, is segmented into positron emission tomography (PET) tracers, beta emitters, and alpha emitters. In 2022, the positron emission tomography (PET) tracers segment held the largest share of the market, and it is expected to register the fastest CAGR during the coming years. In terms of radioisotope, the North America radiopharmaceutical theranostics market is segmented into Lutetium (Lu) 177, Gallium-68, Iodine-131, Iodine-123, Technetium-99, Yttrium-90 (Y-90), Copper (Cu) 64, 18F, Copper (Cu) 67, and others. In 2022, the Lutetium (Lu) 177 segment held the largest share of the market, and it is expected to record the highest CAGR in the coming years. Based on source, the North America radiopharmaceutical theranostics market is bifurcated into cyclotrons and nuclear reactors. In 2022, the cyclotrons segment held a larger share of the market, and it is expected to record a higher CAGR during the coming years. Based on application, the North America radiopharmaceutical theranostics market is categorized into targeted therapeutic (Rx) and companion diagnostic (CDx). In 2022, the targeted therapeutic (Rx) segment held a larger share of the market, and it is expected to register a higher CAGR during the coming years. In terms of indication, the North America radiopharmaceutical theranostics market is segmented into oncology, neurology, cardiology, and others. In 2022, the oncology segment held the largest share of the market, and it is expected to register the fastest CAGR during the coming years. The North America radiopharmaceutical theranostics market, based on end user, is segmented as hospitals, diagnostic imaging centers, academic and research institutes, and others. In 2022, the hospitals segment held the largest share of the market. The market for the academic and research institutes segment is expected to grow at the fastest CAGR during the coming years.

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