Radioligand Therapy Market 2023 - Rising Demand for Radioligand Therapy Materials Drive Industry Growth | Latest InsightAce Study
Companies covered in this report are Johnson & Johnson Services, Inc., Pfizer Inc., Bayer AG, Molecular Partners, ITM Isotope Technologies Munich SE, Amneal Pharmaceuticals LLC, Novartis International AG, POINT Biopharma Global Inc, Fusion Pharma
Jersey City, NJ, April 25, 2023 (GLOBE NEWSWIRE) -- The market size of the global Radioligand Therapy Market in the year 2019 is valued at 7.31 billion and is predicted to reach 12.53 billion by the year 2031 at an 6.4% CAGR during the forecast period.
Radioligand therapy (RLT) is a cancer treatment strategy that uses targeted medicines. A radiopharmaceutical is injected or infused into a vein in the arm or leg. RLT (radioligand therapy) is a systemic therapy used to treat metastasized disease. Radiopharmaceuticals bind to a cancer target in radioligand therapy. Increased pharmaceutical manufacturer footprint in key areas is expected to fuel the global radioligand therapy market.
The global radioligand therapy treatment market is likely to be driven by research and development of radioligand therapy candidates to treat a wide range of cancer types. Lu-PSMA-617, a radioligand therapy candidate developed by Endocytic, is now undergoing a phase III clinical trial for the treatment of prostate cancer. Industry leaders in the radioligand therapy industry are making strategic acquisitions to help manufacturers increase their cancer product pipeline. Thus, the market is likely to be driven during the forecast period by the approval and commercialization of pipeline drugs soon. Also, expanding radiopharmaceutical coverage and the role of radioligand in drug discovery are further fueling the market's growth over the upcoming years. Besides, the market is expected to be hampered by high treatment costs and complex reimbursement processes, as well as increased competition from generics.
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Additionally, Companies' propensity for product launches and approval suggests that they are continuing to bring new products to the market for radioligand therapy, which is primarily attributed to rising cancer prevalence, rising clinical research activity, and rising key players' initiatives driving the market over the upcoming years. Rapid increases in per-capita healthcare spending, as well as rising public demand for low-cost healthcare, are propelling the expansion of healthcare products (particularly cancer devices) in these countries.
*Recent Developments:*
· *In March 2022, *Novartis announced that the US Food and Drug Administration (FDA) approved PluvictoTM (lutetium Lu 177 vipivotide tetraxetan) for the treatment of adults with prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC) that has spread (metastatic)1. These individuals have had various cancer therapies (androgen receptor pathway inhibition and taxane-based chemotherapy).
· *In Sept 2021, *Telix Pharmaceuticals Limited has partnered with Kettering Health, a faith-based network of 13 hospitals, ERs, and outpatient clinics. The parties have signed a Memorandum of Understanding (MOU) formalizing their intent to work together to foster late-stage clinical research into Telix's investigational PSMA1-targeting radiopharmaceuticals, illuccix® (Kit for the preparation of 68Ga-PSMA-11 injection, for PET diagnostic imaging) and Lu-177 PSMA (TLX591, for radioligand therapy), and to establish Kettering Health as a regional centre of excellence for PET Molecular Imaging (Ml) and Theranostics.
*List of Prominent Players in the Radioligand Therapy Market:*
· Johnson & Johnson Services, Inc.
· Pfizer Inc.
· Anneal Pharmaceuticals LLC
· Novartis International AG
· POINT Biopharma Global Inc
· Fusion Pharma
· Clovis Oncology
· Telex Pharmaceuticals
· Lathes Holdings, Inc. (Progenies Pharmaceuticals)
· Bayer AG
· Molecular Partners
· ITM Isotope Technologies Munich SE
· Curium Pharma
· Precure
· Radio Medix
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*Radioligand Therapy Market Report Scope:*
*Report Attribute* *Specifications*
*Market size value in 2022* USD 7.61 Billion
*Revenue forecast in 2031* USD 13.56 Billion
*Growth rate CAGR* CAGR of 6.8 % from 2023 to 2031
*Quantitative units* Representation of revenue in US$ Billion and CAGR from 2023 to 2031
*Historic Year* 2019 to 2022
*Forecast Year* 2023-2031
*Report coverage* The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
*Segments covered* By Biomarkers, Indications, Products
*Regional scope* North America; Europe; Asia Pacific; Latin America; Middle East & Africa
*Country scope* U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia
*Market Dynamics:*
*Drivers:*
An increased pharmaceutical manufacturer footprint will likely boost the market in key areas. Research and development of radioligand therapy candidates to treat a wide range of cancer types is projected to drive the worldwide radioligand therapy treatment market. Rapid increases in per-capita healthcare spending, as well as rising public demand for low-cost healthcare, are propelling the expansion of healthcare products (particularly cancer devices) in these countries. In addition, the increasing demand for Radioligand Therapy materials owing to their qualities such as simple disposal and inexpensive manufacturing costs is anticipated to contribute to the expansion of the worldwide Radioligand Therapy market.
*Challenges:*
Besides, the market is expected to be hampered by high treatment costs and complex reimbursement processes, as well as increased competition from generics. It is anticipated that a lack of knowledge in emerging nations would impede the growth of the Radioligand Therapy industry. However, the high cost of Radioligand Therapy and are factor expected to hamper the overall development of the Radioligand Therapy market over the coming years.
*Regional Trends:*
The Radioligand Therapy market in North America is anticipated to dominate the market in terms of revenue and expand at a rapid CAGR in the near future. Because of the high rate of adoption of radioligand treatment products following FDA approval, North America is the main market for radioligand therapy (RLT). Additionally, growth in research facilities, an increase in cancer prevalence, and increased government funding are expected to boost the market in the region during the forecast period. Several firms are seeking to maintain their market position by launching new goods and soliciting money for the development of new products for radioligand therapy innovation from various sample kinds. Product launches, product approvals, business finance, and synergistic actions were all seen by key market players in the worldwide radioligand treatment market.
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*Segmentation of Radioligand Therapy Market:*
*By Biomarker:*
· Prostate-Specific Membrane Antigen
· Ki 67 Expression and Grading
· Cytochrome P450 17A1 Inhibitor
*By Indications*
· Prostate Cancer
· Neuroendocrine Tumor (NETs)
· Other Indications
*By Products*
· Approved Products
· Potential Pipeline"
*By Region-*
*North America-*
· The US
· Canada
· Mexico
*Europe-*
· Germany
· The UK
· France
· Italy
· Spain
· Rest of Europe
*Asia-Pacific-*
· China
· Japan
· India
· South Korea
· South East Asia
· Rest of Asia Pacific
*Latin America-*
· Brazil
· Argentina
· Rest of Latin America
* Middle East & Africa-*
· GCC Countries
· South Africa
· Rest of Middle East and Africa
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