Tier 1 players contribute to more than 80% revenue share
The therapeutic nuclear medicines market is a highly consolidated market with top three leading players contributing 87.4% of the market share. The tier 1 players of the global therapeutic nuclear medicines market are Novartis AG, Bayer AG and GE Healthcare. Bayer AG alone accounts for a 78.9% market share of the therapeutic nuclear medicines market due to the high penetration of its brand Xofigo for the treatment of prostate cancer in the U.S. and Europe. Novartis AG accounts for the second largest share of the global market owing to its acquisition of Advanced Accelerator Applications in 2017. Tier 2 players, such as Curium Pharmaceuticals, Jubilant DraxImage, Spectrum Pharmaceuticals and Progenics Pharmaceuticals, Inc., collectively accounted for 9% of the global therapeutic nuclear medicines market in 2017.
Growing acceptance of radiopharmaceuticals for therapeutic purposes
Radiopharmaceuticals are being used for diagnosis as well as therapeutic purposes. However, radiopharmaceuticals are currently used for diagnostic purpose rather than therapeutic purposes. Currently, only 12-13% revenue of the global radiopharmaceutical market comes from therapeutic nuclear medicines, however, by 2030, therapeutic nuclear medicines are expected to gain around 60-65% revenue of the global radiopharmaceutical market due to the positive results of Xofigo for the treatment of prostate cancer and the launch of Iodine-131 for the treatment of hypothyroidism and thyroid cancer in developed countries. Moreover, the leading radiopharmaceutical manufacturers are collaborating with hospitals and cancer research institutes for the sale of their products, which has increased the acceptance of therapeutic nuclear medicines.
Launch of more efficient therapeutic nuclear medicines for prostate cancer treatment
In the past few years, more efficient therapeutic nuclear medicines have been launched, which have shown positive results for the treatment of various types of cancer. For instance, the launch of Xofigo (Radium-223) by Bayer for the treatment of prostate cancer and the launch of Lutathera (Lutetium-177) for the treatment of neuroblastoma and synovitis has created growth opportunities for the therapeutic nuclear medicines market over the forecast period. In addition, the launch of these products has boosted the demand for therapeutic nuclear medicines among patients and physicians as well as opened the door for the other pharmaceutical manufacturers to launch more efficient therapeutic nuclear medicines.
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Growing prevalence of prostate cancer
The prevalence of prostate cancer is rising throughout the globe, especially in developed countries such as the U.S. and UK, which is fuelling the growth of the therapeutic nuclear medicines market. According to the U.K. cancer research organization, prostate cancer is the most common type of cancer in the U.K. Around 47,151 men were diagnosed with the prostate cancer in 2015. Similarly, according to American Cancer Society, prostate cancer is the most common cause of death in the U.S. Around 1 in 9 men are expected to be diagnosed with prostate cancer during their lifetime. Therefore, increase in the incidence of prostate cancer is expected to drive the therapeutic nuclear medicines market over the forecast period
Stringent regulatory guidelines by FDA
The production, storage and usage of radioisotopes requires proper precautions because radioisotopes generate radiation that can affect the mass population as well as the environment. Approvals from the Food and Drug Administration and Medicines and Healthcare Products Regulatory Agency is mandatory for any usage, storage, or production of radioisotopes. According to the Nuclear Regulatory Commission, approximately 6,000 licenses are maintained for the usage of radioactive materials, the violation of which leads to enforcement actions that include loss of license. This stringent regulatory guideline by FDA for the approval and production of radiopharmaceuticals is likely to hamper the revenue growth of the therapeutic nuclear medicines market.
Competitive Landscape
The competition section of the therapeutic nuclear medicines market report features the profiles of the key players of the therapeutic nuclear medicines market based on their product offerings, market shares, marketing approach and differential strategies. Some of the key players profiled in the therapeutic nuclear medicines market report include Bayer AG, Novartis AG, GE Healthcare, Curium Pharmaceuticals, Jubilant DraxImage, Spectrum Pharmaceuticals, Progenics Pharmaceuticals, Inc., ANSTO, Lantheus Medical Imaging, Inc., Eckert & Ziegler and International Isotopes Inc.
Definition
Therapeutic nuclear medicines is a pharmaceutical formulation that consists of radioactive substances (radioisotopes). Therapeutic nuclear medicines are intend for the treatment of cancer, metastatic bone pain and other diseases. The radioactive material of therapeutic nuclear medicines is capable of killing the cancerous tissue, reducing the size of a tumour and reducing pain.
About the Report
FMI conducted a research study on the therapeutic nuclear medicines market for the forecast period 2018 to 2028. The therapeutic nuclear medicines market report offers a comprehensive evaluation of the business opportunities prevailing in the therapeutic nuclear medicines market, along with insights on the pipeline assessment, key regulations and reimbursement scenario. The report on the therapeutic nuclear medicines market also elaborates on the macro-economic factors influencing the dynamics of the therapeutic nuclear medicines market and its futuristic potential.
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Segmentation
The report offers a comprehensive taxonomy of the therapeutic nuclear medicines market based on the radionuclide type, indication, distribution channel and region. Some of the therapeutic nuclear medicines that are used for the treatment of cancer are Radium-223, Iodine-131, Leutitium-177, Yttrium-90, Samarium-153, Strontium-89, Rhenium-188+ Rhenium-186, Erbium-169 and Phosphorus-32. All these radionuclide types are taken into consideration while estimating and forecasting the therapeutic nuclear medicines market value. Indications, such as prostate cancer, painful bone metastases, thyroid cancer, neuroblastoma, synovitis, non-Hodgkins lymphoma, hepatic metastases, brain tumour and others, are included in the indication segment of the report. The global therapeutic nuclear medicines market report also includes the distribution channel segment that covers hospitals, ambulatory surgical centres and cancer research institutes. The therapeutic nuclear medicines market has been analysed across the regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding China and Japan, China, Japan and MEA.
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