The Radiopharmaceuticals Market is set to grow at a 7% CAGR from 2021-2026, driven by advancements in diagnostics and increased use in cancer therapies.
According to the latest report by IMARC Group, titled “Radiopharmaceuticals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global radiopharmaceuticals market size exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 7% during 2021-2026.
Radiopharmaceuticals refer to radioisotopes bound to biological molecules that can target specific tissues, cells or organs in a human body. These radioactive drugs can be differentiated into four categories, namely, radiopharmaceutical preparation, kit for radiopharmaceutical preparation, radionuclide generator, and radiopharmaceutical precursor. These medicines help to diagnose various ailments, including abscess and infection, blood vessel diseases, bone marrow diseases, cancer and tumors, colorectal disease, and kidney, lungs and liver diseases.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
Global Radiopharmaceuticals Market Trends:
The rising availability and acceptance of several cancer-specific targeted therapies and diagnostic tests is majorly fueling the global radiopharmaceuticals market. It is further supported by the increasing prevalence of target conditions across the globe. Additionally, the rising utilization of radiopharmaceuticals in neurological applications is contributing to the market growth. Rapid advancements in the diagnostics sector, the presence of favorable regulations, and increasing investments in research and development (R&D) activities to assess the side effects of therapies are other factors influencing the market growth positively.
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Global Radiopharmaceuticals Market 2021-2026 Analysis and Segmentation:
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The article discusses the growth and forecast of the global Radiopharmaceuticals Market from 2021 to 2026.
How is the Radiopharmaceuticals Market expected to grow? It is expected to grow at a CAGR of 7% during 2021-2026.
What factors are driving market growth? Increased use in cancer therapies and advancements in diagnostics.
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