Radiotheranostics Market Share

North American Market Forecast

The radiotheranostics market in the North America region is projected to account for 30% of the revenue share during the forecast period. The North America radiotheranostics market is being driven by the increasing use of effective imaging technologies, a growing trend toward precision medicine, and a strong need for therapeutic radiopharmaceuticals. Growing national investments to facilitate a precision medicine approach are anticipated to propel the regional growth in the market Similarly, the Consolidated Appropriations Act, of 2022 awarded USD 6.9 billion to the National Cancer Institute (NIC) based on data from March 2022. This represents a USD 353 million net increase over FY 2021. The FY 2022 budget includes USD 50 million for the Childhood Cancer Data Initiative and USD 194 million for the Cancer Moonshot. Furthermore, a multitude of industry participants and their diverse strategic endeavors are propelling the sector in the area. For example, Ratio Therapeutics Inc. stated in March 2023 that it had licensed a targeted drug from Merck that was utilized in PET imaging.

APAC Market Statistics

The radiotheranostics market in the Asia Pacific region is attributed to hold the second largest revenue share of about 27% during the forecast period. The primary drivers of regional market growth are the high cancer prevalence in the area and rising investments in nuclear medicine. As an example, Global Medical Solutions, Ltd. and BWXT Medical Ltd. announced in March 2021 that they would be collaborating to manufacture and provide radiopharmaceuticals and radioisotopes throughout the Asia-Pacific area. The market acceptance in APAC is also being accelerated by a rise in nuclear imaging procedures in the area.