Bayer Acquisition with PanTera for Next-gen Radiopharmaceuticals, Clinical Trials to Start Soon
Author: Precedence Research
One of the most established companies of the radiopharmaceuticals market, Bayer announced upgrading their ante in the radiopharmaceuticals industry with a team-up with PanTera, a supplier of starting materials for the next-generation radiopharmaceuticals. Bayer AG declared this collaboration in the third quarter of 2024. This material will act as a starting material for new radiopharmaceutical developments.
“Countries in the region of North America have an established infrastructure for healthcare, investment in research and development activities as well as favorable governmental regulations have helped market growth. The US is the biggest consumer of the radiopharmaceuticals market with a share of 43.96% in 2023.”
The substantial expansion of the radiopharmaceuticals market is because of the key role it plays in diagnosis and treatment of different medical conditions. The global rise in the healthcare sector combined with technological advancements and rising cases of chronic diseases has had a positive impact on the market. Key companies like Bayer AG are investing regularly in research and development to innovate new possibilities in radiopharmaceuticals.
Radiopharmaceuticals Market Size and Growth 2024 to 2033
The global radiopharmaceuticals market size is calculated at USD 6.74 billion in 2024 and is projected to surpass around USD 13.67 billion by 2033, expanding at a solid CAGR of 8.2% from 2024 to 2033. The North America radiopharmaceuticals market size was valued at USD 2.62 billion in 2023.
Radiopharmaceuticals Market Key Insights
- Radiopharmaceuticals are widely used in cancer treatment, particularly in therapies like radioimmunotherapy and radionuclide therapy, offering promising alternatives to traditional cancer treatments.
- Radiopharmaceuticals play a vital role in diagnostic imaging, particularly in positron emission tomography (PET) and single-photon emission computed tomography (SPECT), providing critical information for early disease detection.
- The rising global geriatric population, which is more prone to chronic diseases like cancer, cardiovascular diseases, and neurological disorders, is contributing to the increased demand for radiopharmaceuticals.
- The growing trend toward personalized medicine is enhancing the adoption of radiopharmaceuticals, as they offer targeted and specific treatments for individual patient profiles.
- The approval of new radiopharmaceutical products by regulatory bodies like the FDA and EMA has accelerated market growth. Additionally, more companies are pursuing clinical trials to expand their radiopharmaceutical offerings.
- The complex and expensive manufacturing process of radiopharmaceuticals, including the need for specialized facilities, is a key challenge facing the industry.
Radiopharmaceuticals Market Key Players
- Bayer AG
- Iso-Tex Diagnostics, Inc
- Jubilant Pharmova Limited
- Novartis AG
- General Electric Company
- Lantheus Holdings, Inc.
- Eli Lilly and Company
- Siemens AG
- Curium Pharma
- Cardinal Health Inc.
Recent Highlights from Other Radiopharmaceuticals Companies
- In October 2024, Jubilant Pharmova Limited announced a partnership with Simplified Imaging Solutions, a leading Diagnostic Services Organization. This strategic partnership will aim at enhancing operational efficiency of healthcare facilities.
- In September 2024, Novartis declared its expansion plans for radiopharmaceuticals to keep up with rising demands. They will break ground for a new facility in California and will further expand their existing facility at Indianapolis too.
- In August 2024, Siemens AG made an offer to purchase Advanced Accelerator Applications Molecular Imaging business from Novartis. This will include Novartis’s European and Distribution network of radiopharmaceuticals diagnostics for positron emission tomography scans.
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