PET radiopharmaceuticals are frequently employed in medical imaging to aid in the diagnosis and treatment of a variety of diseases. Based on type, PET radiopharmaceuticals market is divided into F-18, RU-82, and others. F-18 is the most widely used PET radiopharmaceutical, with applications including cancer imaging, heart disease, and neurology. On the other hand, RU-82 is mostly employed in cardiac imaging.
PET radiopharmaceuticals are widely utilized in the identification and treatment of many forms of cancer, making oncology the most important application area for them. Another important application sector is cardiology, where PET radiopharmaceuticals are utilized to identify cardiac problems such as ischemia and myocardial infarction. Neurology is another expanding application category, with PET radiopharmaceuticals used to diagnose and follow the evolution of disorders like Alzheimer's and Parkinson's.
Key Drivers of the PET Radiopharmaceuticals Market
Rising Prevalence of Chronic Diseases
The growing prevalence of chronic diseases such as cancer and heart disease, as well as the growing need for improved medical imaging technologies, are driving the PET radiopharmaceuticals market. For instance, according to the World Health Organization (WHO)’s data, cardiovascular disorders account for the majority of NCD mortality (17.9 million per year), followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million, including diabetes-related kidney disease deaths). Additionally, according to the National Health Council’s data, Chronic diseases, which are often incurable and constant, impact around 133 million Americans, accounting for more than 40% of the overall population of this country. PET radiopharmaceuticals serve an important role in the early detection and proper staging of such chronic diseases, allowing for prompt therapy. Hence, the market demand is growing.
Growing Investments and Research
Growing investments in PET radiopharmaceutical research & development is also projected to fuel market expansion. Companies are investing in the development of new radiopharmaceuticals with enhanced diagnostic and therapeutic performance. For instance, in October 2022, RadioMedix, a biotechnology company, secured a $40 million investment in a Series A funding round from an entity related to Portland Investment Counsel. The funds will be used to develop AlphaMedix™, a radiopharmaceutical for the treatment of neuroendocrine tumors, as well as other therapeutic and diagnostic radiopharmaceuticals to address needs in oncology. The company is focused on advancing targeted alpha therapy (TAT) pipeline and diagnostic companion radiopharmaceuticals for rare and aggressive cancers.
Expansions and Innovations by Major Market Players
The PET radiopharmaceuticals market has significant contributors such as General Electric Co., Cardinal Health, Inc., and Bayer AG, among others. These players assist in the market’s growth with the launch of new products and through collaborations and investments. Some of the recent developments include-
• In March 2023, Isologic Innovative Radiopharmaceuticals launched the prostate cancer imaging agent Illuccix®, Ga 68 Gozetotide Preparation Kit (PSMA-11) in Canada. Health Canada approved the Illuccix®, giving Canadian physicians a new diagnostic tool.
• In February 2023, Lantheus, a company specializing in diagnostics, therapeutics, and AI-powered platforms, acquired Cerveau Technologies, a radiopharmaceuticals developer. Cerveau's flagship product is the MK-6240 PET imaging agent, which is used to diagnose Alzheimer's disease by detecting tau protein buildup in brain cells. The acquisition broadens Lantheus' portfolio of radiopharmaceuticals and boosts its position in the healthcare industry.
• In November 2022, Lantheus signed a strategic partnership agreement with POINT Biopharma Global. The agreement allows Lantheus to license exclusive global rights to two radiopharmaceutical product candidates, PNT2002 and PNT2003, for a total upfront payment of $260 million. Additional milestone payments of up to $1.8 billion may be given dependent on FDA clearance and net sales and commercial milestones. Lantheus will pay POINT royalties on net sales over specific financial criteria in exchange for exclusive rights.
• In February 2022, Telix Pharmaceuticals Ltd. entered into a commercial distribution agreement for Telix's prostate cancer imaging product Illuccix® (Kit for the preparation of 68Ga-PSMA-11) in the Australian market with Global Medical Solutions Australia (GMSA).