Alpha Emitter Global Market to Witness Exponential Growth Reaching $3.03 Billion by 2028 Amid Rising Incidence of Cancer
Alpha Emitter Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Can the Alpha Emitter Market Keep Up The Exponential Growth Seen In Recent Years?
The alpha emitter market has witnessed notable growth in the last few years, expanding from $1.06 billion in 2023 to an impressive $1.30 billion in 2024. This progress translates to a compound annual growth rate CAGR of 23.2%. The drivers fueling this growth during the historic period primarily include the surging incidence of cancer, enhanced research investments, favorable government support and funding, the rise in the aging population, and the expansion of radiotherapy centers.
What Is the Projected Market Size of the Global Alpha Emitter Market and Its Growth Rate?
The alpha emitter market size is expected to see exponential growth in the next few years. It will grow to $3.03 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to rising medical expenditure, the growing number of patients with cardiac ailments, growing use of combination therapies, the increasing prevalence of targeted alpha therapy, and increasing research and development activities. Major trends in the forecast period include advancements in imaging technologies, product innovations, strategic collaboration, advancements in radiopharmaceutical development, and development of new alpha-emitting isotopes.
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What's Driving Growth for the Alpha Emitter Market?
The foremost growth propeller for the alpha emitter market is the escalating prevalence of cancer, which is expected to fuel the market significantly. Uncontrolled growth and spread of irregular cells in the body leading to tumors and tissue invasion characterize cancer. Aging populations, environmental exposure, transformed lifestyles, and improved detection methods contribute to the increasing prevalence of cancer. Leveraged in cancer treatment, alpha emitters aim to target and obliterate tumor cells precisely, while minimizing damage to surrounding healthy tissues. For instance, according to the Australian Institute of Health and Welfare, an Australia-based health administration, the number of Americans diagnosed with cancer, except basal cell carcinomas BCC and squamous cell carcinomas SCC of the skin, is estimated to rise from 151,000 in 2021 to 185,000 in 2030.
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Which Key Players Are Dominating the Alpha Emitter Market?
Leading players operating in the market include Cardinal Health Inc., Bayer AG, Lantheus Holdings Inc., Curium Pharma, Eckert & Ziegler BEBIG GmbH, Telix Pharmaceuticals Limited, NorthStar Medical Radioisotopes LLC, ITM Isotope Technologies Munich SE, Blue Earth Diagnostics Ltd., International Isotopes Inc., IBA Radiopharma Solutions, Orano Med LLC, ARTbio AS, Actinium Pharmaceuticals Inc., Clarity Pharmaceuticals Ltd., RadioMedix Inc., Nordic Nanovector ASA, Convergent Therapeutics, TAE Life Sciences, ABX-CRO advanced pharmaceutical services Forschungsgesellschaft mbH, Fusion Pharmaceuticals Inc.
What Are the Noteworthy Trends in the Alpha Emitter Market?
The major industry trends feature an investment incline towards innovative solutions, such as alpha-emitting radionuclides produced using cyclotrons, aiding companies to maintain a competitive edge in the market.
Market segmentation reveals that the alpha emitter market in this report is dissected:
1 By Type Of Radionuclide: Radium, Actinium, Lead, Bismuth, Other Types Of Radionuclides
2 By Source: Natural Sources, Artificially Produced Sources, Other Sources
3 By Application: Pancreatic Cancer, Ovarian Cancer, Prostate Cancer, Lymphoma, Melanoma, Bone Metastasis, Other Applications
4 By End-User: Hospitals, Medical Research Institutions, Other End-Users
Regional Snapshot: Who Is Leading the Alpha Emitter Market?
In 2023, North America reigned as the largest region in the alpha emitter market. During the forecast period, Europe is predicted to be the fastest-growing region. The alpha emitter market report includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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