BOSTON, June 26, 2024 (GLOBE NEWSWIRE) -- Novotech, an internationally renowned full-service clinical Contract Research Organization (CRO) known for its collaboration with biotech firms to accelerate the development of innovative therapeutics across all phases, has today published a leading industry report, Radiopharmaceuticals - Global Clinical Trial Landscape.
Over the past 25 years cancer treatment has evolved significantly, incorporating advanced therapies such as target treatments and immunotherapies alongside traditional methods like surgery and chemotherapy. Recently, the development of radiopharmaceuticals - targeted radiation therapy - has marked a significant innovation in treatment, delivering radiation directly to cancer cells, and minimizing damage to healthy tissue.
This expert report, provided by the Novotech research analyst team free of charge, highlights a promising new direction in oncology care. The report delves into the evolving landscape of radiopharmaceuticals including innovations, approval processes, the funding landscape and opportunities and considerations for this treatment in future.
The report shows the global clinical trial landscape for radiopharmaceuticals has seen substantial growth. Between 2019 and 2024, the sector experienced a 24.57% annual growth rate in unique trials, with 150 ongoing industry-initiated trials. North America leads this effort, contributing 42% of the global trials, followed by the Asia-Pacific region (28%) and Europe (26%). The United States is the foremost contributor, accounting for 79% of North America's trials. Significant activity is also seen in other regions including Australia, China, and France.
Radiopharmaceutical trials have predominantly focused on oncology with the top indications being prostate, neuroendocrine, central nervous system (CNS), gastrointestinal tract, and lung cancers. The regional distribution of trials by phase showed North America leading in single-country Phase I and II trials, while Europe exceeded Asia-Pacific in multinational trials across all phases.
In terms of patient recruitment, the landscape reflected similar enrollment periods across regions, however, the United States led in recruitment efficiency with 0.34 subjects per site per month, likely due to its advanced infrastructure and streamlined regulatory processes.
Key takeaways from the report:
- The radiopharmaceuticals market is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 8.4% from 2021 to 2028. The global radiopharmaceuticals market was valued at $4.8 billion in 2020 and is anticipated to reach $9.6 billion by 2028.
- Oncology remains the dominant therapeutic area, representing approximately 60% of all radiopharmaceutical clinical trials, followed by cardiology and neurology.
- Recent years have seen an increase in radiopharmaceuticals receiving regulatory approval, indicating a positive trend in the development pipeline.
- Major players in the radiopharmaceuticals sector include Novartis, GE Healthcare, and Cardinal Health, who lead the way in both market share and innovation.
- Asia-Pacific is emerging as a significant region for radiopharmaceutical clinical trials, with countries like China and India showing increased activity and investment.
- Advances in imaging technologies, such as PET and SPECT, are driving the development and application of new radiopharmaceuticals, enhancing diagnostic accuracy and treatment efficacy.
- Venture capital and private equity investment in radiopharmaceutical companies have surged, with over US$1 billion invested in the last year alone, reflecting growing confidence in this sector's potential.
This comprehensive radiopharmaceuticals report is a resource to guide healthcare professionals, researchers, and organisations in navigating the global trial landscape.
About Novotech Novotech-CRO.com
Founded in 1997, Novotech is a global full-service clinical Contract Research Organization (CRO) focused on partnering with biotech companies to accelerate the development of advanced and novel therapeutics at every phase.
Recognized for its industry-leading contributions, Novotech has received numerous prestigious awards, including the CRO Leadership Award 2023, the Asia Pacific Cell & Gene Therapy Clinical Trials Excellence 2023, the Asia-Pacific Contract Research Organization Company of the Year Award since 2006.
The Company offers a comprehensive suite of services including laboratories, Phase I facilities, drug development consulting, regulatory expertise, and has experience with over 5,000 clinical projects, including Phase I to Phase IV clinical trials and bioequivalence studies. With a presence in 34 office locations and a dedicated team of 3,000+ professionals worldwide, Novotech is a trusted end-to-end strategic partner of choice.
For more information or to speak to an expert team member visit https://bit.ly/4bpzXtM
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cdb1a440-14ce-4ab8-a3b0-8452493d522f
Media Contact David James mediacontact@novotech-cro.com AU: +61 2 8218 2144 USA: +1 415 951 3228 Asia: +65 3159 3427
source: Novotech
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