by The alpha emitter market comprises of products that emit alpha particles during radioactive decay and are used in various applications such as cancer therapy, nuclear batteries and research & development. Alpha emitters find major applications in the treatment of cancer where they help eliminate tumor cells. They work by emitting high energy alpha particles that damage the DNA of cells and stop their multiplication. Some of the commonly used alpha emitter isotopes for cancer therapy include radium-223, actinium-225 and bismuth-213. The global alpha emitter market is estimated to be valued at US$ 1533.32 billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the alpha emitter market are Atlas Copco AB, Caterpillar, Inc., Hitachi Construction Machinery, Komatsu Limited, Sandvik AB, Columbia Steel Casting Co., Inc., Doosan Corporation, USCO S.p.A, Volvo AB, and MB America, Inc. These players are focusing on expanding their product portfolio and building partnerships with research institutions to increase R&D activities in the market.
The key opportunities in the alpha emitter market include growing funding for cancer research from government bodies as well as private organizations. National Cancer Institute estimates that the annual cost of cancer treatment and care in the US reached $190 billion in 2020. Growing incidence of cancer along with rising healthcare expenditure is expected to boost demand.
On the technology front, various research institutes are working on developing alpha emitter-based targeted alpha therapy for cancers like melanoma, pancreatic cancer and glioblastoma. They are focusing on enhancing the selectivity and potency of alpha emitters by conjugating them to targeting ligands like antibodies and peptides. Some innovative technological advancements like alpha-particle mediated boron neutron capture therapy are also gaining traction.
Market Drivers
One of the key drivers for the alpha emitter market is increasing prevalence of cancer globally. According to WHO, cancer burden has risen to 18.1 million new cases and 9.6 million deaths in 2018. Growing geriatric population susceptible to developing various types of cancer is also boosting demand. Furthermore, expanding applications of alpha emitters in theragnostics for detecting as well as treating cancer will propel market growth over the forecast period.
Current Challenges in Alpha Emitter Market:
The alpha emitter market is facing many challenges currently including high material costs, stringent regulatory norms, and technological hurdles in developing new alpha emitting materials. The raw materials required for production of alpha emitters like radium, thorium etc are expensive and scarce. This increases production costs. Moreover, handling radioactive materials requires special equipment and facilities which adds to capital expenses. Regulators have implemented strict guidelines for usage, storage, transportation and disposal of alpha emitters due to their hazardous nature. This regulatory complexity poses operational challenges. Developing new alpha emitter isotopes suitable for various applications is technologically difficult owing to alpha particles very short range in matter.
SWOT Analysis
Strength: Alpha emitters have high density of ionization allowing them to effectively kill cancer cells. They also have very short range which ensures radiation is deposited locally reducing damage to surrounding healthy tissues.
Weakness: Alpha emitters are expensive to produce due to high material and compliance costs. Handling radioactive alpha emitters requires heavy safety protocols and specially trained workforce.
Opportunity: Growing applications of alpha emitting radiotherapy in cancer treatment presents market opportunities. Demand is increasing for alpha emitting sources in oil and gas well logging, thickness monitors etc.
Threats: Stringent regulations around the world control the usage of radioisotopes posing operational challenges. Technology advancements produce substitute imaging modalities reducing reliance on alpha emitting sources in some markets.
The North American region accounts for the largest share of the Global Alpha Emitter Market Size both in terms of value and volume. This is attributed to growing prevalence of cancer and increased uptake of radiotherapy. The Asia Pacific region is projected to grow at the fastest pace during the forecast period due to rising healthcare investments, expanding patient pool and increasing awareness about radiotherapy. This creates demand for alpha emitting isotope sourcing in these emerging economies.
The United States holds the dominant share position in the American alpha emitter market. However, other developing nations of Latin America are anticipated to offer lucrative opportunities owing to improving access to diagnostic and treatment services across countries such as Brazil and Mexico. Growing implementation of nuclear medicine practices substantiates product adoption across hospitals and clinical facilities in this region.
