Radiopharmaceuticals Market is estimated to increase at a CAGR of 13.4% per year

Radiopharmaceuticals Market is estimated to increase at a CAGR of 13.4% per year

To begin with, Radiopharmaceuticals are radioactive isotopes used as tracers to diagnose and treat different chronic diseases. Global radiopharmaceuticals Market is estimated to grow from USD 4.63 Billion in 2016 to USD 8.4 Billion by 2021 with an overall CAGR of 13.4%. These numbers itself speak about the rise in demand for the nuclear medicine-radiopharmaceuticals. This demand is majorly driven by the development of new radiotherapeutics like internal radiotherapy, and rising mainstream interest in nuclear medicine.

Radiopharmaceuticals are widely used in molecular imaging, which involves the use of these isotopes as biomarkers for specific molecular processes which determines the onset or progress of a disease. Our market report analyzes the market in terms of applications by dividing the market into three major types, namely diagnostic radiopharmaceuticals, therapeutic radiopharmaceuticals and application.

The global radiopharmaceuticals market is driven by the increase in the number of nuclear imaging applications in the field of Oncology, Cardiology, Pulmonology and Neurology. Rising patient awareness levels demanding accurate diagnosis, increasing preference of disease targeted cancer therapy, and increasing applications of molecular imaging are some of the factors driving the global radiopharmaceuticals market. Technological advancements empowering the use of monoclonal antibodies and radio-labelled peptides for the diagnosis and treatment of cancerous tumors will further fuel the development of this market.

Some other factors fueling the growth of nuclear medicine/radiopharmaceuticals market are:

Rising incidence of life threatening diseases such as cardiac ailments and cancer.
Integration of X ray tomography (CT) into SPECT has recently emerged as an excellent diagnostic tool in medical imaging.

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However, there are some factors restraining the growth of radiopharmaceuticals market like:

Strict regulatory framework
reimbursement issues
shorter half-life of radiopharmaceuticals
competition from orthodox diagnostic procedures

The global radiopharmaceuticals market is majorly segmented on the basis of:

Diagnostic radiopharmaceuticals
Therapeutic radiopharmaceuticals

The diagnostic radiopharmaceuticals segment accounted for the largest share of the nuclear medicine/radiopharmaceuticals market in 2016, owing to the well-established use of radio isotopes in nuclear imaging. Based on diagnostic radiopharmaceuticals, the nuclear medicine/radiopharmaceuticals market can be further segmented into PET and SPECT radioisotopes. The SPECT segment holds the largest share of the radiopharmaceuticals diagnostic radiopharmaceuticals applications market in 2016.

Therapeutic radiopharmaceutical is the fastest growing segment, owing to the various advantages over the traditional therapies. On the basis of therapeutic radiopharmaceuticals, the market can be further segmented into alpha emitters, beta emitters, and brachytherapy.

On the basis of application, the nuclear medicine/radiopharmaceuticals market is categorized into PET, SPECT, and therapeutic applications. The cardiology segment accounted for the largest share of the nuclear medicine SPECT applications market in 2016. The oncology segment dominated the nuclear medicine/radiopharmaceuticals PET applications market, while the thyroid application segment was dominated the nuclear medicine/radiopharmaceuticals therapeutic applications market.

In the forecast period, the market is anticipated to witness the highest growth in the Asia-Pacific region. This region is also expected to account for the largest regional share of the global market. This can be mainly attributed to the expanded production of radiopharmaceuticals and installations of PET scanners for therapeutic purposes in India, large amount of healthcare expenditure in China and Japan, rising geriatric population, and initiatives by the Australian government.

Some of the major players dominating the nuclear medicine radiopharmaceuticals market are Segami Corporation, Medix Inc., Positron Corporation, GE Healthcare, Bracco Imaging S.p.A, Hologic Inc., Lantheus Medical Imaging, Inc, Naviscan Inc., Bayer Healthcare, and IBA Molecular Imaging. All these players are dominating the radiopharmaceuticals market mainly due to their global presence, well-established position in the field of radiopharmaceuticals, high R&D investments, and strong sales and distribution force.

Check out Market Data Forecast’s comprehensive reports with in-depth analysis about the Nuclear Medicine Radiopharmaceuticals Market a free research sample can also be availed. 

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