|01-10-2019 10:23 PM CET - Health & Medicine||
Radiopharmaceutical Market Outlook 2019: Growth and Opportunity Assessment by Jubilant Life Sciences Ltd., Siemens AG, Sun Pharmaceutical Industries Ltd., Bayer AG, Cardinal Health Inc.etc
Press release from: Market Research Future
Radiopharmaceutical Market – Overview
The radiopharmaceutical market has grown significantly in response to demand for diagnosis and therapeutic purposes. Market intensive reports associated with the healthcare industry among others recently have been made accessible by Market Research Future which issues reports on this industry. The market is projected grow with a CAGR of 8.7 % approximately during the forecast period.
The usage of radiopharmaceuticals in the various branches of the healthcare industry has increased the demand that is experienced by the market. The growth in the occurrence rates of terminal diseases such as cardiovascular and cancer ailments have opened up the opportunities for market expansion. Increased levels of spending and investments in the market have increased the growth rates in the market.
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The market for radiopharmaceuticals globally is segmented based on type of test, type, route of administration, application, and end user. The type based segmentation of the market for radiopharmaceutical comprises of therapeutic type radiopharmaceuticals and diagnostic type radiopharmaceuticals. The market segmentation by type of test consists of lung scan, bone scan, myocardial perfusion scan, gallium scan, parathyroid scans, white blood cell scan, cerebral perfusion scan, renal nuclear medicine scan, hepatobiliary scans and others. The application based segment of the market consists of oncology, cardiology, neurology, urology, and others. The market segmentation by route of administration into intravenous, oral, and others. Lastly on the basis of the end users, the market is segmented into diagnostic centers, hospitals, research institutes and others.
Detailed Regional Analysis
The radiopharmaceutical market globally is segmented into regions such as Europe, Americas, Asia Pacific, and the Middle East & Africa. The Americas region is controlling a majority market share followed by the European region. The Americas region dominates the radiopharmaceuticals market due to the existence of a huge patient population diagnosed with various chronic diseases like coronary disorders, cancer, stroke, changing lifestyles and growing research & development for effective therapies with relatively fewer side effects. Growing investment in research & development and incidence of leading players in the market have powered the market expansion. The European region controls the second biggest market for the radiopharmaceuticals, which is followed by the Asia Pacific region. Rising investment in research and occurrence of a huge patient pool has motivated the market in the European region. The Asia Pacific region is a rapidly growing market due to a large number of factors such as huge population base, growing prevalence of chronic diseases, fast developing economies and growing investments in healthcare. Additionally, rising awareness among individuals and mounting diagnostic rates have powered the demand for SPECT and PET devices in this region.
Global Competitive Analysis
The key trends and players have established a positive tone for development. Aspects of the market related to pricing power and profit margins are expected to contribute in a major way to the revenue attractiveness of the market. The ripple effects of the market’s growth have changed the competitive backdrop of the market. Costs involved in targeting potential customers are expected to be reasonable so as to be conducive to the expansion of the market. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. Portfolio development is being significantly endorsed by market competitors to achieve high growth rates. Localization is among of the more preferred trends for growing the market portion of the competitors in the market. The scope for development in the market seems to be promising through the forecast period. The probability for growing revenue inflow in the business is likely to multiply through the forecast period.
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Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., Jubilant Life Sciences Ltd., Siemens AG, Sun Pharmaceutical Industries Ltd., Medtronic, Bracco Diagnostic Inc., General Electric Company (GE Healthcare), Mallinckrodt Pharmaceuticals, Nordion, Inc., Bayer AG, Cardinal Health Inc., Canadian Nuclear Laboratories (CNL), IBA Dosimetry GmbH, Avid Radiopharmaceuticals are a few of the significant players in this market.
Increased Engagement in Acquisition Activities by Market Players Directing Global Radiopharmaceutical Market Growth Upward
The key players in the market are focusing on various key activities to gain a competitive edge. The major strategies opted by key players include agreements, approvals and acquisitions. The established companies are signing agreements for marketing and distribution of products and services. The companies are also receiving FDA approvals that are facilitating new and innovative radiopharmaceuticals for the diagnosis and treatment of various chronic diseases and engaging in acquisition activities with other market players. For instance, In January 2018, Advanced Accelerator Applications S.A. had received U.S. Food and Drug Administration (FDA) approval for its new drug application (NDA) for LUTATHERA used in the treatment of somatostatin receptor- positive gastroenteropancreatic neuroendocrine tumors. This has supported the company in increasing the product portfolio of their oncology division.
Moreover, in January 2018, GE Healthcare had entered into a partnership with F. Hoffmann-La Roche Ltd to develop integrated digital diagnostics platform to improve oncology and critical care treatment. The platform is intended to accelerate and improve individualized treatment options for cancer and critical care patients. It will further help the company in strengthening their position in the oncology segment. Earlier, GE Healthcare which is a part of General Electric Company had introduced the Discovery RT, a new advanced radiation therapy planning CT system at the 57th Annual American Society for Radiation Oncology (ASTRO) Meeting in the US. Discovery RT enables the delivery of uncompromised radiation therapy planning for oncology patients. It also added significantly to the company’s bid in strengthening its portfolio in radiopharmaceutical market.
Bracco Diagnostic Inc., in October 2017, announced the acquisition of SurgVision, a high-tech start-up specializing in developing a real-time Fluorescence Image Guided Surgery platform, to address the unmet medical need for oncology patients requiring tumor removal surgery. Barcco Diagnostic Inc. also entered into a manufacturing and distribution agreement with Blue Earth Diagnostics Ltd. for the supply of Blue Earth Diagnostics’ PET imaging product Axumin in France, Germany, Spain, Italy, and Portugal. This move is expected to positively help the company to track other customers in the market.
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