Radiopharmaceutical Market Growth and Trends by 2020 to 2023 - Global Industry Demand, Size, Share, Analysis, Top Leaders, Drivers and Business Opportunity

A radiopharmaceutical system is a radioisotope that is primarily used for diagnosis and therapeutic purposes, and treatment of various chronic diseases. Radioisotopes are a very crucial element in the medical diagnostic procedures. Radioisotopes combined with imaging devices record the gamma rays emitted from inside, helping healthcare professionals to analyze the processes taking place inside the human body.

According to a report published by Market Research Future (MRFR), the global radiopharmaceutical market is anticipated to rise at a CAGR of 8.7% during the forecast period between 2017 to 2023. The radiopharmaceutical market's growth is primarily accredited to the rising prevalence of chronic diseases, which is creating a massive need for early diagnosis and treatment modules. in addition, rising expenditure in oncology and increasing emphasis on cancer management has also contributed to the market growth. However, the high costs involved in device and low feasibility of treatment is restricting the growth of the radiopharmaceutical market to some extent. The risks connected with the use of radiopharmaceuticals also act as a growth barrier for the market.

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Segmental Analysis

The global radiopharmaceutical market has been segmented based on type, type of test, application, route of administration, end user, and region.

Based on type, the radiopharmaceutical market is segmented into diagnostic type radiopharmaceuticals and therapeutic type radiopharmaceuticals. The diagnostic type radiopharmaceutical segment is sub-segmented into SPECT radiopharmaceutical and PET radiopharmaceutical. The therapeutic type radiopharmaceutical segment is sub-segmented into beta emitters, alpha emitters, brachytherapy.

By type of test, the radiopharmaceutical market is segmented into myocardial perfusion scan, bone scan, lung scan, white blood cell scan, gallium scan, parathyroid scans, renal nuclear medicine scan, cerebral perfusion scan, hepatobiliary scans, and others. The bone scan segment is sub-segmented into Technetium-99m 1st, fluoride-18 2nd, and others. The Myocardial Perfusion Scan segment is sub-segmented into Technetium-99m, Thallium-201, Rubidium-82, and others. The lung scan segment is sub-segmented into Krypton-81m, Xenon-133, and others. The white blood cell scan segment is segmented into Indium-111 and others.

Based on application, the radiopharmaceutical market is segmented into cardiology, oncology, urology, neurology, and others. The oncology segment is segmented into prostate cancer, bone cancer, breast cancer, and others. The cardiology segment is segmented into coronary artery disease, cardiomyopathy, and others. The neurology segment is segmented into traumatic brain injury, stroke, Alzheimer's disease, and others. The urology segment is sub-segmented into congenital renal anomalies, acute pyelonephritis, and others.

Based on the route of administration, the radiopharmaceutical market is segmented into intravenous, oral, and others.

Based on end user, the market is segmented into hospitals, diagnostic centers, research institutes, and others.

Based on the region, the market has been segmented into North America, Europe, Asia Pacific, and middle east and Africa.

Regional analysis

The North American region dominates the global radiopharmaceuticals market due to the presence of an increased patient population that is suffering from various chronic diseases like cancer, coronary disorders, stroke, among others. Additional factors influencing the market are the changing lifestyle and rising research & development for effective and therapies with no side effects.

Europe has been accounted for the second largest regional market for the radiopharmaceuticals, which is followed by the Asia Pacific region. Growing investment in research and the presence of a huge patient pool has driven the market in Europe.

The Asia Pacific is the fastest growing market in the global radiopharmaceutical market due to the massie population, increase in the prevalence of chronic diseases, steadily developing economies and increasing investments in healthcare by the government. furthermore, growing awareness among consumers and rising diagnostic prices have driven the demand for SPECT and PET devices in this region.

Key Players

Some of the key market players in the radiopharmaceutical market are Jubilant Life Sciences Ltd., Siemens AG, General Electric Company (GE Healthcare), Canadian Nuclear Laboratories (CNL), IBA Dosimetry GmbH, Bayer AG, Sun Pharmaceutical Industries Ltd., Cardinal Health Inc., Medtronic, Lantheus Medical Imaging, Inc., Nordion, Inc., Advanced Accelerator Applications S.A., Bracco Diagnostic Inc., Mallinckrodt Pharmaceuticals, Avid Radiopharmaceuticals and others.
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This release was published on openPR.