Non-oncology Radiopharmaceuticals Market to Exhibit a CAGR of 9.56% over the Forecast Period

The global market size for non-oncology radiopharmaceuticals was USD 4.9 Billion in 2019 and it is projected to grow at a CAGR of 9.56% over the forecast period. With its uses ranging from diagnostics to therapeutics, medicine has undergone a range of scientific developments. Several scientific developments in diagnostic imaging have led to substantial ease of diagnosis, treatment, and control of chronic and other diseases in recent years. Globally, there is an increased incidence of serious and chronic illnesses such as many kinds of tumors, heart ailments, and other diseases.

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The traditional types of chemotherapy are being replaced by more convenient radiopharmaceuticals for oncology and cancer treatment, creating new pathways in the market for radiopharmaceuticals. In comparison, compared to X-Rays and other external radiation imaging instruments, it not only benefits doctors during diagnosis, but also serves as a simpler and safer option for patients. In applications including lymphoma and bone metastasis, radiopharmaceuticals, also known as radioactive medicines, are included. Compared to chemotherapy, the ease of care with minimally invasive procedures draws more people to the radiopharmaceutical mode of treatment.
With the aid of diagnostic equipment such as PET and SPECT, the factors that push the radiopharmaceuticals industry include the growing occurrence of cardiac patients and the implementation of simple imaging techniques. Supply shortages, logistics problems and a small number of qualified medical staff are the reasons that can restrict the growth of the market.

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Growth Drivers that Support the Global Non-oncology radiopharmaceuticals Market Growth:

• The demand for non-oncology radiopharmaceuticals has been bifurcated into diagnostic procedures and therapeutic procedures focused on procedural volume measurement. The procedural volume measurement category for diagnostic procedures is expected to dominate the market compared to medicinal radioisotopes, due to the growing need for medical procedures.

• North America has a leading spot in the world due to demand for non-oncology radiopharmaceuticals. This growth is due to the new technology for the manufacture of radioisotopes, and government support.

• The increased understanding of the possible effect of early and prompt diagnosis and the subsequent positive impact on the management and care of clinical disorders is one of the key factors for the growth of the Non-oncology radiopharmaceuticals industry.

• Advances of nuclear imaging technology, especially PET/PET-CT, have continued to expand uses of this modality to cardiology, neurology, and infection detection beyond oncology. Owing to these technical advances, there has been a large growth in the number of PET and SPECT procedures.

Global Companies Seek to Launch New Products in the Market by Collaboration:

• October 2019: Lantheus acquires Progenics to form a leading imaging and therapeutics firm for precision diagnostics.

• October 2019: GE Healthcare and Theragnostics have revealed a global strategic collaboration called GalliProst, a late-stage prostate-specific membrane antigen (PSMA) PET/CT imaging agent for Theragnostics' new PET tracer.

• October 2019: Japan Medical Isotope Science Production K.K. announced a collaboration with Fuzionaire Diagnostics for the introduction of Fuzionaire Radioisotope Technology K.K., which specializes in radiopharmaceuticals for diagnosis.

Major companies functioning in the global Non-oncology radiopharmaceuticals market are JSC Isotope (Russia), NTP Radioisotopes (South Africa), NorthStar Medical Radioisotopes (US), Institute of Isotopes Co., Ltd. (Hungary), Eckert & Ziegler (Germany), Isotopia Molecular Imaging Limited (Israel), Sinotau Pharmaceuticals (China).
Other companies of the market are Bracco Imaging (Italy), Bayer AG (Germany), Cardinal Health (US), Curium (France), GE Healthcare (US), Lantheus Medical Imaging (US), Nordion (Canada), Eczacýbaþý-Monrol Nuclear Products (Turkey), Advanced Accelerator Applications (France), PharmaLogic (US), Jubilant DraxImage (Canada), Global Medical Solutions (US), SHINE Medical Technologies (US), and among others.

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Key Factors Impacting the Growth of Non-Oncology Radiopharmaceuticals Market:

• Increasing Incidence And Prevalence Of Cancer And Cardiac Ailments
• Rising Initiatives To Lessen The Demand-Supply Gap Of Mo-99
• Changing Lifestyle, Elevated Levels Of Stress
• Rising Awareness About Nuclear Medicine

Market Segmentation:

By Type
• Diagnostic Nuclear Medicine
• Therapeutic Nuclear Medicine
• Brachytherapy Isotopes

By Application
• SPECT Applications
• PET Applications
• Therapeutic Applications

By Procedural Volume Assessment
• Diagnostic Procedures
• Therapeutic Procedures

By Region:
• North America Non-Oncology Radiopharmaceuticals Market
o By Country (US, Canada, Mexico)
o By Type
o By Application
o By Procedural Volume Assessment
• Europe Non-Oncology Radiopharmaceuticals Market
o By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
o By Type
o By Application
o By Procedural Volume Assessment
• Asia Pacific Non-Oncology Radiopharmaceuticals Market
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Type
o By Application
o By Procedural Volume Assessment
• Middle East & Africa Non-Oncology Radiopharmaceuticals Market
o By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
o By Type
o By Application
o By Procedural Volume Assessment
• South America Non-Oncology Radiopharmaceuticals Market
o By Country (Brazil, Argentina, Colombia, Rest of South America)
o By Type
o By Application
o By Procedural Volume Assessment

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