Radiopharmaceuticals Market 2022 Key Drives and Restraints, Regional Outlook, End-User Applicants by 2031

On the basis of end-use application, the global radiopharmaceuticals market is divided into two different types, including diagnostic centers and hospitals. Due to substantial availability of competent medical practitioners in hospital radiology departments, hospitals segment is expected to hold considerable share of this market during the forecast period. However, the growing number of diagnostic centers, particularly in developed nations such as the U.S. is likely to propel the global radiopharmaceuticals market forward over the forecast period, from 2021 to 2031

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Radiopharmaceuticals are a class of radioactive substances that can be employed for diagnostic or therapeutic purposes. Chemicals that emit beta particles (positrons or electrons) or gamma rays are often employed for diagnostic purposes, whereas compounds that release Auger electrons or alpha particles are typically utilized for therapeutic purposes. Radiopharmaceuticals are referred to as "tracers" when they are utilized for diagnostic reasons. The quantity of radiation in diagnostic radiopharmaceuticals is lower than in therapy radiopharmaceuticals.
Radiopharmaceuticals are basically unique therapeutic compositions that incorporate radioisotopes. These radiopharmaceuticals are utilized for both diagnosis and treatment. Radiopharmaceuticals are classified into four different categories, which are radiopharmaceutical preparation, radionuclide generator, radiopharmaceutical precursor, and radiopharmaceutical preparation kit.

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Rise in Research and Development Activities is Expected to Drive Demand in the Market
The global radiopharmaceuticals market is driven by the rise in patient awareness, demand for precise diagnosis, increasing demand for disease-targeted cancer therapy, and the growing uses of molecular imaging. The utilization of monoclonal antibodies and radiolabeled peptides for the identification and treatment of malignant tumors (referred to as radiopharmaceutical based customized therapy) is likely to fuel growth of the global Radiopharmaceuticals Market. The market research report examines the radiopharmaceutical sector in further depth, offering a comprehensive view of market dynamics, patient preferences, illness trends, and supply and demand.
In the last few decades, nuclear medicine has acquired a lot of popularity. The availability of 99m Tc, an isotope used in 80% of diagnostic procedures, is primarily responsible for nuclear medicine's expanding popularity. At present, about 25 million diagnostic procedures involving 99m Tc radiopharmaceuticals are performed yearly, with trends indicating that this number is likely to rise. The availability of short-lived 99m Tc is one of the key factors likely to drive the adoption of Technetium 99. At present, research and development operations are in full swing to boost 99 Mo's total production capacity, which is expected to have a beneficial influence on 99m Tc output.

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In the current situation, 99m Tc is widely employed in a variety of diagnostic procedures, such as neuroendocrine tumor imaging and thyroid uptake pertechnetate. In the last few years, there has been a tremendous increase in research activity aimed at developing new and better 99m Tc radiopharmaceuticals. 99m Tc is predicted to dominate the global radiopharmaceutical market throughout the forecast timeframe, from 2021 to 20321,as applications of 99m Tc for dynamic and morphological imaging of the liver, kidneys, and bone are expected to rise. In addition, due to their widespread availability and low prices, various radiopharmaceuticals are expected to gain popularity.

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Increasing Demand for Risk Assessment Services for Cancer Treatment to Drive North America and Europe Markets
North America, Latin America, Asia Pacific, Europe, and Middle East and Africa are the four primary regions that make up the global radiopharmaceuticals market. In 2020, the global radiopharmaceuticals market was headed by North America, trailed by Europe. Due to a rise in PET-CT scanner equipment installations and increased demand for disease risk assessment services for cancer treatment, North America held a large part of the global radiopharmaceuticals market in 2020. From 2021 to 2031, the radiopharmaceuticals market in Asia Pacific is expected to rise at a rapid growth rate. The radiopharmaceuticals market in the region is expected to be driven by product launches, acquisitions, distribution agreements, partnerships, and regional growth by local companies, particularly in India and China.

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