Radioactive Tracer Market Size, Share and Trends Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Radioactive Tracer Market Size, Share & Trends Analysis Report By Tracer Type [Technetium-99m & Tc-97m, Iodine-131, Iron-59, Lutetium-171, Rubidium (Rb-82) Chloride & Ammonia (N-13), Scandium-46, Seaborgium-269, Hassium-269, Gallium Citrate Ga 67, Prostate-Specific Membrane Antigen (PSMA) (Ga-68), FDDNP (F-18) & FDOPA (F-18), Phosphorus-32 & Chromium-51, Thallium-201, F-18 FDG, F-18 FAPI, Ga-68 FAPI, F-18 PSMA, DOTATOC/DOTANOC/DOTATATE (Ga-68), and Others], Test Type (PET, SPECT), Application (Oncology, Pulmonary, Neurology, Cardiology) End User (Hospitals & Clinics, Diagnostic Centers, Academic & Research Institutes) Region, Market Outlook And Industry Analysis 2031"

The global radioactive tracer market is estimated to reach over USD 58.60 billion by 2031, exhibiting a CAGR of 16.9% during the forecast period.

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A radioactive tracer or label is a chemical molecule in which one or more atoms have been substituted with a radionuclide. This property of the molecule makes it useful for studying chemical reaction mechanisms by following the radioisotope as it passes from reacting substances to products during its decay. Access to body testing and treatment has increased in recent years, making this especially true in developing nations and is expected to increase in the coming years. Growing the ability to detect malignant tissues early using radioactive tracers has led to their widespread usage in cancer diagnosis and improved patient outcomes. They aid in evaluating whether a tumor is cancerous or benign, a crucial step in developing a treatment strategy.

The worldwide radioactive tracer market may also benefit from the increasing partnerships and new product introductions for better radioactive treatment. Introducing new technology and sustained economic growth indicate the radioactive tracer market's future growth. Radioactive tracer market expansion will be impeded by factors such as the scarcity of trained workers and the expense of necessary instruments. The development of regulations increases the market demand for radioactive tracers and ultimately increases competition, thereby boosting market growth.

List of Prominent Players in the Radioactive Tracer Market:
• ABX Advanced Biological Compounds GmbH
• Rotem Industries Ltd
• Invicro LLC
• Cardinal Health Inc
• Newcastle University
• Novartis AG
• Curium
• Blue Earth Diagnostics Limited
• General Electric Co
• IBA Radiopharma Solutions

Market Dynamics:
Drivers-
Growing demand for radioactive tracers owing to their aging population, shifting societal norms, increasing sedentary behavior, rapid urbanization, etc., is a key factor likely to grow the target market. Increasing healthcare spending contributes to the sector's infrastructural development. The radioactive tracer market will grow due to developments in recurring health problems like diabetes. Heart disease, diabetes, obesity, Alzheimer's disease, and depression are only a few of the chronic illnesses linked to DNA. Because of this, the radioactive tracer market is expected to grow as the prevalence of chronic diseases continues to rise.

Challenges:
The prime challenge is insufficient knowledge, skill, and attention to medicine because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the radioactive tracer market. However, the lack of trained radioactive tracers and the high price of cutting-edge radiology could slow industry expansion, and inadequate healthcare infrastructure in developing nations also hamper the development of the overall growth of the radioactive tracer market over the coming years.

Regional Trends:
The North American radioactive tracer market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR shortly because the use of positron emission tomography scanners in cancer diagnosis is on the rise, as are other imaging modalities like positron emission tomography (SPECT) and radioactive tracers. The new technological developments and increasing research and development efforts by prominent players are factors expected to increase the growth of the radioactive tracer market in the region. Besides, Europe had a considerable share in the market due to its developed economy and advanced medical facilities. The rising need for cancer diagnoses in the region has contributed to the spread of cancer and the rise in the creation and manufacture of nuclear. It is due to the adoption of innovative methods by the major players in the radioactive tracer market. Moreover, the presence of essential market players and the growing cooperation between significant players for market penetration in the area enables an opportunity to grow the global radioactive tracer market.

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Recent Developments:
• In June 2022, Invicro LLC, a global, industry-leading imaging CRO and subsidiary of REALM IDx, Inc., signed an agreement with ImaginAb Inc., a therapeutic radiopharmaceuticals company, to supply clinical doses of ImaginAb's investigational CD8 ImmunoPET agent for use in clinical trials. Zirconium Zr 89 crefmirlimab for Invicro's preclinical offers is also within the scope of the agreement.
• In July 2023, Sandoz, the world leader in off-patent (generic and biosimilar) medicines, announced today that the European Medicines Agency's Committee for Medicinal Products for Human Use has adopted a positive opinion for marketing authorization for Polpharma Biologics' first-of-its-kind biosimilar natalizumab.

Segmentation of Radioactive Tracer Market-
By Tracer Type -
• Technetium-99m & Tc-97m
• Iodine-131, Iron-59
• Lutetium-171
• Rubidium (Rb-82) Chloride & Ammonia (N-13)
• Scandium-46, Seaborgium-269
• Hassium-269
• Gallium Citrate Ga 67
• Prostate-Specific Membrane Antigen (PSMA) (Ga-68)
• FDDNP (F-18) & FDOPA (F-18)
• Phosphorus-32 & Chromium-51
• Thallium-201
• F-18 FDG
• F-18 FAPI
• Ga-68 FAPI
• F-18 PSMA
• DOTATOC/DOTANOC/DOTATATE (Ga-68)
• Others

By Test Type -
• PET
• SPECT
• Others

By Application¬
• Oncology
• Pulmonary
• Neurology
• Cardiology
• Others

By End User-
• Hospitals & Clinics
• Diagnostic Centers
• Academic & Research Institutes
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.