Radioactive Tracer Market Key Players Analysis - ABX Advanced Biological Compounds GmbH, Rotem Industries Ltd, Invicro LLC, Cardinal Health Inc.

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 5.8 billion by the year 2031, exhibiting a CAGR of 7.40% during the forecast period.

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A radioactive tracer, or label, is a chemical compound in which one or more atoms have been replaced by a radionuclide. This characteristic enables the tracer to be utilized in the study of chemical reaction mechanisms by tracking the radioisotope as it transitions from reactants to products during its decay process. Recent years have seen increased access to diagnostic testing and treatment, particularly in developing countries, a trend expected to continue. The enhanced capability to detect malignant tissues at early stages through radioactive tracers has significantly contributed to their widespread adoption in cancer diagnosis, leading to improved patient outcomes. These tracers are instrumental in distinguishing between malignant and benign tumors, a critical factor in formulating effective treatment plans.

The global radioactive tracer market is poised to benefit from growing strategic partnerships and the introduction of innovative products aimed at advancing radioactive treatment. The integration of new technologies alongside sustained economic development supports the market's anticipated growth trajectory. However, challenges such as the shortage of skilled professionals and the high cost of essential equipment may constrain market expansion. Furthermore, evolving regulatory frameworks are expected to drive demand for radioactive tracers, intensify competition, and ultimately foster overall 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

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Market Dynamics:
Drivers:
The increasing demand for radioactive tracers is primarily driven by demographic shifts such as an aging population, evolving societal behaviors, rising sedentary lifestyles, and rapid urbanization. Enhanced healthcare expenditure is fostering infrastructural development within the sector. Additionally, the market is expected to expand due to the growing prevalence of chronic health conditions including diabetes, heart disease, obesity, Alzheimer's disease, and depression, many of which have genetic components. As the incidence of these chronic diseases continues to rise, the demand for radioactive tracers is projected to increase correspondingly.

Challenges:
Key challenges facing the radioactive tracer market include limited awareness, insufficient expertise, and reduced medical attention in emerging economies, exacerbated by lockdowns and isolation measures. Furthermore, the scarcity of trained professionals and the high costs associated with advanced radiology technologies may hinder market growth. Inadequate healthcare infrastructure in developing regions also poses a significant barrier to the widespread adoption and expansion of radioactive tracer applications.

Regional Trends:
North America is anticipated to hold a substantial revenue share of the global radioactive tracer market and is projected to experience strong compound annual growth. This growth is fueled by the increased utilization of positron emission tomography (PET) scanners and other imaging modalities such as single-photon emission computed tomography (SPECT) in cancer diagnostics.

Technological advancements and heightened research and development activities by leading industry players are expected to further propel market expansion in this region. Europe also commands a significant market presence, supported by its advanced healthcare infrastructure and robust economy. The rising demand for cancer diagnostics has driven the adoption of nuclear medicine technologies, supported by innovation and collaboration among key market participants. The region benefits from the active involvement of major stakeholders and strategic partnerships that facilitate deeper market penetration, thereby presenting substantial growth opportunities for 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

Read Overview Report- https://www.insightaceanalytic.com/report/radioactive-tracer-market/2042

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This release was published on openPR.