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Global Radioactive Diagnostic Agent Market is Driven by Growing Health Care Industry and Aging Population
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Radioactive agents are important in the diagnosis as well as therapy of specific disease or defect in the body. Such radioactive agents are majorly used in cancer therapy. Moreover, number of biological studies are carried out with help of radioisotopes such as molecular biology, cell biology and structural biology. Radioactive agents are generally of two types: radioisotopes and radiotracers. Radioactive diagnostic agent are extremely helpful in the detection of internal organ complications. Radioisotopes are also widely used in scientific research laboratories, to determine metabolic processes in small animals as well as to study the pharmacokinetics of drugs.
Global radioactive diagnostic agent market has been segmented by product, applications, end users and geography. In terms of product, radioactive diagnostic agent has been categorized into radioisotopes and radiotracers. Based on the application, radioactive diagnostic agent market are segmented into single-photon emission computed tomography (SPECT) and Positron emission tomography (PET). Single-photon emission computed tomography is further sub-segmented into tumor imaging, Infection imaging, thyroid imaging, bone scintigraphy, internal organ functions, cardiac function and brain imaging.
Positron emission tomography is also further sub-segmented into oncology, brain function, heart function, drug development, pharmacokinetics studies, Infectious diseases detection, neuroimaging and musculo-skeletal imaging. Moreover there are various other applications of the diagnostic agents which depends on the disease and illness of the patient. Majorly radioactive agents are used to detect tumor and cancerous cells and majorly used with positron emission tomography (PET). The end user for the radioactive diagnostic agent market include hospitals, nursing facilities, long term care centers, diagnostic imaging centers, pharmaceutical companies, research centers and many others.
Geographically, radioactive diagnostic agent market is classified into five regional markets, namely, North America (United States and Canada), Europe (Germany, France, United Kingdom, etc.) and Asia-Pacific (Australia, China, Japan, India, etc.), Latin America and rest of the world. North America was observed as the largest market, in terms of revenue for radioactive diagnostic agents. North America was followed by Europe and is expected to register higher growth.
Emerging markets such as Asia Pacific, Latin America and the Middle East and Africa are expected to record robust growth during the forecast period 2016-2024 due to growing health care industry, and aging population which consequently would lead to increased patient population in these countries. India, China and Brazil are expected to drive strong growth among the emerging countries, owing to increasing investments by government bodies in order to enhance healthcare facilities.
In addition, there are a number of factors that would affect the growth of radioactive diagnostic agent market such as technological advancement, awareness about health in developing countries and increase in the number of cancer patients. The market is also witnessing certain restraints, such as stiff competition among existing radioactive diagnostics agent manufacturers, government regulations for reduction of overall healthcare cost and subsequent upswing in bulk purchasing through INHs and GPOs (Group Purchasing Organizations)
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The major players operating in this market include GE healthcare, Cardinal Health, Mallinckrodt, Eli Lilly and Company, Zevacor Molecular, Navidea Biopharmaceuticals, Advanced Accelerator Applications, Blue Earth Diagnostics Limited, Bracco Diagnostic Inc., Lantheus Medical Imaging, Inc., Jazz Pharmaceuticals and many others significant players present worldwide.
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