Radiopharmaceutical Market 2016 - 2024 : Rising Incidence of Chronic Diseases Propelling Demand for Radiopharmaceuticals

A recent study by Transparency Market Research (TMR) has detected that the global radiopharmaceuticals market is consolidated in nature with two companies, GE Healthcare and Siemens Healthineers, holding 70% of the market in 2015. Radiopharmaceuticals make for an evolving market, which is attracting a number of other leading pharmaceutical players with technological capabilities and high production capacity. As a result, the competition is expected to get even stiffer in the near future.

The TMR report projects the global market for radiopharmaceuticals to increment demand at a CAGR of 5.3% during the forecast period of 2016 to 2024. According to the evaluations of the report, the global radiopharmaceuticals market was worth US$4.7 bn in 2015, and estimates it to reach a valuation of US$7.4 bn by the end of 2024.

Acquisition of niche players is the primary strategy adopted by these leading players to expand their geographical presence, while adopting new methods of production and robust sales support are other modes of maintain their stronghold over the market. For instance, AAA acquired GE Healthcare S.r.L’s FDG-PET business recently, after gaining full shares in Imaging Equipment Ltd. (IEL) in 2014. With these moves, the company has significantly strengthened their presence in the U.K., Italy, and Ireland.

This 246 page report gives readers a comprehensive overview of the radiopharmaceutical market. Browse through 36 data tables and 102 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/radiopharmaceuticals-market.html

Technetium-99 Most Profitable Radioisotope Segment

On the basis of source, the report segments the global radiopharmaceutical market into nuclear reactors and cyclotrons, and rates the former as slightly more profitable market segment than the latter. End-users of radiopharmaceutical market analyzed under this report are hospitals, diagnostic centers, ambulatory surgical centers, and others. Hospitals continue to serve significantly more demand, although technological advancements is poised to increment ambulatory surgical centers segment quickly during the forecast period.

On the basis of radioisotope, the report categorizes the global radiopharmaceutical market into technetium-99, iodine-123, 18F, gallium-67, yttrium-90, rubidium-82, and lutetium-177. Among these, technetium-99 accounted for 50.3% of the demand in 2016, although the report projects 18F segment to exhibit the most prominent CAGR of 5.5% during the forecast period of 2016 to 2024. Application-wise, the report rates oncology as most profitable, while the segments of cardiology, immunology, and nephrology are also poised for healthy growth in the near future.

Currently, North America is the most lucrative region for the vendors operating in the global radiopharmaceutical market, which is a reflection of robust healthcare infrastructure in developed countries such as the U.S. and Canada. Owing to increasing number of cyclotron installations to produce radioisotopes for the treatment of cancer, Europe is also expected to serve significant demand in the global radiopharmaceutical market during the forecast period. However, Asia Pacific is also expected to turn into a profitable market for the early investors, as countries such as India and China are among the fastest growing economies and are actively improving their healthcare facilities. Commitment to technology for the development of new therapeutic isotopes, growing research and development interest in nuclear medicine, and rapid urbanization are some of the other factors favoring the Asia
Pacific radiopharmaceutical market.

Request a sample of this report to know what opportunities will emerge in the rapidly evolving radiopharmaceutical market during 2016 - 2024: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=213

Prevalence of Cancer Driving Demand

Some of the key factors driving the global radiopharmaceutical market are: continued preference of radioisotopes for the diagnostic imaging, glaring benefits such as targeted therapeutic irradiation that have fewer side effects, easy detection of metastatic sites, positron emission tomography (PET), prevalence of cancer, and growing number of diagnostic, chemotherapy, and screen centers. On the other hand, strict regulations pertaining to the production and storage of radiopharmaceuticals is hindering the market for radiopharmaceutical from attaining its full potential.

The information presented in this review is based on a Transparency Market Research report, titled, “Radiopharmaceutical Market (Radioisotope - Technetium-99, Gallium-67, Iodine-123, 18F, Rubidium-82, Yttrium-90, and Lutetium-177; End User - Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers; Source - Nuclear Reactor and Cyclotrons; Application - Cardiology, Gastroenterology, Oncology (Brachytherapy), Nephrology, Neurology, and Immunology) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024”

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.