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Radiopharmaceutical Market: Growing Demand for Diagnostic Tests with Rising Chronic Diseases Assures Growth
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“Acquisitions play an important role among established organizations because they support sales, product development, and new methods of production,” the author of the report finds. An excellent example would be AAA. The company acquired GE Healthcare S.r.L’s FDG-PET business as well as the 100% shares of Imaging Equipment Ltd. (IEL) in 2014. These moves have enabled the company in strengthening its presence across Italy, the U.K., and Ireland.
The global radiopharmaceutical market was valued at US$4.7 bn in 2015 and is estimated to reach US$7.4 bn by 2024, expanding at a CAGR of 5.3% from 2016 to 2024.
By radioisotope, technetium-99 held the major share in the global radiopharmaceuticals market, accounting for 50.3% in 2016. The 18F segment, on the other hand, is projected to expand at a 5.5% CAGR from 2016 to 2024, higher than any other radioisotope.
Based on source, nuclear reactors lead the overall market in terms of revenue and the segment is also poised to exhibit a strong growth rate through 2024. Accounting for the dominant share in the radiopharmaceuticals market by end use, hospitals are likely to contribute significantly toward the growth of this market in the coming years. The others segment, which covers laboratories and universities, is anticipated to expand at the fastest pace despite being restricted to only the MEA and Asia Pacific regions.
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Based on application, oncology took the lead owing to the growing use of various radioisotopes in the treatment of different cancers. On the basis of geography, North America is the clear leader and is slated to achieve a 60.3% share in the global radiopharmaceuticals market by 2024. Asia Pacific, on the other hand, will register a 6.3% CAGR from 2016 to 2024, emerging as the fastest expanding regional market in terms of revenue.
The growing incidence of cancer and cardiovascular diseases – brought on by the rise in aging population, unhealthy food habits, prevalence of obesity – is one of the primary factors driving the radiopharmaceuticals market.
“The rising incidence of chronic diseases translates into the demand for diagnostic tests such as SPECT and PET, two of the latest systems used for the treatment of various cardiovascular and neurological diseases as well as cancer,” the TMR analyst states. According to the American Nuclear Society, 90% of the radioisotopes produced is used in gamma cameras or PET scan nuclear diagnostics. The remaining 10% is used in radioactive therapeutics drugs. This growing demand for diagnostic tests has a positive impact on the demand for radioisotopes and radiopharmaceuticals.
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In addition to this, the rapid advancement in radiotracers and surging awareness regarding the effectiveness of radiopharmaceuticals will support the growth of the global market. On the other hand, stringent regulatory guidelines, a shortage in the supply of radioisotopes, and a shorter half-life of radiopharmaceuticals acts as impediments for the market.
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