Radiopharmaceuticals or Nuclear medicines are medicinal formulations containing radioisotopes which are safe for administration in humans for diagnosis or for therapy. These organic molecules carry the radioisotopes to tissues, specific organs and cells as the properties of radioisotopes are specific. Among the several applications of radioisotopes, medical applications were considered to be of the highest priority.
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Radiopharmaceuticals are used in diagnosis and treatment of cancer. Radiopharmaceuticals can provide useful information about the function and molecular biology of cancer by measuring several of the causal factors. In future, specific roles of radiopharmaceuticals for diagnosis in oncology may include the lymphatic system, development of new blood vessels and monitoring gene therapy.
According to a recent study report published by the Market Research Future, The global market for Radiopharmaceutical is estimated to grow tremendously by 2022, registering a decent rate of CAGR during the forecast period 2017 – 2022.
Radiopharmaceuticals market Growth is augmented by the increasing importance of radiotracers in the treatment of cancer and cardiovascular diseases. Moreover, with the emergence of developed methods for employing radioisotopes to impede the maturation of malignant tumors, cells, and tissues by the research institutes the use of radiopharmaceuticals in cancer medications has surged. However, the factors such as the brief life of radiopharmaceuticals, supply shortages, logistical difficulties, and limited number of trained medical personnel without specified guidelines available for their use in commercial-scale drug production may hamper the growth of the global market of Radiopharmaceuticals, states the MRFR Research Analyst while sharing the market insights and commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 80 pages.
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Radiopharmaceutical Global Market – Key Players
A number of producers and suppliers have developed capacities for radiopharmaceuticals production and its distribution (transport). Operating on international or regional level they are manufacturing products regularly to meet the demands. The assured availability of radiopharmaceuticals has greatly contributed to the growth of nuclear medicine practices in various countries, in addition to ensuring price stability of radiopharmaceuticals imported from large manufacturers. Production and distribution of radiopharmaceuticals has also helped to reduce the number of radioactive consignments that need to be transported across international borders.
MRFR analysis comprises of the study of following players operating in the market that empowers us to acquaint with their trends. Some of the key players in this market are: GE Healthcare (UK), Merck & Co., Inc. (US), Jubilant Pharma. LLC (India), Bracco Imaging S.p.A (US), Eczacibasi-Monrol (Turkey), Bayer Pharma AG (Germany), IBA Molecular Imaging (United States), Mallinckrodt Pharmaceuticals (US) and others.
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Radiopharmaceutical Global Market – Segments:
The Global Radiopharmaceutical market has been segmented in to 3 key dynamics for an easy grasp.
- Segmentation by Types includes Diagnostic and Therapeutic Radio pharmaceuticals
- Segmentation by Applications consists of cardiology, thyroid, oncology, neurology, others.
- Segmentation by the End users includes Hospitals, Clinics, research centers and others.
Diagnostics segment accounted for the largest market share of radiopharmaceuticals in the year 2014. Furthermore, in diagnostics segment SPECT captured the largest share of radiopharmaceuticals market. In the application segment cardiology accounted largest share of the nuclear medicine market in the year 2014.
Radiopharmaceutical Global Market – Synopsis & Scenario
The conventional chemotherapy methods being replaced by more convenient therapeutic radiopharmaceuticals for oncology and cancer treatment may open new avenues in the radiopharmaceuticals market. Additionally, radiopharmaceuticals not only help physicians during diagnosis, but also work as a convenient and safer alternative for patients as compared to X-Rays and other external radiation imaging devices.
The overall impact of recent trends and changes in health care economics and operational viability of hospitals will result in nuclear medicine practitioners looking to the centralized radio pharmacies to meet a larger portion of their radiopharmaceutical needs, as well as to value added services, such as education and research and development.
Radiopharmaceutical Market – Regional Analysis
Globally North America is the largest market for radiopharmaceutical. The North American market for radiopharmaceutical is expected to grow at a decent rate of CAGR of and is expected to value millions of USD by the end of the forecasted period. The North American radiopharmaceutical market is growing at a significant pace because of increasing preference of targeted cancer therapy because of which the radiopharmaceuticals are growing in demand.
Europe is the second-largest market for radiopharmaceutical which is expected to grow at a significant rate of CAGR. Whereas Asia pacific is expected to be a fastest growing market and is expected to grow at a rapid rate.
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