Radiopharmaceuticals Market -Highlights
Radiopharmaceuticals are increasingly being used for the diagnosis and treatment of various chronic diseases. They, in combination with imaging devices, can record gamma rays emitted from inside, which can be studied for better healthcare outcomes. Market Research Future (MRFR) has recently launched a report on the global radiopharmaceutical market and has asserted that the market is likely to capture a CAGR of 8.7% over the forecast period of 2017-2023.
The global radiopharmaceutical market growth is driven by surging prevalence of chronic diseases which has created the dire need for accurate and early diagnosis and treatment modules. Moreover, radiopharmaceuticals are highly qualitative and minimally invasive, which has spurred the adoption among end-users. Other factors include the shift towards personalized healthcare and growing awareness regarding radiopharmaceuticals. However, the high costs associated with radiopharmaceuticals can be disruptive to the growth of the market.
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Radiopharmaceuticals Market Competitive Landscape
Jubilant Life Sciences Ltd., Siemens AG, Nordion, Inc., Bracco Diagnostic Inc., Cardinal Health Inc., Mallinckrodt Pharmaceuticals, Bayer AG, Medtronic, IBA Dosimetry GmbH, Avid Radiopharmaceuticals, Lantheus Medical Imaging, Inc., Sun Pharmaceutical Industries Ltd., Advanced Accelerator Applications S.A., Canadian Nuclear Laboratories (CNL), and General Electric Company (GE Healthcare) are the key players in the radiopharmaceuticals market.
Radiopharmaceuticals Market Segmentation
The radiopharmaceutical market has been segmented based on type, type of test, application, route of administration, and end-user.
By type, the radiopharmaceutical market has been segmented into therapeutic type radiopharmaceuticals and diagnostic type radiopharmaceuticals. The diagnostic type radiopharmaceutical segment has been further segmented into SPECT radiopharmaceutical and PET radiopharmaceutical. The SPECT radiopharmaceutical sub-segment segment has been further segmented into Technetium-99m, Thallium-201, Iodine-123, and others. The PET radiopharmaceutical sub-segment has been further segmented into F-18, Rubidium-82, and others.
The therapeutic type radiopharmaceutical segment has been further segmented into beta emitters, alpha emitters, brachytherapy. The Beta emitters sub-segment has been further segmented into Iodine-131, Yttrium-90, Samarium-153, Rhenium-186, Lutetium-177, and others. The brachytherapy sub-segment has been further segmented into Iodine-125, Iridium-192, Cesium-131, and others.
By type of test, the radiopharmaceutical market has been segmented into myocardial perfusion scan, lung scan, bone scan, gallium scan, renal nuclear medicine scan, white blood cell scan, parathyroid scans, hepatobiliary scans, cerebral perfusion scan, and others. The bone scan segment has been further segmented into Technetium-99m 1st, fluoride-18 2nd, and others. The Myocardial Perfusion Scan segment has been further segmented into Technetium-99m, Thallium-201, Rubidium-82, and others. The lung scan segment has been further segmented into Xenon-133, Krypton-81m, and others. The White blood cell Scan segment has been further segmented into Indium-111 and others.
By application, the radiopharmaceutical market has been segmented into oncology, cardiology, neurology, urology, and others. The oncology segment has been further segmented into prostate cancer, bone cancer, breast cancer, and others. The cardiology segment has been further segmented into coronary artery disease, cardiomyopathy, and others. The neurology segment has been further segmented into traumatic brain injury, stroke, Alzheimer’s disease, and others. The urology segment has been further segmented into acute pyelonephritis, congenital renal anomalies, and others.
By route of administration, the radiopharmaceutical market has been segmented into oral, intravenous, and others.
By end-user, the radiopharmaceutical market has been segmented into hospitals, diagnostic centers, research institutes, and others.
Radiopharmaceuticals Market Regional Analysis
Region-wise, the radiopharmaceutical market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
Majority of the RD activities aimed at the development of radiopharmaceuticals is concentrated in the Americas due to which the market accounts for the most significant chunk of the global market. Moreover, high healthcare expenditure and the presence of a vast patient pool suffering from a variety of chronic diseases is boosting the growth of the market. Furthermore, the presence of various key players in the region is motivating the growth of the market.
Europe is the second-largest radiopharmaceutical market and is driven by increasing investment in R&D activities and surging prevalence of chronic diseases in the region.
APAC is slated to be the fastest-growing market for radiopharmaceuticals. Rapidly economic growth and the presence of a number of emerging economies who are investing considerably on healthcare R&D is driving the market growth in the region.
August 2019 – The American Society of Radiologic Technologists (ASRT) issued the Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019 (HR 3772) to increase patient access to key radiopharmaceuticals aimed at treating various oncological disorders, Parkinson’s disease, and Alzheimer’s disease. Currently, radiopharmaceuticals are packaged into procedural bundles which discourage hospitals from utilizing them and impedes patient access to them.
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