Radiopharmaceuticals Market Driven at 8.7% CAGR due to Rising Prevalence of Cancer | global Industry Size, Trends, Demand, Research Overview by Type, Type of Test, Application and End-User

Radiopharmaceuticals Market Driven at 8.7% CAGR due to Rising Prevalence of Cancer | global Industry Size, Trends, Demand, Research Overview by Type, Type of Test, Application and End-User
Global Radiopharmaceutical Market Research Report: Information by Type (Diagnostic Type and Therapeutic Type), Type of Test (Bone Scan, Myocardial Perfusion Scan, Parathyroid Scan, Renal Nuclear Medicine Scan, Lung Scan, Gallium Scan, White Blood Cell Scan, Hepatobiliary Scan and Cerebral Perfusion Scan), Application Route of Administration (Oral and Intravenous), End User- Forecast till 2023

Radiopharmaceutical Market Highlights

Market Research Future (MRFR) has announced a new research report on the global radiopharmaceuticals market. The report estimates the global radiopharmaceuticals market to grow at a solid CAGR of 8.7% over the 2017-2023 forecast period due to the growing demand for radiopharmaceuticals in diagnostic as well as therapeutic applications in the healthcare sector. The report takes into account the historical trajectory of the radiopharmaceuticals market, using past statistics of the market to construct a valid platform for future projections. The segmentation hierarchy within the global radiopharmaceuticals market is also explained in detail in the report, along with information on the competitive landscape of the market and the leading players operating in it.

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Radiopharmaceuticals are a part of nuclear medicine and are used for diagnosis as well as treatment of a number of diseases. Radioisotopes that emit long-range gamma rays are mostly used in diagnostic applications, as the radiation needs to escape the body before being detected by the diagnostic instrument. In a similar manner as X-rays, these radioisotopes help physicians diagnose a number of diseases. In contrast, radioisotopes that emit short-range particles such as alpha and beta particles are used in therapeutic applications, as short-range particles “burn up”, i.e. lose their energy, over relatively short distances, allowing spectacular results in terms of cell destruction on a highly local scale. Radioisotopes of the latter kind also stay for longer periods of time in the human body, allowing for prolonged treatment.

The growing prevalence of cancer is the primary driver for the global radiopharmaceuticals market, as cancer treatment accounts for the majority of the application of radiopharmaceuticals in the healthcare sector. Growing investment in cancer research in a number of countries round the world is likely to remain a major driver for the radiopharmaceuticals market over the forecast period, as many countries have started to take the threat of cancer seriously following a steady rise in the prevalence of many cancer types. On the other hand, the high cost of radiopharmaceuticals and the risks of using radiopharmaceuticals in therapeutic applications are likely to hamper the growth prospects of the global radiopharmaceuticals market over the forecast period.


Radiopharmaceutical Market segmental Analysis

The global radiopharmaceutical market has been segmented based on type, type of test, application, route of administration, end user, and region.

Based on type, the radiopharmaceutical market is segmented into diagnostic type radiopharmaceuticals and therapeutic type radiopharmaceuticals. The diagnostic type radiopharmaceutical segment is sub-segmented into SPECT radiopharmaceutical and PET radiopharmaceutical. The therapeutic type radiopharmaceutical segment is sub-segmented into beta emitters, alpha emitters, brachytherapy. 

By type of test, the radiopharmaceutical market is segmented into myocardial perfusion scan, bone scan, lung scan, white blood cell scan, gallium scan, parathyroid scans, renal Nuclear Medicine scan, cerebral perfusion scan, hepatobiliary scans, and others. The bone scan segment is sub-segmented into Technetium-99m 1st, fluoride-18 2nd, and others. The Myocardial Perfusion Scan segment is sub-segmented into Technetium-99m, Thallium-201, Rubidium-82, and others. The lung scan segment is sub-segmented into Krypton-81m, Xenon-133, and others. The white blood cell scan segment is segmented into Indium-111 and others.

Based on application, the radiopharmaceutical market is segmented into cardiology, oncology, urology, neurology, and others. The oncology segment is segmented into prostate cancer, bone cancer, breast cancer, and others. The cardiology segment is segmented into coronary artery disease, cardiomyopathy, and others. The neurology segment is segmented into traumatic brain injury, stroke, Alzheimer’s disease, and others. The urology segment is sub-segmented into congenital renal anomalies, acute pyelonephritis, and others.

Based on the route of administration, the radiopharmaceutical market is segmented into intravenous, oral, and others.

Based on end user, the market is segmented into hospitals, diagnostic centers, research institutes, and others.

Based on the region, the market has been segmented into North America, Europe, Asia Pacific, and middle east and Africa.

Radiopharmaceutical Market Regional analysis

 The North American region dominates the global radiopharmaceuticals market due to the presence of an increased patient population that is suffering from various chronic diseases like cancer, coronary disorders, stroke, among others. Additional factors influencing the market are the changing lifestyle and rising research & development for effective and therapies with no side effects.

 Europe has been accounted for the second largest regional market for the radiopharmaceuticals, which is followed by the Asia Pacific region. Growing investment in research and the presence of a huge patient pool has driven the market in Europe.

The Asia Pacific is the fastest growing market in the global radiopharmaceutical market due to the massie population, increase in the prevalence of chronic diseases, steadily developing economies and increasing investments in healthcare by the government. furthermore, growing awareness among consumers and rising diagnostic prices have driven the demand for SPECT and PET devices in this region.

 Radiopharmaceutical Market Analyzed by Key Players

Some of the key market players in the radiopharmaceutical market are Jubilant Life Sciences Ltd., Siemens AG, General Electric Company (GE Healthcare), Canadian Nuclear Laboratories (CNL), IBA Dosimetry GmbH, Bayer AG, Sun Pharmaceutical Industries Ltd., Cardinal Health Inc., Medtronic, Lantheus Medical Imaging, Inc., Nordion, Inc., Advanced Accelerator Applications S.A., Bracco Diagnostic Inc., Mallinckrodt Pharmaceuticals, Avid Radiopharmaceuticals and others.

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