The Global Market for Radiopharmaceuticals is Projected to Reach US$10 Billion by 2024
Expanding
Applications & Development of Novel Radiopharmaceuticals to Drive Demand for
Radiopharmaceuticals, According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market size, share and demand forecasts on the global Radiopharmaceuticals
market. The global market for Radiopharmaceuticals is
projected to reach US$10 billion by 2024, driven by increasing uptake of
PET and SPECT imaging procedures, expanding molecular imaging applications, and
increasing acceptance of disease-targeted treatment, besides advancements in
development of innovative radiopharmaceuticals for expanded use to other areas
of medicine including neurology.
Radiopharmaceuticals are medicinal solutions
containing radioisotopes or radiotracers, which are administered to the patient
where they localize to specific organs and emit radiation. Radiopharmaceuticals
are used for both diagnostic and therapeutic applications. In diagnostics applications, radiopharmaceuticals
are commonly used for imaging anatomy of targeted organ or monitoring function
of desirable organ including bones, liver and heart. In therapeutic
applications, these substances are administered directly to patients to treat
metastatic prostate cancer, or as molecular radiotherapy and radio-labeled
antibody, where the radiotracer is attached to a molecule intended to
target the cell.
Growth in the radiopharmaceuticals market is
supported by growing number of nuclear procedures driven by rise in prevalence
of cancer, and heart diseases. The market is further supported
by the recent discovery of newer and successful therapeutic applications of
radiopharmaceuticals in oncology and cardiology prognosis and expanded use to
other areas of medicine including neurology.
Continuous breakthrough, particularly in the fields
of research and clinical applications are further expected to assist sustained
growth in the radiopharmaceuticals market. Additional impetus from a stream of
drug development and testing phases demonstrate the interest surrounding
radiopharmaceuticals. Development and progress in this space is anticipated to
be fueled by immunology combined with radioisotopes and monoclonal
antibodies so as to produce radioisotopes with unprecedented specificity in
cancer diagnosis and therapy. The need to deliver cost-effective care has been a
major driver of innovations in radiotracers for use in SPECT and PET. Rising
popularity of advanced SPECT/CT and PET/CT scanners is also expected to unravel
new clinical opportunities. FDG and Tc-99m still remain the most common and
standard radiopharmaceuticals for PET and SPECT respectively, accounting for
80%-90% of existing procedures. However, new radiopharmaceuticals introducd in
recent years are expected to drive adoption of molecular imaging scans in
several other new clinical areas.
As stated by the new market research report on Radiopharmaceuticals,
the United States represents the
largest market worldwide. Asia-Pacific is forecast to emerge as the fastest
growing market with a CAGR of 9.9% over the analysis period. The growth in the region
is led by developing healthcare infrastructure, rising incidence of chronic
diseases, and growing adoption of nuclear medicine.
Major
players in the market include Actinium Pharmaceuticals Inc., Alliance Medical, Alseres
Pharmaceuticals Inc., Avid Radiopharmaceuticals, Bayer HealthCare Medical Care,
Bracco Diagnostics Inc., Cardinal Health Inc., GE Healthcare, Ion Beam
Applications SA, Immunomedics Inc., Jubilant Pharma, Lantheus Medical Imaging
Inc., Medi-Radiopharma Ltd., Nordion Inc., Peregrine Pharmaceuticals Inc.,
PETNET Solutions Inc., Positron Corporation, and Triad Isotopes Inc., among
others.
The
research report titled “Radiopharmaceuticals:
A Global Strategic Business Report” announced by Global Industry Analysts
Inc., provides a comprehensive review of current market trends, key growth
drivers, recent industry activity, and major companies worldwide. The report
provides market estimates and projections in US$ for all major geographic
markets including the United States, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and
Rest of Asia-Pacific), Middle East, and Latin America (Brazil and Rest of Latin
America). Product segments analyzed include Diagnostic Radiopharmaceuticals and Therapeutic Radiopharmaceuticals.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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