The latest report on “Radiopharmaceuticals Market (Radioisotopes – Technetium-99, Thallium-201, Gallium-67, Iodine-123, Flourine-18, Rubidium-82, Yttrium-90, Lutetium-177, and Other Radioisotopes; End-users – Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Research Centers): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global radiopharmaceuticals market is projected to grow at a CAGR of 8.5% over the forecast period of 2019-2025.
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Radiopharmaceuticals used in molecular and nuclear imaging serve a vital purpose inpatient care. Radiopharmaceuticals are unique medicinal formulations encompassing radioisotopes which are used in major clinical areas for diagnosis and therapy. Radioisotopes are used as nuclear medicines that emit alpha and beta emission rays for treating diseases. Radiopharmaceutical products are used for the treatment of diseases such as cancer, cardiovascular heart disease, neurology, and bone fracture detection.
Rapidly Expanding Rates of Cancer and Cardiovascular Diseases are the Primary Driving Factor for the Growth of the Radiopharmaceuticals Market
The rapidly expanding rates of cancer and cardiovascular diseases are the primary driving factor for the growth of the radiopharmaceuticals market. In addition, the cancer rates could further increase by 50% to 15 million new cases in the year 2020, according to the World Cancer Report. Growth in cancer diagnostics and treatments have ignited the preference of doctors towards the utilization of radiopharmaceuticals. Radiopharmaceuticals like F-18, samarium, and technetium, which contribute more than 75% to the PET-analysis showcase, are utilized as a part of imaging to analyze cancer and cardiac diseases. With the expanding frequency of cancer and cardiovascular infections, the interest for radiopharmaceuticals will likewise increase.
Furthermore, public-private partnerships are emerging for the modernization of the healthcare infrastructure owing to the high cost of nuclear medicine devices and budget constraints. This factor is also aiding the adoption of radiopharmaceuticals for several treatments. However, comparatively short life of radiopharmaceuticals coupled with high cost hampers the growth of the market. Moreover, the growing focus on targeted therapies and an increasing number of potential radioisotopes in the pipeline creates fruitful opportunities for the market players.
North America is Expected to Hold the Largest Share in the Global Radiopharmaceuticals Market
Among the regions, North America is expected to hold the largest share in the global radiopharmaceuticals market. The U.S. radiopharmaceuticals market is estimated to be the largest market among the North American countries. The installation of new cyclotrons, an increase in the incidence of cancer and heart patients, and well-defined reimbursement policies from public and private health insurance firms fuel the growth of the radiopharmaceuticals market in the U.S. market.
In addition, according to the World Nuclear Association, U.S. based Coqui Pharmaceuticals signed a contract with Argentinian nuclear engineering company INVAP to build an open-pool reactor similar to Australia’s Opal reactor in order to have better Mo-99 production facility at Alachua County, Florida. Europe is anticipated to hold the second-largest share owing to the growing prevalence of cancer and increasing reimbursement policies.
The report on the global radiopharmaceuticals market covers segments such as radioisotopes and end-users. On the basis of radioisotopes, the sub-markets include technetium-99, thallium-201, gallium-67, iodine-123, flourine-18, rubidium-82, yttrium-90, lutetium-177, and other radioisotopes. On the basis of end-users, the sub-markets include hospitals, ambulatory surgical centers, diagnostic centers, and research centers.
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The report provides profiles of the companies in the market such as GE Healthcare, Cardinal Health, Inc., Mallinckrodt Pharmaceuticals, Lantheus Medical Imaging, Inc., Bayer AG, Advanced Accelerator Applications S.A., Bracco Imaging S.p.A., Eczacibasi Monrol Nuclear Products Co., Nordion Inc., and Urenco Group.
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=> Comprehensive analysis of global as well as regional markets of the radiopharmaceuticals.
=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.