Radiopharmaceuticals
in nuclear medicine are radioactive drugs that emit radiation used for
diagnostic imaging and therapeutic purposes. Some of the commonly used
radiopharmaceuticals include Tc-99m, F-18, I-123/I-131, and Ga-67. They play a
vital role in nuclear medicine procedures like positron emission tomography
(PET), single-photon emission computed tomography (SPECT), and therapeutic
radiopharmaceuticals. The increasing prevalence of chronic diseases like
cancer, heart diseases is driving the demand for effective diagnostic and
therapeutic procedures.
The
global radiopharmaceuticals in nuclear medicine market is estimated to be
valued at US$ 9115.96 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over
the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the radiopharmaceuticals in nuclear
medicine market are Progenics Pharmaceuticals, Inc., NorthStar Medical
Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings,
Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG,
Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon
Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life
Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc.
Key opportunities: Rising demand for non-invasive diagnostic procedures from
patients and increasing healthcare expenditure in emerging nations presents
significant growth opportunities for players in the market.
Global expansion: Key players are investing in research & development
activities to expand their product portfolios and focusing on growth markets
like Asia Pacific and Latin America for global expansion.
Market drivers: The increasing prevalence of chronic diseases like cancer and
cardiovascular diseases globally is a major market driver. Also, growing
geriatric population susceptible to various disorders and the availability of
medical reimbursements are fueling the market growth.
The
Radiopharmaceuticals
In Nuclear Medicine Market Size is driven by the increasing prevalence
of chronic diseases like cancer and cardiovascular diseases worldwide. As per
the World Health Organization (WHO), cancer is the second leading cause of
death globally and was responsible for nearly 10 million deaths in 2020. Also,
the aging population is more prone to various age-related disorders.
Furthermore, the availability of medical reimbursements is encouraging the
adoption of PET and SPECT procedures. The rising healthcare expenditure in
emerging nations and growing awareness regarding the benefits of diagnostic
nuclear medicine procedures will continue to propel the radiopharmaceuticals in
nuclear medicine market during the forecast period.
PEST Analysis
Political: Regulations pertaining to the use of radiopharmaceuticals and
radiation safety measures impact the market. Stringent approval processes for
new radiotracers may hinder short term growth.
Economic: Rising healthcare budgets and growing demand for non-invasive
diagnostic procedures will boost spending on nuclear medicine diagnostics.
Social: Increasing incidence of cancer and cardiac diseases will drive demand
for early detection and diagnosis. Patient awareness regarding benefits of
radiopharmaceuticals is increasing.
Technological: Advancements in radiotracer development, imaging technologies
and targeted radiotherapies are expanding applications and driving innovations.
Precision medicine using radiopharmaceuticals allows personalized treatment
strategies.
Geographical Concentration
In terms of value, the market is concentrated in regions with highly developed
healthcare infrastructure and wider acceptance of nuclear medicine techniques.
North America holds the largest share currently because of the large nuclear
medicine patient pool and availability of advanced imaging systems in major
countries like the U.S. and Canada.
Fastest Growing Region
The Asia Pacific region is expected to grow at the fastest rate during the
forecast period due to rising healthcare expenditure, growing geriatric
population suffering from chronic diseases, increasing number of hospitals and
diagnostic centres adopting nuclear medicine techniques in major economies like
India and China. Initiatives aimed at boosting public health are also driving
the regional market.
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About Author:
Money Singh is a seasoned content writer with over
four years of experience in the market research sector. Her expertise spans
various industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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