What will be the Radiopharmaceutical market size and growth rate by the end of the forecast period?
Radiopharmaceuticals are the type of radioisotopes that are primarily used for the diagnosis and therapeutic purposes. They can be used for the diagnosis and treatment of various chronic diseases such as oncology, cardiology, neurology, and urology among others. These radioisotopes emit energy in the form of beta, alpha or gamma when directed to a stable nature. The various end users of the radiopharmaceuticalsinclude hospitals, diagnostic imaging centres, ambulatory surgical centres, and cancer research institutes among others. The hospitals' segment accounted for the largest market share due to the availability of highly skilled medical practitioners in the radiology departments of hospitals.
Rising prevalence of chronic diseases; raising awareness about cancer coupled with increasing expenses on oncology drugs, and increasing penetration of molecular imaging are some of the major key drivers of the global radiopharmaceutical market. Furthermore, the high use of radioisotopes has witnessed a fall in the number of deaths caused by cancer across the globe.
The global radiopharmaceutical market is categorized into diagnostic & therapeutic radiopharmaceuticals. The global market, close to 90% is dominated by the diagnostic segment, wherein SPECT accounts for a major market share. The SPECT market is dominated by Tc-99m isotopes and F-18 accounts for the majority of share in PET segment.
Raising Awareness About Cancer Drugs Will Likely Keep The Radiopharmaceutical Market Demand High For The Oncology Segment
The global radiopharmaceutical market is exhibiting a steady growth at a CAGR of approximately 5% during the forecast period. The radiopharmaceutical market is segmented into Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Neurology, Nephrology, and Others. Among these, the oncology market holds the largest market share due to increasing awareness about the availability of cancer treatment drugs.
North America Holds The Largest Market Share In The Radiopharmaceuticals Market
North America holds the largest market share in the radiopharmaceutical market worldwide, with an overall market share of 84%, followed by Europe. The growth is attributed to the presence of huge population suffering from various chronic diseases like cancer, coronary disorders, and stroke among others. Moreover, changing lifestyle of individuals and increasing investments in research and developments activities will drive the market demand in the future.
However, Asia Pacific is expected to grow at the highest rate owing to a rise in the demand for PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) devices coupled with increasing patient awareness levels with regards to the cardiovascular diseases and oncology. Increasing investments in the healthcare sector will likely boost the market in the coming years.
Strategic developments by key market players and growing penetration to introduce new technologies to gain a competitive edge are the drivers expected to enhance the growth of the market. The prominent players in the market include Cardinal Health Inc., GE Healthcare, IBA Group, Lantheus Medical Imaging, Covidien Plc, Positron Corporation, NTP Radioisotopes Pty Ltd. and others.