Automated Radiosynthesis Module Market was valued at $20 million in 2015, and is expected to reach $32 million by 2022, supported by a CAGR of 6.6%.
Portland, OR -- (SBWIRE) -- 06/23/2017 -- Automated Radiosynthesis Modules Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $32 million by 2022, registering a CAGR of 6.6% during the period 2016 - 2022.North America accounted for the largest share in terms of both market revenues and unit volumes, whereas Asia-Pacific region is expected to witness fastest growth rate during the forecast period.
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Radiopharmaceuticals usage is increasing with rise in adoption of PET (Positron Emission Tomography) and SPECT (Single-Photon Emission Computed Tomography) techniques. The demand for PET and SPECT for diagnosis and therapy monitoring is high owing to increase in the mortality and morbidity rates of chronic diseases. To meet this growing need, production of scalable and effective radiotracer has become a necessity. Current production of radiotracer molecules is centralized and unfavorable for the end users. Favorable regulations are now opening the doors for the production of radiotracer in decentralized settings driving the sales of automated radiosynthesis modules.
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Automated Radiosynthesis modules drive the production of radiotracer for PET and SPECT (Single-Photon Emission Computed Tomography) imaging in decentralized settings. These modules are user-friendly, simple to set up, and offer scope of customized formulations of radiotracer for diagnostic and therapy administration, and hence their adoption will be increasing in near future
Key Findings of Automated Radiosynthesis Modules Market
- Over half of the automated radiosynthesis module market is concentrated in North America and expected to post modest growth from 2016 to 2022.
- Asia Pacific are expected to post fastest growth at a CAGR of 9.2% during the forecast period.
- In terms of volume, North American automated radiosynthesis module market is expected to grow with a CAGR of 6.4%.
- Cost of automated radiosynthesis modules in higher in Asia-Pacific compared to other regions.
North America generates the largest revenue with around three-fifth share in world automated radiosynthesis modules. While Asia-Pacific is expected to post fastest growth at a CAGR of 9.2% during the forecast period. The growth is primarily attributed to the increasing footprint of the suppliers in the Europe and Asia-Pacific.
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Few of the key market players include GE Healthcare, Siemens Healthcare GmbH, IBA Radiopharma Solutions, Optimized Radiochemical Application, Synthra GmbH, and Eckert & Ziegler Group.