Global radiopharmaceutical Market to reach USD 7.13 billion in 2021, growing at a CAGR of 8.8% during 2016-2021.
Sarasota, FL -- (SBWIRE) -- 01/15/2018 -- Radiopharmaceuticals are therapeutic agents used to diagnose certain medical condition or treat certain diseases. Unlike other imaging techniques such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and Ultrasound (US), nuclear medicine processes are capable of mapping metabolic activity and physiological function. Radiopharmaceutical procedure provides more precise information about the organ function or dysfunction. Nuclear medicine may be given to the patient in various different ways. They may be given by injection, given orally, or placed into the bladder.
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Radiopharmaceuticals are to be given only under the direct supervision of a doctor with specialized training in nuclear medicine. Radiopharmaceutical process is rigorously regulated by the European Medicines Agency (EMA) in Europe and Food and Drug Administration (FDA) in the U.S. General interval for approval of process is typically five to eight years, from the early discovery to the availability for the physicians.
Radiopharmaceutical market growth is triggered by growing demand for PET and SPECT radioisotopes. Single-photon emission computed tomography (SPECT) and Positron emission tomography (PET) are the nuclear medicine imaging techniques. Other factors contributing to this growth include increasing incidences of cancer and heart diseases.. However, factors such as stringent regulatory guidelines, shorter half-life of nuclear medicine and competition from conventional diagnostic procedures can affect the growth of this market.
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Radiopharmaceutical market is segmented on the basis of type, application and region. On the basis of type radiopharmaceutical market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. The diagnostics segment is classified into SPECT and PET. Diagnostic radiopharmaceuticals segment acquired largest market in 2015 owing to well established use of radio isotopes in diagnostic imaging. Cardiology and oncology are the core application areas of for diagnostic radiopharmaceutical. The therapeutic radiopharmaceuticals segment is expected to show fastest growth in forecast period due to its advantages over traditional therapies and drugs. The therapeutics segment is further divided into beta emitters, alpha emitters, and brachytherapy isotopes.
Radiopharmaceutical application segment includes cardiology, neurology, oncology, and other. Cardiology application segment accounted for significant share of radiopharmaceutical market in 2015. Cancer is, therefore, emerging as a lucrative application area for radiopharmaceuticals industry.
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Geographically, the global radiopharmaceutical market is segmented into North America, Europe, Latin America, Asia-Pacific, and Middle East and Africa. The radiopharmaceutical market was dominated by North America accounting for the largest share of the total market in 2015. In 2015, U.S. accounted for the major share of the North American radiopharmaceuticals market, followed by Canada. The key factors driving market growth in the U.S. include approval for new nuclear medicine by the FDA in this region. An alternative treatment for cancer and growing prevalence of thyroid cancer also boosts the global radiopharmaceutical market growth.
The Asia-Pacific radiopharmaceuticals market is expected to grow at the fastest rate during the forecast period owing to a rise in the demand for PET and SPECT devices coupled with rising patient awareness for cardiovascular diseases and oncology.
Some of the major players in the radiopharmaceuticals market include Cardinal Health, Inc., GE Healthcare, Bracco Imaging S.p.A, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Advanced Accelerator Applications S.A., Bayer Healthcare, Lantheus Medical Imaging, Inc., IBA Molecular Imaging, Mallinckrodt plc, Jubilant Pharma, and Siemens Healthcare.