Albany, NY -- (SBWIRE) -- 05/25/2018 -- Global Radiopharmaceuticals Market: Report Analyst's Estimations
Since the first radiopharmaceutical that was commercialized way back in 1950, Iodine-131 human serum albumin (RISA), the concept of nuclear medicine has been harnessed consistently over the past half a century. And, the future of the healthcare industry substantially depends on radiopharmaceuticals too, for both diagnostic and therapeutic applications.
Radiopharmacology is useful several branches of medicine including cardiology, nephrology, oncology, gastroenterology, immunology, and neurology. As per the evaluations of this business intelligence study, the demand in the global radiopharmaceuticals market will increment at a steady CAGR of 5.4% during the forecast period of 2017 to 2024. Revenue-wise, the global radiopharmaceuticals market is estimated to attain a value of US$7,430.8 million by 2024, mounting from its calculated worth of US$5,145.1 million as of 2017.
The strong prevalence of cancer and cardiovascular diseases, growing awareness regarding its positive effects, increasing preference of SPECT and PET scans, and advancements in radiotracers are some of the key drivers of the radiopharmaceuticals market. On the other hand, factors such as stringent regulatory guidelines, supply shortage of radioisotopes, and short half-life of radiopharmaceuticals are hindering the market from flourishing.
Technetium-99 Identified as Key Radioisotope Segment
On the basis of radioisotope, the radiopharmaceutical market has been segmented into Gallium-67, Technetium-99, Rubidium-82, 18F, Iodine-123, Lutetium-177, and Yttrium-90. Among these, the Technetium-99 segment continues to be the one with maximum demand, generating a revenue of US$2,582.6 million in 2017. Technetium-99 is the most widely used radioisotope in nuclear medicine and nearly 70% to 80% of it is being used as a diagnostic nuclear medicine. Technetium-99 is a short-lived radioisotope (half-life of 6 hours) when produced from molybdenum-99 inside a nuclear reactor.
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On the other hand, the 18F radioisotope segment of the radiopharmaceutical market has been highlighted as the one with above-average CAGR of 5.7% during the period of 2017 to 2024. 18F is a positron emitting radioisotope produced in a cyclotron. 18F is used for positron emission tomography (PET) in order to detect various types of cancer. Increasing demand for 18F-FDG has advanced technological development in accelerator technology, radiochemistry, automated processing modules, detector systems, and imaging software.
Based on source, the nuclear medicine market has been bifurcated into nuclear reactors and cyclotrons. This radiopharmaceutical market report also estimates the potential of demand that can be expected out of the end users of hospitals, diagnostic centers, ambulatory surgical centers, and others such as universities, research laboratories, and pathology laboratories where few clinical trials research programs are enhanced by using nuclear medicines.
The U.S. Radiopharmaceuticals Market to be worth US$3,760.8 million by 2024
Region- and country-wise, this radiopharmaceuticals market study rates North America as most lucrative, with the U.S. generating most of the demand. As of 2017, the nuclear medicine market in North America was estimated to be worth US$3,093.2 million, with the U.S. accounting for 84.4% of the regional demand. This prosperity of the U.S. pharmaceuticals market can be attributed to increase in access to health care, rising incidence of cancer and heart patients, and rapid introduction of advanced technological implementations in SPECT and PET systems.
On the other hand, the vastly populated region of Asia Pacific is foreseen to generate demand at a much stronger CAGR of 6.5% over the course of 2017 to 2024. However, this would reflect as only the third largest regional demand of pharmaceuticals worth of US$735.2 million, with Europe sustaining its second position despite a sluggish growth rate.
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GE Healthcare and Siemens Healthineers have been identified as the leading two companies holding major shares in the global radiopharmaceuticals market.
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