Radiopharmaceutical Market 2024: Nuclear Reactors Emerge as Key Source of Radiopharmaceuticals

Transparency Market Research Report Added "Radiopharmaceutical Market" to its database.

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Albany, NY -- (SBWire) -- 03/14/2017 --The radiopharmaceutical market is highly consolidated, wherein the top two players – Siemens Healthineers and GE Healthcare – jointly accounted for over 70% of the global market in 2015. Transparency Market Research has observed that the degree of competition is rather high in the market owing to the presence of key players with the availability of advanced technologies and potential productive sources and a high product manufacturing capacity.

"Acquisitions play an important role among established organizations because they support sales, product development, and new methods of production," the author of the report finds. An excellent example would be AAA. The company acquired GE Healthcare S.r.L's FDG-PET business as well as the 100% shares of Imaging Equipment Ltd. (IEL) in 2014. These moves have enabled the company in strengthening its presence across Italy, the U.K., and Ireland.

The global radiopharmaceutical market was valued at US$4.7 bn in 2015 and is estimated to reach US$7.4 bn by 2024, expanding at a CAGR of 5.3% from 2016 to 2024.

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Nuclear Reactors Emerge as Key Source of Radiopharmaceuticals

By radioisotope, technetium-99 held the major share in the global radiopharmaceuticals market, accounting for 50.3% in 2016. The 18F segment, on the other hand, is projected to expand at a 5.5% CAGR from 2016 to 2024, higher than any other radioisotope.

Based on source, nuclear reactors lead the overall market in terms of revenue and the segment is also poised to exhibit a strong growth rate through 2024. Accounting for the dominant share in the radiopharmaceuticals market by end use, hospitals are likely to contribute significantly toward the growth of this market in the coming years. The others segment, which covers laboratories and universities, is anticipated to expand at the fastest pace despite being restricted to only the MEA and Asia Pacific regions.

Based on application, oncology took the lead owing to the growing use of various radioisotopes in the treatment of different cancers. On the basis of geography, North America is the clear leader and is slated to achieve a 60.3% share in the global radiopharmaceuticals market by 2024. Asia Pacific, on the other hand, will register a 6.3% CAGR from 2016 to 2024, emerging as the fastest expanding regional market in terms of revenue.

Rising Incidence of Chronic Diseases Propelling Demand for Radiopharmaceuticals

The growing incidence of cancer and cardiovascular diseases – brought on by the rise in aging population, unhealthy food habits, prevalence of obesity – is one of the primary factors driving the radiopharmaceuticals market.

"The rising incidence of chronic diseases translates into the demand for diagnostic tests such as SPECT and PET, two of the latest systems used for the treatment of various cardiovascular and neurological diseases as well as cancer," the TMR analyst states. According to the American Nuclear Society, 90% of the radioisotopes produced is used in gamma cameras or PET scan nuclear diagnostics. The remaining 10% is used in radioactive therapeutics drugs. This growing demand for diagnostic tests has a positive impact on the demand for radioisotopes and radiopharmaceuticals.

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In addition to this, the rapid advancement in radiotracers and surging awareness regarding the effectiveness of radiopharmaceuticals will support the growth of the global market. On the other hand, stringent regulatory guidelines, a shortage in the supply of radioisotopes, and a shorter half-life of radiopharmaceuticals acts as impediments for the market.

This review is based on the findings of a TMR report titled "Radiopharmaceutical Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."

Global Radiopharmaceutical Market, by Radioisotope

Technetium-99
Gallium-67
Iodine-123
18F
Rubidium-82
Yttrium-90
Lutetium-177

Global Radiopharmaceutical Market, by Source

Nuclear Reactors
Cyclotrons

Global Radiopharmaceutical Market, by End User

Hospitals
Ambulatory Surgical Centers
Diagnostic Centers
Others

Global Radiopharmaceutical Market, by Application

Cardiology
Gastroenterology
Oncology
Brachytherapy
Others
Nephrology
Neurology
Immunology
Others

Global Radiopharmaceutical Market, by Region

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia Pacific
India
China
Japan
Australia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Rohit Bhisey
Head
Transparency Market Research
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http://www.transparencymarketresearch.com/radiopharmaceuticals-market.html

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