Radiopharmaceutical Market Will Grow at a CAGR of 8.8% from 2015 to 2020
North America held the largest market share in the global radiopharmaceuticals market in 2015. The Asia-Pacific radiopharmaceuticals market on the other hand will grow at the fastest rate during the forecast period owing to a rise in the demand for PET and SPECT devices.
Zion Research has published a new report titled “Radiopharmaceutical Market by Type (Diagnostic Radiopharmaceuticals and Therapeutic radiopharmaceuticals), for Cardiology, Neurology, Oncology and Other Applications- Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global demand for radiopharmaceutical market was valued at around USD 4.32 billion in 2015, is expected to reach approximately USD 7.13 billion in 2021 growing at a CAGR of more than 8.8% between 2016 and 2021.
Radiopharmaceutical is a medication used in nuclear medicine that has radioactive part and pharmaceutical part. Nuclear medication is given to a patient in a small amount; this makes patient body radioactive for short time span. A special nuclear medicine camera detects the radiation emitted from the body, and takes images on inner body organs to check its function. Most of the radiopharmaceuticals used in diagnostic nuclear medicine procedures emit gamma radiation. The most commonly used gamma emitting radionuclide in nuclear medicine is 99mTechnetium, which is labeled to different types of pharmaceuticals to formulate diagnostic imaging agent’s i.e radiopharmaceuticals.
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The global radiopharmaceuticals market is grow at a significant pace owing to increasing preference of disease targeted cancer therapy, expanding application of molecular imaging and growing patient awareness for accurate diagnosis of disease. However, factors such as shorter half-life of radiopharmaceuticals and stringent regulatory guidelines can hamper the radiopharmaceutical market worldwide.
Radiopharmaceutical market is segmented on the basis of type and applications. Depending on type global radiopharmaceutical market is divided into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. The diagnostic radiopharmaceuticals market dominated the overall radiopharmaceutical market in terms of market share owing to high usage rate of molecular imaging techniques in the field of medical diagnosis. The SPECT modality segment dominated the radiopharmaceuticals market in 2015. The PET modality segment is expected to grow at a comparatively higher rate in forecast period due to better quality of image and higher precision in diagnosis. Additionally, PET segment growth is attributed by growing R&D activities especially in emerging economies and widening scope of radiopharmaceutical applications such as oncology, thyroid and bone pain palliation.
Oncology, cardiology, neurology, and other are the key application of the radiopharmaceutical market. The oncology segment contributed more than half of the market share in the overall radiopharmaceuticals market in 2015. This segment is expected to continue the same trend owing to perpetual rise in the number of cancer cases.
This growth was induced by rising patient awareness levels pertaining to cardiovascular diseases and oncology. The leading Asia-Pacific countries, such as China, Japan and India would exhibit a steady growth rate during the estimate period.
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 are some of the leading profiles in the radiopharmaceutical market.
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The report segments the global radiopharmaceuticals market as:
Radiopharmaceuticals Market: Application Segment Analysis
Radiopharmaceuticals Market: Regional Segment Analysis
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