Radiopharmaceutical Market
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<strong>Radiopharmaceutical</strong> <strong>Market</strong> Research Report: Forecast up to 2024<br />
<strong>Radiopharmaceutical</strong> <strong>Market</strong>: Snapshot<br />
The global market for radiopharmaceuticals is poised for steady growth in the coming years,<br />
driven primarily by the rising use of radioisotopes for the treatment of various diseases, such as<br />
cancer, bone palliation, neurological disorders, and cardiovascular diseases. Around 35 million<br />
patients undergo treatment procedures for these diseases each year and this will continue to boost<br />
the demand for radiopharmaceuticals.<br />
According to the Nuclear Energy Institute, radioisotopes are essential for biomedical research in<br />
order to cure AIDS, cancer, and Alzheimer’s disease. The World Nuclear Association states that<br />
around 10,000 hospitals across the world use radioisotopes in medicines and 90% of this is<br />
dedicated toward disease diagnosis.<br />
The global radiopharmaceutical market was valued at US$4.7 bn in 2015 and is estimated to reach<br />
US$7.4 bn by 2024, expanding at a CAGR of 5.3% from 2016 to 2024.<br />
Growing Incidence of Cancer Driving Demand for Most Radioisotopes<br />
Based on radioisotope, the technetium-99 segment led the global radiopharmaceuticals market,<br />
accounting for a share of 50.3% in 2015. This can be attributed to the high availability of<br />
technetium-99 from molybdenum-99, which is generated through the decay of uranium radioactive<br />
raw material inside the sources.<br />
The 18F radioisotope segment is expected to gain market share during the forecast period due to the<br />
increase in demand for cyclotron-based radioisotopes for nuclear medicine and the advancement of<br />
technological systems such as PET and SPECT. The demand for other radioisotopes such as<br />
lutetium-177, rubidium-87, and gallium-62 is also high due to the rising demand for radioisotopes<br />
for cancer treatment, the surge in the prevalence of cardiovascular diseases, and the detection of<br />
other infectious diseases. Based on application, oncology took the lead owing to the growing use of<br />
various radioisotopes in the treatment of different cancers.<br />
<strong>Radiopharmaceutical</strong> products are used by various end users such as hospitals, ambulatory surgical
centers, and diagnostic centers. Hospitals formed the leading segment of the market in terms of<br />
revenue in 2015 due to the growing usage of radiopharmaceutical. This can be attributed to<br />
technological advancements in various systems to cure cancer patients and the rise in favorable<br />
government reimbursement policies to help patients recover their costs and provide precaution<br />
against biohazards. The ambulatory surgical centers and diagnostic centers segments are expected to<br />
gain market share by 2024 due to the introduction of advanced imaging technologies such as<br />
SPECT and PET.<br />
This exhaustive report includes a 360° view of the <strong>Radiopharmaceutical</strong> <strong>Market</strong>. Browse<br />
through this 246-page report to know what factors will shape the market during the period<br />
2016-2024<br />
http://www.transparencymarketresearch.com/radiopharmaceuticals-market.html<br />
Developing Regions to Witness Steady Growth despite Small Share in Global <strong>Market</strong><br />
The global radiopharmaceuticals market has been segmented into North America, Latin America,<br />
Asia Pacific, Europe, and the Middle East and Africa. North America led the radiopharmaceuticals<br />
market in 2015 in terms of revenue, with the U.S. emerging as the most prominent contributor to the<br />
radiopharmaceuticals market in North America. This can be attributed to the existence of several<br />
large nuclear reactors such as NRU, which accounts for a 30% to 40% share in the Mo-99 supply<br />
for the global production of nuclear medicine.<br />
Europe is also expected to account for a significant share by 2024 due to the increase in the number<br />
of cyclotron installations for the production of radioisotopes used in the treatment of cancer and<br />
other diseases.<br />
The Middle East and Africa is projected to account for a small share in the global market by 2024.<br />
However, growth in this market is likely to be attributed to the introduction of cyclotrons by the<br />
IBA Group and the setting up of new nuclear reactors such as ETRR-2 in South Africa for the<br />
production of radioisotopes.<br />
Latin America is estimated to account for a meager share by the end of the forecast period.<br />
However, it continues to be driven by the increase in domestic collaborations with foreign<br />
radiopharmaceutical companies and major suppliers of radioactive raw materials and the<br />
establishment of hospitals and ambulatory surgical centers for cancer patients.<br />
Prominent players operating in the radiopharmaceutical market include Advanced Accelerator<br />
Applications (AAA), Eckert & Ziegler, GE Healthcare, IBA Radiopharma Solutions, Lantheus<br />
Holdings, Inc., Mallinckrodt plc., Nordion, Inc., Siemens Healthineers, and Positron Corporation.
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evolving <strong>Radiopharmaceutical</strong> <strong>Market</strong> during 2016- 2024<br />
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