MRFR offers a Phenomenal Analysis of Radiopharmaceuticals Market by Segmentation, Regional Analysis, Top Companies, Scope, and Applications.
— Radiopharmaceuticals Market - Overview
Global Radiopharmaceuticals Market to grow at a solid CAGR of 8.7% over the 2017-2023 forecast period due to the growing demand for radiopharmaceuticals in diagnostic as well as therapeutic applications in the healthcare sector.
As the healthcare industry is moving towards the personalized approaches, the role of radiopharmaceutical is also increasing. The radiopharmaceutical is acting as an all-rounder radiopharmaceutical from diagnosis to treatment for various chronic diseases such as cancers and other neurological disorders, which has provided an impetus to the market. Demand for radiopharmaceuticals is growing due to raising awareness about availability of radiation and radioisotopes in medicine, particularly for diagnosis and therapy for various chronic conditions. In developed countries about one person in 50 uses diagnostic nuclear medicine every year, and the demand for therapy with radioisotopes is about one-tenth of this. Radiopharmaceuticals use radiation to provide diagnostic information about the functioning of a person's specific organs while radiotherapy can be used to treat some medical conditions, especially cancer, used to weaken or destroy particular targeted cells.
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In Q3 2018, Novartis (Advanced Accelerator Applications) acquired two new radioisotope drugs – Lu-PSMA-617 from Endocyte and FF-10158 from Fujifilm Toyama Chemical.
Leading players in the global radiopharmaceuticals market include Jubilant Life Sciences Ltd., Sun Pharmaceutical Industries Ltd., Cardinal Health Inc., GE Healthcare, Advanced Accelerator Applications SA (owned by Novartis), Nordion Inc., Bracco Diagnostic Inc., Avid Radiopharmaceuticals, IBA Dosimetry GmbH, Canadian Nuclear Laboratories, Mallinckrodt Pharmaceuticals, Lantheus Medical Imaging Inc., Medtronic, Bayer AG, and Siemens AG.
In a similar manner as X-rays, these radioisotopes help physicians diagnose a number of diseases. In contrast, radioisotopes that emit short-range particles such as alpha and beta particles are used in therapeutic applications, as short-range particles “burn up”, i.e. lose their energy, over relatively short distances, allowing spectacular results in terms of cell destruction on a highly local scale. Radioisotopes of the latter kind also stay for longer periods of time in the human body, allowing for prolonged treatment.
The growing prevalence of cancer is the primary driver for the global radiopharmaceuticals market, as cancer treatment accounts for the majority of the application of radiopharmaceuticals in the healthcare sector. Growing investment in cancer research in a number of countries round the world is likely to remain a major driver for the radiopharmaceuticals market over the forecast period, as many countries have started to take the threat of cancer seriously following a steady rise in the prevalence of many cancer types. On the other hand, the high cost of radiopharmaceuticals and the risks of using radiopharmaceuticals in therapeutic applications are likely to hamper the growth prospects of the global radiopharmaceuticals market over the forecast period.
The global radiopharmaceutical market is segmented based on type, type of test, application, route of administration, end user, and region.
By type, the market for radiopharmaceuticals is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. The diagnostics segment is further sub-segmented into SPECT radiopharmaceuticals and PET radiopharmaceuticals; the SPECT radiopharmaceuticals segment is further sub-segmented into technetium-99m, thallium-201, iodine-123, and others, while The PET radiopharmaceuticals segment is further sub-segmented into F-18, rubidium-82, and others.
The therapeutic radiopharmaceuticals segment is further sub-segmented into beta emitters, alpha emitters, and brachytherapy. The beta emitters segment is further sub-segmented into iodine-131, yttrium-90, samarium-153, rhenium-186, lutetium-177, and others. The brachytherapy segment is sub-segmented into iodine-125, iridium-192, cesium-131, and others.
By type of test, the market is segmented into myocardial perfusion scan, lung scan, bone scan, white blood cell scan, gallium scan, renal nuclear medicine scan, parathyroid scans, hepatobiliary scans, cerebral perfusion scan, and others. The myocardial perfusion scan segment is further sub-segmented into technetium-99m, thallium-201, rubidium-82, and others. The lung scan segment is further sub-segmented into xenon-133, krypton-81m, and others. The bone scan segment is further sub-segmented into technetium-99m, fluoride-18, and others. The white blood cell scan segment is sub-segmented into indium-111 and others.
By application, the market is segmented into oncology, cardiology, neurology, urology, and others. The oncology segment is further segmented into prostate cancer, bone cancer, breast cancer, and others. The cardiology segment is further segmented into coronary artery disease, cardiomyopathy, and others. The neurology segment is further segmented into traumatic brain injury, stroke, Alzheimer’s disease, and others. The urology segment is sub-segmented into acute pyelonephritis, congenital renal anomalies, and others.
By route of administration, the market is segmented into oral, intravenous, and others.
By end user, the market is segmented into hospitals, diagnostic centers, research institutes, and others.
The global radiopharmaceuticals market is segmented by geography into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is the dominant regional segment of the global radiopharmaceuticals market and is likely to remain the leading contributor to the global market due to the high prevalence of cancer as well as other neurological and cardiovascular diseases in which radiopharmaceuticals are used in some capacity. The increasing investment in cancer research in the Americas, particularly the U.S., is likely to be a major driver for the radiopharmaceuticals market in the region over the forecast period.
Moreover, Asia Pacific is likely to be the fastest growing regional market due to the growing prevalence of cancer and the growing awareness about SPECT and PET systems.
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Major TOC of Radiopharmaceutical Market Research Report – Forecast to 2023:
1 Report Prologue
2 Executive Summary
3 Market Introduction
4 Research Methodology
5 Market Dynamics
6 Market Factor Analysis
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