Market Research Reports and IndustryThis report covers the present scenario and the growth prospects of the global radiopharmaceuticals market for 2017-2021. To calculate the market size, the report considers the sales of radiopharmaceuticals.
As per the findings of a report added by Radiant Insights, Inc.; the global radiopharmaceuticals market is anticipated to post a significant CAGR during the forecast period (between 2017 and 2021). Globally, radiopharmaceuticals are acknowledged for their high-level of efficiency and accuracy. Technological advancements allowing the application of radio-labeled peptides and monoclonal antibodies for diagnostics and therapeutics purposes may further escalate the growth of the market.
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Growing burden of neurological disorders and other chronic diseases such as cancer and cardiac disorders is one of the primary factors that can stimulate the market growth. Several healthcare units use Positron Emission Tomography (PET) imaging instruments and Single Photon Emission Computed Tomography (SPECT) to diagnose brain disorders. Besides this, nuclear medicines are also used in the treatment of cancer and cardiac ailments. The growth of the market can also be triggered by constant advancements in radiotracers.
On the other hand, high installation cost of nuclear medicine equipment can adversely affect the growth of the market. This is further compounded by the shutdown of various nuclear reactors worldwide. Moreover, shorter half-life of radiopharmaceuticals can limit the market from realizing its utmost potential.
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Emerging trend of strategic partnerships for the development of radiopharmaceuticals is expected to bode well for the market in the long run. These partnerships will help in increasing the production rate of low-cost nuclear medicines. For instance, in September 2017, the State Atomic Energy Corporation (ROSATOM) of Russia joined hands with Thailand-based Kinetics Corporation Ltd to supply cyclotron complex with radiochemical laboratories for the production of radiopharmaceuticals. Apart from this, emerging economies may offer ample growth opportunities owing to their advancing healthcare infrastructure.
The global radiopharmaceuticals market is divided on the basis of application and geography. Based on application, the market is bifurcated into diagnostics and therapeutics. Demand for radiopharmaceuticals is likely to remain high for diagnostic applications in the near future, as they allow professionals to analyze cells, tissues, or organs of interest.
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From the geographical standpoint, the market is fragmented into Americas, Asia Pacific, and Europe, Middle East, and Africa (EMEA). Americas will account for a substantial share in the global arena. Increasing investments in research and development activities in the healthcare industry are providing a significant upthrust to the market in the region. Growing popularity of diagnostics using radioisotopes for detection of chronic disorders such as cancer is also likely to supplement the growth of the region. Besides this, rising funding by pharmaceutical companies and research organizations in the oncology domain may boost the application of nuclear medicines for cancer treatment in the region.
Asia Pacific is anticipated to register a noteworthy CAGR during the forecast period. Increased deployments of PET scanners and growing production of radiopharmaceuticals for therapeutic purposes are expected to contribute to the growth of the region. Improving healthcare infrastructure in emerging economies coupled with increasing consumer expenditure on healthcare can propel the market in the region.
Some of the key companies operating in the radiopharmaceuticals market are GE Healthcare, ABT Molecular Imaging, Cardinal Health, Bayer, and Lantheus Medical Imaging, and Piramal Imaging.
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