Radiopharmaceuticals are radioisotopes used for the therapeutic and diagnosis purposes and play a crucial role in the medical diagnosis. Radiopharmaceutical can be used with imaging devices to study the dynamic processes taking place in various parts of the body. The global radiopharmaceutical market likely to attain USD 10,473.88 Mn at a CAGR of 8.7% over the forecast period of 2017-2023. The key factors influencing the growth of the global radiopharmaceutical market include the massive shift of the healthcare industry towards a personalized approach towards diagnosis and treatment.

Widespread prevalence of chronic diseases such as cancer, cardiovascular diseases and others have generated huge demand for treatment and diagnosis which has provided an impetus to the growth of the market. In addition, growing incidence rate of oncology diseases creates the need for cancer management which is anticipated to be plus for the growth of the global radiopharmaceutical market. On the other hand, risks associated with radiopharmaceuticals are expected to e hurdle to the growth of the global radiopharmaceutical market. Low feasibility of treatment and high costs of devices might also impede the growth of the market over the forecast period.

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Competitive Landscape

The key players in the global radiopharmaceutical market include Medtronic, Canadian Nuclear Laboratories (CNL), Jubilant Life Sciences Ltd., Lantheus Medical Imaging, Inc., Bayer AG, Advanced Accelerator Applications S.A., Bracco Diagnostic Inc., Mallinckrodt Pharmaceuticals, General Electric Company (GE Healthcare), Cardinal Health Inc., IBA Dosimetry GmbH, Siemens AG, Nordion, Inc., Sun Pharmaceutical Industries Ltd., and Avid Radiopharmaceuticals.

Industry Updates

In January 2019, RadioMedix Inc., a biotechnology company focused on targeted radiopharmaceuticals and Curium, a leader in radiopharmaceuticals, announced that FDA has granted Fast Track designation to their diagnostic radiopharmaceutical, 64Cu-Dotatate.

Segmentation

The global radiopharmaceutical market has been segmented based on type, type of test, application, route of administration, and end user.

By type, the global radiopharmaceutical market has been segmented into diagnostic type radiopharmaceuticals and therapeutic type radiopharmaceuticals. The diagnostic type radiopharmaceutical segment has been further segmented into SPECT radiopharmaceutical and PET radiopharmaceutical. The SPECT radiopharmaceutical sub segment has been further segmented into Technetium-99m, Thallium-201, Iodine-123, and others. The PET radiopharmaceutical sub segment has been further segmented into F-18, Rubidium-82, and others.

The therapeutic type radiopharmaceutical segment has been further segmented into beta emitters, alpha emitters, brachytherapy. The beta emmiters sub-segment has been further segmented into Iodine-131, Yttrium-90, Samarium-153, Rhenium-186, Lutetium-177, and others. The brachytherapy sub segment has been further segmented into Iodine-125, Iridium-192, Cesium-131, and others.

By type of test, the global radiopharmaceutical market has been segmented into bone scan, white blood cell scan, myocardial perfusion scan, lung scan, parathyroid scans, hepatobiliary scans, gallium scan, renal nuclear medicine scan, cerebral perfusion scan and others. The bone scan segment has been further segmented into Technetium-99m 1st, fluoride-18 2nd, and others. The Myocardial Perfusion Scan segment has been further segmented into Technetium-99m, Thallium-201, Rubidium-82, and others. The lung scan segment has been further segmented into Xenon-133, Krypton-81m, and others. The white blood cell scan segment has been further segmented into Indium-111 and others.

By application, the global radiopharmaceutical market has been segmented into oncology, cardiology, neurology, urology, and others. The oncology segment has been further segmented into prostate cancer, bone cancer, breast cancer and others. The cardiology segment has been further segmented into coronary artery disease, cardiomyopathy and others. The neurology segment has been further segmented into traumatic brain injury, stroke, Alzheimer’s disease and others. The urology segment has been further segmented into acute pyelonephritis, congenital renal anomalies, and others.

By route of administration, the global radiopharmaceutical market has been segmented into oral, intravenous and others.

By end user, the global radiopharmaceutical market has been segmented into hospitals, diagnostic centres, research institutes and others.

Regional Analysis

By region, the global radiopharmaceutical market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas and Europe collectively account for the foremost share of the global market. High healthcare expenditure, robust healthcare sector and prevalence of chronic diseases in these regions such as cancer, coronary disorders, stroke among others are driving the market in theses region. High investment in R&D activities and presence of huge patient pool and market players augur the growth of these markets. The Americas is the larges market while Europe follows the Americas closely. APAC is poised to be the fastest growing market for radiopharmaceuticals. Expanding patient population base, surging prevalence of chronic diseases stimulate the growth of the market. High healthcare spending in the emerging economies of the region coupled with rising awareness which generate huge demand for diagnostics has fueled the growth of the market in the region.

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