Global Radiopharmaceutical Market Will Reach USD 5.78 Billion by 2026: Facts and Factors
According to Facts and Factors, he global radiopharmaceutical market in 2019 was approximately USD 3.88 Billion. The market is expected to grow above a CAGR of 6.1% and is anticipated to reach over USD 5.78 Billion by 2026.
Radiopharmaceutical is a category of radio-compounds that are commonly used as agents for therapy and diagnosis. The radiopharmaceuticals are formed by injection, inhalation or swallowing into the body. This radioactive material is gathered in the body’s targeted regions. Gamma camera perceives the signal in this phase and heads this microscopic emission into an electrical signal. Through using a large number of measurements of these electrical signals one can infer the gamma-ray discharge record of the radioactive nuclei.
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A significant factor in the growth of the radiopharmaceutical industry is increasing the prevalence of oncological diseases, neurological disorders and cardiovascular diseases worldwide. Increasing demand for radiopharmaceutics in therapeutics is expected to fuel market growth in the coming years. However, a major market limitation is the shorter shelf-life of radiopharmaceutics. However, increasing demand for radiopharmaceuticals in neurological applications is expected to pose new avenues for the major players on the market.
Radiopharmaceutical diagnostics dominated the global radiopharmaceutical market and furthermore its dominance over the forecast period is expected to continue. In addition, radiopharmaceutical PET and SPECT are the sub-segment of radiopharmaceutical diagnostics. Of such, PET is a most competitive market segment with more than 70 percent of the overall market share in 2019. PET provides precise and reliable information on spatial resolution, sensitivity, activity quantification, and the synthesis of physiologically useful body tracers. Consequently, this segment is expected to see lucrative growth over the coming years.
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Cardiology was the biggest segment of the global radiopharmaceutical market in 2019, based on the application category. In addition, this segment is expected to experience significant growth in the coming years. This development is due to the rise of heart disease and stroke across the globe. Physical inactivity, poor diet, and alcohol & nicotine addictions are the most important lifestyle risk factors of heart disease and stroke. This can lead to diseases such as high blood pressure, higher levels of blood glucose, high blood lipids, etc. Over the past few years, oncology has been the second largest market segment, and it is also expected to witness rapid growth in the near future. In addition, thyroid is projected to be the fastest-growing segment of the global radiopharmaceutical market in the coming years.
In 2019 North America led the radiopharmaceutical market. This represented over 35 percent of the overall market share. In 2019. Europe and Asia-preceded North America. Asia Pacific over the projected period is one of the fastest rising radiopharmaceutical markets. The markets in South America and the Middle East & Africa are projected to experience modest growth in the years ahead.
Top key players operating in the market are Lantheus Medical Imaging, Inc., Cardinal Health Inc., GE Healthcare, Nordion, Inc., Eczacibasi-Monrol Nuclear Products, Bracco Imaging S.p.A, Nihon Medi-Physics Co., Ltd., and Advanced Accelerator Applications S.A, Curium, and Others.
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This report segments the radiopharmaceutical market as follows:
Global Radiopharmaceutical Market: By Type Segmentation Analysis
- Alpha Emitters
- Beta Emitters
Global Radiopharmaceutical Market: By Application Segmentation Analysis
Global Radiopharmaceutical Market: Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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