Radiopharmaceuticals Market Grows On Back Of Rising Incidents of Oncological and Cardiovascular Disorders, Says FMI
Radiopharmaceuticals ensure effective and non-invasive diagnosis of diseases by delivering accurate insights regarding disease staging. The World Nuclear Association suggests that radioisotopes are prominent in above 10, 000 healthcare centers globally for treating infectious diseases, and neurological disorders. Prevalence of such illnesses along with increasing need for efficient diagnostic methods drive worldwide radiopharmaceuticals market.
Market players are eyeing North America for worthwhile prospects owing to rising incidents of nuclear medicine procedures in the US. FMI, in its recent market study, reveals that global radiopharmaceuticals market is projected at a promising CAGR of ~5% over forecast period (2019-2029).
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Technitium-99 Remains Highly Preferred
FMI finds that technetium-99 will observe noteworthy traction in radiopharmaceuticals market through 2029. Demand growth of technetium-99 is set to owing to its prolonged half-life, allowing to perform medical examinations on patients. Derived from Mo-99, technitium-99 is utilized in majority of total diagnostic imaging techniques in nuclear medicine. Myocardial perfusion imaging (MPI) requires technetium-99 for detection and diagnosis of coronary artery disease.
However, technetium-99 is not economically feasible and is subject to vulnerable supply chain logistics. Manufacturers are developing techniques to produce technetium-99 without the need for uranium targets. In, addition they are collaborating with irradiation facilities for backup production and supply of Mo-99 in case of shutdowns.
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Noteworthy Application in Oncology and Cardiology
Adoption of radiopharmaceuticals remain maximum in oncology and cardiology applications, reveals FMI. As per the Healthcare Quality Improvement Partnership (HQIP) report, about 9,200 new cases of head and neck cancers are diagnosed in England and Wales annually. While the American Heart Association discovers that cardiovascular diseases account for nearly 17 million mortalities every year. Prevalence of such diseases is expected to increase in near future. Demand for radiopharmaceuticals among radiologists to address various disorders is surging owing to benefits of targeted therapy.
Increasing Adoption of Cyclotron-Based Radiopharmaceuticals
This FMI study suggests that radiopharmaceuticals produced via cyclotrons are expected to maintain their supremacy throughout forecast period, holding over two-third market share. Cyclotrons generate isotopes affluent in protons, as such, they are used in radiotherapy, and SPECT imaging methods. Cyclotron-based radiopharmaceuticals aid in monitoring highly specific activities via nuclear transformations. Further, cyclotron enhances the possibility of on-demand and on-site production of radioisotopes as per requirement, thereby boosting market for radiopharmaceuticals.
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Analysts at FMI suggest that “Ongoing developments in Positron Emission Tomography (PET) radiopharmaceuticals are leading to innovative and customized medications. Various nuclear medicine physicians are recommending establishment of centralized radio-pharmacies to check quality assurance for radiopharmaceuticals.”
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