BANGALORE, India, April 13, 2020 /PRNewswire/ -- The global nuclear medicine/radiopharmaceuticals market size is estimated at USD 5.762 billion in 2020 USD and projected to reach 9.934 billion by the end of 2026, rising at a CAGR of 8.0% in 2021-2026.
Radiopharmaceuticals are radioactive materials which are administered to the patient and tracked for diagnostic and therapeutic purposes by different imaging tools. It is composed of a bond between the radioisotope and an organic molecule. The organic molecule transfers the radioisotope to specific organs, tissues, or cells. The radioisotope is selected according to its properties.
Nuclear Medicine/Radiopharmaceuticals are used for various diseases (for example, brachytherapy) in the field of nuclear medicine as radioactive tracers in medical imaging and therapy. Technetium-99m (Tc-99m) has a number of useful properties, including a gamma-emitting tracer nuclide, making it particularly essential for radiopharmaceuticals.
The global revenue of the radiopharmaceuticals market was estimated at 4.546 Billion USD in 2016, with a sale of about 130 million doses.
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TRENDS INFLUENCING THE RADIOPHARMACEUTICALS MARKET SIZE
● Increase in the number of cancer cases and cardiovascular disease, growing demand for targeted cancer treatment dependent on alpha radioimmunotherapy, increasing demand for nuclear imaging techniques, and developments in radiotracer treatment are anticipated to boost the radiopharmaceuticals market size.
● Radiopharmaceuticals play an important role in the treatment of different diseases by providing a deeper understanding of the staging of diseases. Radiopharmaceuticals linked to chemical compounds allow the analysis of a particular physiological cycle. Advantages such as high efficacy and noninvasive external monitoring are expected to increase the radiopharmaceuticals market size.
● Other reasons attributed to its continued increase in radiopharmaceuticals market size include increasing R&D activities, especially in developing economies, and expanding the reach of radiopharmaceutical applications such as thyroid, oncology, and bone pain palliations.
RADIOPHARMACEUTICALS MARKET SHARE ANALYSIS
● North America is expected to hold the largest radiopharmaceuticals market share. The significant share can be attributed to the advancement of innovative technologies in the region for the manufacture of radioisotopes, government support, and company initiatives.
● During the forecast period, the Asia-Pacific radiopharmaceutical market is expected to expand at the fastest pace due to increased patient awareness of cardiovascular diseases and oncology.
● The oncology segment has contributed more than half of the market share in the overall market for radiopharmaceuticals. It is projected to maintain the same trend during the forecast period due to a constant rise in the number of cancer cases.
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RADIOPHARMACEUTICALS MARKET SEGMENT BY TYPE
- Diagnostic Radioisotopes
- Therapeutic Radioisotopes.
RADIOPHARMACEUTICALS MARKET SEGMENT BY APPLICATION
THE MAJOR PLAYERS IN THE GLOBAL RADIOPHARMACEUTICALS MARKET INCLUDE:
- Bracco Imaging
- Triad Isotopes
- IBA Group
- GE Healthcare
- China Isotope & Radiation
- Jubilant Pharma
- Eli Lilly
- Advanced Accelerator Applications
SIMILAR REPORTS :
● Nuclear Medicine Equipment Market Report
It is estimated that the global nuclear medicine equipment market size will hit USD 2.647 billion by 2022 from USD 2.012 billion in 2015, rising from 2016 to 2022 at a CAGR of 3.9%. The nuclear medicine equipment market size is driven by the availability of high-quality equipment, expanded use of nuclear medicine equipment, and the introduction of new and advanced equipment.
Nuclear medicine equipment uses radioactive chemicals, which are either intravenously or orally inserted into the body in limited quantities, to diagnose and treat various diseases. By collecting the radiation from these nuclear drugs, nuclear medicine equipment produces images. This method is used to diagnose a disease at an early age, as it monitors molecular processes within the body. It is also used to look at the immediate reactions to therapeutic treatments.
● Therapeutic Nuclear Medicines Market Report
The global therapeutic nuclear medicines market size is projected at USD 1.208 billion in 2020 to hit USD 3.897 billion by the end of 2026, growing at a CAGR of 18.0% in 2021-2026.
Therapeutic nuclear medicines are a medicinal mixture composed of radioactive (radioisotope) compounds. Nuclear medical drugs are intended for treating cancer, metastatic bone pain, and other diseases. The radioactive content in therapeutic nuclear medicines can destroy the cancerous tissue, reduce the size of a tumor, and minimize pain.
The study offers an in-depth assessment of the growth and other aspects of the therapeutic nuclear medicines market in key regions. The report also offers information about key trends and major players that are dominating the market.
● Diagnostic Radiopharmaceuticals & Contrast Media Market Report
The global Diagnostic Radiopharmaceuticals & Contrast Media market size was USD 8.326 billion in 2019 and is expected to hit USD 10.260 billion by the end of 2026, with a CAGR of 3.0 % in 2021-2026.
The focus of this report is on the global Diagnostic Radiopharmaceuticals & Contrast Media Market future outlook, growth potential, key market, and key players. The aims of the study are to present the production of Diagnostic Radiopharmaceuticals & Contrast Media in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
● Diagnostic Nuclear Medicines Market Report
This study focuses on the volume and value of the Diagnostic Nuclear Medicines market at global, regional and enterprise levels. This report reflects the overall size of the Diagnostic Nuclear Medicines market from a global perspective by examining historical data and expectations for the future. The main regions this report covers are North America, Europe, China, and Japan, etc.
● Therapeutic Radioisotopes Market Report
This report studies the Therapeutic Radioisotopes market size of by players, countries, product types and end industries, historical data for 2014-2018 and forecast data for 2019-2025. Furthermore, the report also analyses the global competitive environment, market drivers and patterns, opportunities and challenges, risks and entry barriers, distribution channels, distributors and Porter's Five Forces Analysis.
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