The
global radiopharmaceuticals market is expected to garner $8,207.5 million by
2022.
The global radiopharmaceuticals market is poised to grow at a
significant pace, owing to growing demand for non-invasive techniques,
availability of effective cancer treatment, and ability to observe the
functioning of the organ from outside the body. Furthermore, increasing
incidence of cancer & cardiovascular aliments, growing demand for alpha
radio immunotherapy-based targeted cancer treatment, mounting call for nuclear
imaging techniques, and advancements in radiotracers are expected to open new
avenues in the radiopharmaceuticals market. Factors that are expected to drive
the use of radiopharmaceuticals include changing lifestyle, elevated levels of
stress, and ability to identify various diseases sooner than other diagnostic
tests. However, factors such as supply volatility & logistical challenges,
stringent regulatory vigil, and competition from conventional diagnostic
procedures are anticipated to impede the market growth.
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The oncology segment contributed more than half of the market share in
the overall radiopharmaceuticals market in 2015 and is expected to continue the
same trend owing to perpetual rise in the number of cancer cases. The SPECT
modality segment dominated the radiopharmaceuticals market in 2015, whereas the
PET modality segment is anticipated to grow at a comparatively higher CAGR of
8.3% from 2016 to 2022. PET segment is driven by better quality of image and
higher precision in diagnosis. Other reasons attributed to its sustained
dominance are growing R&D activities especially in developing economies and
widening scope of radiopharmaceutical applications such as thyroid, oncology,
and bone pain palliation.
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The Asia-Pacific radiopharmaceuticals market is expected to offer
lucrative growth opportunities during the forecast period owing to aging
population and increasing cancer incidences. The leading Asia-Pacific
countries, such as China, Japan, and Australia would exhibit a steady growth
rate.
The Major Key Players Are:
·
Mallinckrodt plc.
·
General Electric
·
Medtronic Inc.
·
Bayer AG
·
Cardinal Health Inc.
·
Lantheus Medical Imaging, Inc.
·
IBA Group
·
Bracco Imaging S.p.A.
·
NTP Radioisotopes SOC Ltd.
Key findings of
Radiopharmaceuticals Market:
- Therapeutics segment is projected to be the fastest growing segment
in the radiopharmaceuticals market, registering a CAGR of 16.9% from 2016
to 2022.
- SPECT modality segment is expected to dominate the
radiopharmaceuticals market in 2015 and expected to retain its position
throughout the study period.
- Thyroid application segment is expected to exhibit double-digit
CAGR of 11%.
- Oncology application segment is expected to continue to lead the
radiopharmaceuticals market, accounting for close to 60% share by 2022.
- Asia-Pacific is projected to be the fastest growing
radiopharmaceuticals market, registering a CAGR of 8.4%.
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