Nuclear Medicine Radiopharmaceuticals Market Set to Register 9.3% CAGR During 2016-2021

The nuclear medicine/radiopharmaceuticals market is projected to reach USD 7.27 billion by 2021 from USD 4.67 billion in 2016, growing at a CAGR of 9.3% in the next five years (2016 to 2021). Over the years, the nuclear medicine/radiopharmaceuticals market has witnessed various advancements in radiopharmaceuticals. The market is in its growth phase with an increasing number of radioisotope approvals for different clinical indications. Ra-223, I-131, and Y-90 ensured their leading position in the nuclear medicine therapeutic market.

 

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Factors such as advances in radiotracers and increasing incidence and prevalence of cancer and cardiac ailments, introduction of alpha emitters for targeted cancer therapy, high demand for radiopharmaceuticals in emerging markets, upcoming radioisotopes, and increasing new product launches by industry players are expected to drive the nuclear medicine/radiopharmaceuticals market in the coming years. However, the shutdown of major nuclear reactors, which are the main source for radiopharmaceutical production, is a major challenge for the growth of the market.

 

In 2016, North America is expected to account for the largest share of the global nuclear medicine/radiopharmaceuticals market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is projected to have the highest growth rate in the forecast period. Factors such as the increasing geriatric population and incidence of cardiovascular diseases & cancer in China & Japan, installation of PET scanners in India, and approval of radium (223Ra) dichloride by the therapeutic goods administration (TGA) in Australia are likely to propel the market in the Asia-Pacific region.

 

The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (expansions; new product launches; marketing and promotion; agreements, collaborations, partnerships, and funding; patent approval to increase their market shares and establish a strong foothold in the global market.

 

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In-depth interviews were conducted with CEOs, sales and marketing directors, other innovation and technology directors, and executives from various key organizations operating in the nuclear medicine/radiopharmaceuticals market

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 By Company Type: Tier 1: 32%, Tier 2: 39%, Tier 3: 29%

 By Designation: Director Level: 38%, C-level: 28%, Others: 34%

 By Region: North America: 30%, Europe: 27%, APAC: 33%, RoW: 10%

 

Some of the major players in the nuclear medicine/radiopharmaceuticals market include Cardinal Health Inc. (U.S.), Mallinckrodt plc (Ireland), GE Healthcare (U.K.), Lantheus Medical Imaging, Inc. (U.S.), Bayer AG (Germany), Bracco Imaging S.p.A (Italy), Eczacibasi-Monrol Nuclear Products (Turkey), Nordion, Inc. (Canada), Advanced Accelerator Applications S.A. (France), and IBA Molecular Imaging (Belgium).

 

Related Report:

 

Global Radiopharmaceutical Market Analysis 2012-2017 and Forecast 2018-2023

Radiopharmaceuticals are radioactive compounds administered to the patient, and monitored via specific imaging devices, for diagnosis and therapeutic purposes. It is composed of a radioisotope bond to an organic molecule. The organic molecule conveys the radioisotope to specific organs, tissues or cells. The radioisotope is selected for its properties. Radiopharmaceuticals are used in the field of nuclear medicine as radioactive tracers in medical imaging and in therapy for many diseases (for example, brachytherapy). Many radiopharmaceuticals use technetium-99m (Tc-99m) which has many useful properties as a gamma-emitting tracer nuclide.

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