Global Radiopharmaceuticals Market is expected to reach USD 9.49 billion by 2024 from USD 4.87 billion in 2016, at a CAGR of 8.7% in the forecast period 2017 to 2024
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Radiopharmaceuticals are a group of pharmaceuticals drug which have radioactivity. It can be used as diagnostic and therapeutic agent.
Radiopharmaceuticals are unique medicinal formulations containing radioisotopes which are used in major clinical area for diagnosis or therapy.
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This licensing includes compliance both with governing radioactive materials and with those regulations governing pharmaceutical preparations. Additional regulations may apply for issues such as transportation or dispensing of radiopharmaceuticals.
The global market is segmented based on type, procedural volumes, application, sources, end-user,and geography.
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On the basis of type, the global radiopharmaceuticals market is sub-segmented into diagnostic and therapeutic radiopharmaceuticals. In 2017, diagnostic radiopharmaceuticals segment dominate the market and is expected to grow at the highest in the forecast period.
On the basis of procedural volumes, the global radiopharmaceuticals market is sub-segmented into diagnostic procedures and therapeutic procedures. Diagnostic procedures are further sub-segmented into single-photon emission computed tomography (SPECT) radiopharmaceuticals and positron emission tomography (PET) radiopharmaceuticals.
On the basis of application, the global radiopharmaceuticals market is sub-segmented into diagnostic application and therapeutic application. Diagnostic application are further sub-segmented into single-photon emission computed tomography (SPECT) and positron emission tomography (PET).
Single-photon emission computed tomography (SPECT) includes cardiology, lymphoma, thyroid, neurology and others. Positron emission tomography (PET) includes oncology, cardiology, neurology and others.
On the basis of sources, the global radiopharmaceuticals market is sub-segmented into nuclear reactors and cyclotrons.
On the basis of end user, the global radiopharmaceuticals market is sub-segmented into hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutesand others
Based on geography, the market is segmented into five geographical regions:
- North America
- South America
- Middle East and Africa.
The geographical regions are further segmented into 29 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and others.
North America is expected to dominate the radiopharmaceuticals market with more than 42.5%market share with a share of 4.7% followed by Europe and Asia-Pacific. However the Asia-Pacific region is expected to grow at the highest CAGR in the forecast period 2017 to 2024.
This can be due to the rising demand of PET scanners and high production of radiopharmaceuticals for therapeutic purposes in India, aging population, rising patient awareness, increasing healthcare expenditure in Japan and China, and initiatives by the Australian government.
Some of the major players operating in this market are
- Nordion Inc.,
- Advanced Accelerator Applications S.A.
- IBA Molecular Imaging
- Positron Corporation
- NTP Radioisotopes Pty. Ltd.
- Advanced Medical Isotope Corporation
- Avid Radiopharmaceuticals, Jubilant Pharma
- Actinium Pharmaceuticals Inc.
- AREVA Meds,Immunomedics Inc.
- Merck& Co., Inc.
- PETNET Solutions Inc.
- Eckert & Ziegler
- Siemens Healthcare
- Positron Corporation
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