The report offers the market size, CAGR, and volume on regional basis and global scale. The report provides the comprehensive view and the detailed analysis of the market. Furthermore, it includes the driving forces, restraints, challenges, and the opportunities of the market. The research also describes the list of major manufacturer and its market’s share on global as well as regional level.
The global radiopharmaceutical market research also provides you the peek on the price trend analysis as well as its forecast price scenario. It also encompasses the detailed analysis of its upstream and downstream segment, production cost analysis and the trader as well as distributor analysis.
The global radiopharmaceutical market is segregated into type, application, and regional segments. The major products included diagnostic and therapeutic. The key applications included in the research are oncology, cardiology, neurology, thyroid, and others. The regional segmentation included North America, Europe, China, Japan, India, Southeast Asia and Rest of the World (ROW).
The key vendors of the global radiopharmacutical market are Cardinal Health Inc., Nihon Medi-Physics Co., Ltd., GE Healthcare, Lantheus Medical Imaging, Inc., Curium, Bracco Imaging S.p.A, Nordion, Inc., Eczacibasi-Monrol Nuclear Products, and Advanced Accelerator Applications S.A. and among others.
Major Segments of the Global Radiopharmaceutical Market are as follows:
Radiopharmaceutical is a pharmaceutical formulation composed of radioactive substances such as radioisotopes, radionuclide, etc. Radiopharmaceuticals are primarily used in clinical areas for diagnosis and therapies purposes. The radiopharmaceutical has different shelf life depending on the parameters including the radiochemical stability, the physical half-life of the radioisotope, and the content of longer-lived radionuclidic impurities in the preparation under consideration. For instance, technetium based preparations and positron emission tomography (PET) preparations are normally intended to be used within less than 12 hours (some within minutes) of preparation.
The global radiopharmaceutical market is primarily driven by growing demand for radiopharmaceutical due to the increasing incidences of neurological, cardiac, and cancer diseases across the globe. Surging demand for therapeutic isotopes owing to increase in the applications of these isotopes in oncology as these isotopes have minimal side effects as opposed to surgeries and chemotherapy. However, short half-life of radiopharmaceuticals is a major restraint for the market. Nevertheless, growing demand for radiopharmaceutical in neurological applications is expected to exhibit new avenues for the major players of the market.
Based on the segmentation, the global radiopharmaceutical market is segregated into type, application, and region. The global radiopharmaceutical market is classified into major types as diagnostic and therapeutic. Furthermore, diagnostic segment is further divided into SPECT and PET and therapeutic segment is divided into alpha emitters, beta emitters, and brachytheraphy. Based on applications, the global radiopharmaceutical market is segmented into oncology, cardiology, neurology, thyroid and others.
The major types of radiopharmaceutical market includes diagnostic and therapeutic. Among these, diagnostic segment is a dominating segment of the market. This segment accounted around 95% share of the total market in 2018. Moreover, it will maintain its dominance over the forecast period. Furthermore, the diagnostic segment is further segregated into SPECT and PET radiopharmaceutical. Among these, PET radiopharmaceutical led the total market in 2018. PET is used to monitor the metabolic processes in the patient’s body. System perceives the gamma rays which are discharged by a positron emitting radionuclide. SPECT radioisotopes are predicted to witness lucrative growth over the forthcoming years owing to surging prevalence of cardiovascular diseases. SPECT radiopharmaceutical is primarily used for diagnosis of thyroid, cancer, neurological disorders, and cardiovascular diseases. Nonetheless, the therapeutic segment is predicted to grow with a highest CAGR over the forecast period.
Based on various applications, the global radiopharmaceutical market is classified into oncology, cardiology, neurology, thyroid and others. Among all, cardiology segment held the largest share of the total market over the past decades. Moreover, it is further expected to continue its dominance over the market during to the future years. Moreover, thyroid application segment is expected to grow with highest CAGR in the near future. Oncology segment is the second largest segment of the market that contributes over 20% share of the market and it is predicted to exhibits the moderate growth during the years to come.
In terms of geographies, North America dominated the market of radiopharmaceutical in 2018. This growth is attributed to the high prevalence of cardiovascular diseases in the region. U.S. is a major contributor in the region. According to the World Health Organization (WHO), about 610,000 people die of heart disease in the United States every year that’s 1 in every 4 deaths. The main reason of this cause is high blood pressure, high cholesterol, and smoking. About half of Americans (47%) have at least one of these three risk factors. Europe is a second largest market for radiopharmaceutical. Asia Pacific is predicted to be the fastest growing market for radiopharmaceutical during the upcoming years.
Some of the major players of the global radiopharmaceutical market include Cardinal Health Inc., Nihon Medi-Physics Co., Ltd., GE Healthcare, Lantheus Medical Imaging, Inc., Curium, Bracco Imaging S.p.A, Nordion, Inc., Eczacibasi-Monrol Nuclear Products, and Advanced Accelerator Applications S.A. among others.