- The global radiopharmaceutical market is projected to reach at $6.2 billion in 2027.
- The market is growing at CAGR of 6.12% between 2019 and 2027.
- Rapidly growing demand for radiopharmaceutical in therapeutics is expected to fuel the market growth over the future years.
Radiopharmaceutical is a group of radio-compounds which are extensively used as therapeutic and diagnostic agents. The radiopharmaceutical substances are established into the body through injection, inhalation or swallowing. This radioactive drug gets collected in the targeted areas of the body. In this process, gamma camera perceives the signal and heads this microscopic radiation into an electric signal. By utilization a large number of readings of these electric signals, one can conclude the record of the radioactive nuclei accountable for the discharge of gamma rays.
The Global Growth in the prevalence of cardiovascular diseases, neurological diseases and oncological diseases across the globe is a major factor for the growth of radiopharmaceutical market. Rapidly growing demand for radiopharmaceutical in therapeutics is expected to fuel the market growth over the future years. However, short shelf-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.
Diagnostics radiopharmaceutical dominated the global radiopharmaceutical market and furthermore, it is predicted to continue its dominance over the forecast period. Moreover, PET and SPECT radiopharmaceuticals are the sub-segment of the diagnostic radiopharmaceutical. Among these, PET is a most attractive segment of the market which is accounted for over 70% share of the total market. PET offers precise and accurate information of spatial resolution, sensitivity, quantification of activity, and synthesizing physiologically useful tracers of the patient’s body. Thus, this segment is likely to witness the lucrative growth during the next few years.
Based on the application segment, cardiology was the largest segment of the global radiopharmaceutical market in 2018. Moreover, this segment is predicted to experience the significant growth in the forthcoming years. This growth is attributed to the increase in the occurrence of heart diseases and stroke across the globe. The most imperative behavioral risk factors of heart disease and stroke are physical inactivity, unhealthy diet, and alcohol & tobacco addictions. This can cause to diseases such as high blood pressure, rise in high blood glucose level, high blood lipids, etc. Oncology is the second largest segment of the market during the past few years and further it is also likely to exhibit exponential growth in the near future. Furthermore, thyroid is predicted to be the fastest growing segment of the global radiopharmaceutical market during the years to come.
North America led the market of radiopharmaceutical in 2018. It accounted for more than 35% of the total market share. North America was followed by Europe and Asia Pacific in 2018. Europe is second largest market, 90% larger European PET centers uses the 2-[18f] fluoro-2-deoxyglucose radioisotopes for more than 200 applications per week. Asia Pacific is one of the fastest growing markets for radiopharmaceutical during the forecast period. South America and Middle East & Africa markets are expected to witness the moderate growth over the future 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.