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(Hosting-NewsWire.com, January 22, 2018 ) MarketResearchFuture.com adds “Radio Pharmaceutical Market -2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2022” reports to its database.
The report titled “Radio Pharmaceutical Market -Forecast to 2022″ is a direct appreciation by Market Research Future of the market potential of the Radio Pharmaceutical Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market!
Market synopsis of Radio Pharmaceutical Market
Radiopharmaceuticals are drugs utilized for therapeutic or diagnostic by taking advantage of the contrast between the normal biological fluids and tagged biological fluids. Radiopharmaceuticals are used as radioactive tracers in medical imaging and in therapy for many diseases. The global market for Radiopharmaceutical is expected to reach USD 3000 billion by the end of the forecasted period and is expected to grow at a CAGR of 9.0 %. Radioiodine, introduced in 1946 was the first successful application of radiopharmaceuticals for the treatment of thyroid cancer, and remains the most efficacious method for the treatment of hyperthyroidism and thyroid cancer.
Key Players for Radio pharmaceutical Market:
Some of the key players in this market are: GE Healthcare (UK), Merck & Co., Inc. (US), Jubilant Pharma. LLC (India), Bracco Imaging S.p.A (US), Eczacibasi-Monrol (Turkey), Bayer Pharma AG (Germany), IBA Molecular Imaging (United States), Mallinckrodt Pharmaceuticals (US), Siemens Health and others.
A large market for radiopharmaceuticals is captive market owing to government agencies and organizations. Research also occupies a large market as radiopharmaceuticals are immensely popular as detecting tools in many industries. For example, radiological compounds are used for detecting fine leaks in numerous industry structures, such as oil and gas industry. The global radiopharmaceuticals market is highly consolidated with a few advanced companies dominating the market. The top players account for over 85 % market share. GE Healthcare and Siemens Health accounts for the largest share of the global market in 2016. Thus reputation of the company and its distribution network along with the after sales support provided are strong factors for any players.
Market dynamics of Radio Pharmaceutical Market
The market for radiopharmaceuticals is rising because of factors such as growing use of positron emission tomography, introduction of new diagnostic radiopharmaceuticals, rise in cases of cancer and others.
The market constraints are high cost of maintenance of facilities, security concerns regarding the transport of radiopharmaceuticals, import and export restrictions, increasing stringency of current good manufacturing practices (cGMP), lack of well qualified personnel, technically demanding nature of the radiopharmaceuticals, and others.
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Segments of the Radio Pharmaceutical Market
Global Radiopharmaceutical market has been segmented on the basis of types which comprises of therapeutic and diagnostic radiopharmaceuticals, which majorly includes, PET, SPECT, Beta emitter, among others. On the basis of end users the market is divided into; hospitals, clinics, research facilities and others. On the basis of application market is divided into; cardiology, thyroid, oncology, neurology and others
Among all radiopharmaceuticals Technetium is the most widely used especially in diagnostics. Technetium accounts for over 80% of the global supply of radiopharmaceuticals in diagnostics and this percentage share is expected to remain stable for the foreseeable future. The development of short lived technetium as the daughter product of the long lived molybdenum-99 is one of the major factors driving its strong share. The increasing use of PET in regular diagnostic imaging is driving the use of PET radiopharmaceuticals, particularly fluorine-18. The redesigning of the technetium-99m complex has led to its application for imaging the blood flow in the heart and the brain, which has blown its use and demand. Thus technological and product development is the most important strategy for market domination. Other radiopharmaceuticals such as Gallium-68 and Lutetium 177 are likely to witness substantial growth.
Regional Analysis of Radio pharmaceutical Market:
Globally North America is the largest and lucrative market for radiopharmaceutical. North America accounted for more than 50% of the market share and is expected to maintain its market share over the forecast period. The North America was valued at approximately USD 1 Billion in 2016. However the growth is stagnant due to major reactors been shut down in Canada. The North American radiopharmaceutical market is growing at a significant pace because of increasing preference of targeted cancer therapy because of which the radiopharmaceuticals are growing in demand. The U.S. market also has a large number of cancer treatment centres and diagnostics centres. The presence of large technologically advanced companies of the U.S. also gives it an edge over the other nations. Europe is the second-largest market for radiopharmaceutical dominated by France and Germany. However there is a definite shifty of the market towards the Asia Pacific region, most notably China and India. Asia pacific is expected to be a fastest growing market.
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