Radiopharmaceutical Market Opportunity will Rise to US$7,430.8 million by 2024

The strong prevalence of cancer and cardiovascular diseases, growing awareness regarding its positive effects, increasing preference of SPECT and PET scans, and advancements in radiotracers are some of the key drivers of the radiopharmaceuticals market. On the other hand, factors such as stringent regulatory guidelines, supply shortage of radioisotopes, and short half-life of radiopharmaceuticals are hindering the market from flourishing.

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On the basis of radioisotope, the radiopharmaceutical market has been segmented into Gallium-67, Technetium-99, Rubidium-82, 18F, Iodine-123, Lutetium-177, and Yttrium-90. Among these, the Technetium-99 segment continues to be the one with maximum demand, generating a revenue of US$2,582.6 million in 2017. Technetium-99 is the most widely used radioisotope in nuclear medicine and nearly 70% to 80% of it is being used as a diagnostic nuclear medicine. Technetium-99 is a short-lived radioisotope (half-life of 6 hours) when produced from molybdenum-99 inside a nuclear reactor.

This report on the radiopharmaceutical market analyzes the current and future scenario of the global market. Increase in incidence of various diseases, development of new sources for radioisotope production, and rise in demand for nuclear medicine are boosting the radiopharmaceutical market. Increase in incidence of cancer and cardiovascular diseases, growth in awareness about effective use of radiopharmaceuticals, and rise in preference for SPECT and PET scans are some of the factors expected to drive the growth of the global radiopharmaceutical market during the forecast period.

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Based on radioisotope, the market has been segmented into Technetium-99, Lutetium-177, Rubidium-87, Iodine-123, Yttrium-90, and Gallium-62. Technetium-99 is the most widely used radioisotope across the globe; around 70% of radiopharmaceutical companies depend on Mo-99 to produce Technetium-99, as per the World Nuclear Association. The market segments have been analyzed based on available approved products, cost-effectiveness, and preference for technological systems by physicians and patients. The market size and forecast for each of these segments have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2017 to 2024, considering 2016 as the base year.

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Under the end-user segment, hospitals plays a major role followed by ambulatory surgical centers, diagnostic centers, and others (such as universities, research laboratories, and pathology labs). The market size and forecast in terms of US$ Mn for each segment have been provided for the period from 2014 to 2024. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2017 to 2024, considering 2016 as the base year. Application segment signifies the usage of radiopharmaceutical products through different disease indication such as oncology, cardiology, neurology, nephrology, gastroenterology, immunology and others. Oncology segment is the dominant sector which emphasizes the use of different radioisotopes for treating various cancers and overcome the side effects of therapeutics. Brachytherapy is a sub segment of oncology application which signifies the methods of treating cancer through implants, surgery or radiation technology. The segment is expected to have a significant growth during the forecast period.

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