Radiopharmaceuticals are pharmaceutical formulations comprising radioactive isotopes that are used in diagnosis and therapeutics. They are simple and small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac & neurological disorders. The conventional chemotherapy methods are being replaced by more convenient therapeutic radiopharmaceuticals for oncology and cancer treatment, which opens up new avenues in the radiopharmaceuticals market. Moreover, it not only helps physicians during diagnosis, but also works as a convenient and safer alternative for patients as compared to X-Rays and other external radiation imaging devices. Radiopharmaceuticals, also known as nuclear medicines, are used in applications such as lymphoma and bone metastasis. F-18, Tc-99, Ga-67, and I-123 are some of the nuclear medicines used in diagnostic procedures, while I-131, Ir-192, Y-90, I-125, Lu-177, and Ra-223 are used in therapeutics procedures.
The world radiopharmaceuticals market is expected to generate a revenue of $8,207.5 million by 2022, the market is currently in its growth stage driven by increasing number of cancer cases and rising awareness about nuclear medicine. Convenience of the treatment with minimally invasive techniques attracts more patients towards radiopharmaceuticals mode of treatment as compared to chemotherapy. The factors that drive the Radiopharmaceuticals Industry include increasing incidence of cardiac patients and adoption of clear imaging technique, with the help of diagnostic equipment such as PET and SPECT. The factors that restrain the growth of the market include supply shortages, logistical difficulties, and limited number of trained medical personnel.
The report segments the radiopharmaceuticals industry on the basis of type, modality, application, end user, and geography. On the basis of type, the market is segmented into diagnostic, therapeutic, and research. Based on modality, the nuclear medicine market is segregated into SPECT, PET, alpha emitters, beta emitters, and brachytherapy. According to application, the market is classified into oncology, cardiology, neurology, thyroid, and others. The geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the highest revenue generating region accounting for about 35.1% of the total market and is projected to grow at a high CAGR of 8.4% during the forecast period.
Comprehensive competitive analysis and profiles of major market players such as Mallinckrodt plc., General Electric Co. (healthcare division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., and IBA Group is also provided in this report.
KEY BENEFITS FOR STAKEHOLDERS:
NEUCLEAR MEDICINE/ RADIOPAHRMACEUTICALS MARKET KEY SEGMENTS:
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