Global Radiopharmaceuticals Market Gaining from Rising Prevalence of Chronic Diseases
Albany, New York, April 14, 2017: Radiopharmaceuticals refer to a group of pharmaceutical drugs that exhibit radioactivity, and are used as therapeutic and diagnostic agents as they evoke no physiological response from the patients. These drugs are primarily based on physiological properties of the targeted organs. Owing to increased incidences of cancer and cardiovascular diseases, growing awareness pertaining to the availability of radiopharmaceutical drugs, and preference for SPECT and PET scans are some of the factors that are driving the expansion of the global radiopharmaceuticals market. Moreover, factors such as escalating geriatric population who are more prone to chronic diseases, growing unhealthy food habits, rising prevalence of obesity, and advancements in radiotracer technology will further augment the demand in the near future.
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According to a recent study by Transparency Market Research (TMR), the opportunities in the global radiopharmaceuticals market were worth US$4.7 bn in 2015, which will rise up to US$7.4 bn by the end of 2024, growing at a healthy CAGR of 5.3% during the forecast period of 2016 to 2024.
Two Companies Hold Lion Shares in Global Market
The TMR report evaluates that in 2015, Siemens Healthineers and GE Healthcare collectively accounted for 70% of the market, while the competition for the rest of the shares is quite high with the presence of several other prominent players. While the smaller players are actively investing on research and development of advanced technologies and increasing their production capacity, the two leading players are focused on acquiring new entrants to support their sales and product development. For instance, AAA acquired all of GE Healthcare’s shares of Imaging Equipment Ltd in 2014 as well as FDG-PET business, strengthening its stronghold over the country-wide radiopharmaceuticals market in the U.K., Italy, and Ireland. The TMR report expects similar moves in the near future too, which will help other players gain ground over their competitors.
Technetium-99, Nuclear Reactors, and Oncology Remain Most Profitable Segments
On the basis of radioisotope, the TMR report segments the global radiopharmaceutical market into technetium-99, gallium-67, iodine-123, rubidium-82, yttrium-90, and lutetium-177. Out of these, the report estimates that the segment of technetium-99 accounted for over 50% of the shares in 2016, attributing it to the abundant availability of the segment from molybdenum-99, which is manufactured via decay of uranium radioactive raw material inside the sources.
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In terms of source, the report divides the market into nuclear reactors and cyclotrons, and rates nuclear reactors segment as most profitable, while by end use, the market has been categorized into hospitals, ambulatory surgical centers, and diagnostic centers, and rates the former as the most profitable segment. Application-wise, the market has been bifurcated into cardiology, gastroenterology, nephrology, neurology, immunology, and oncology, which has been further sub-segmented into brachytherapy and others. Oncology currently serves the maximum demand, which is a reflection of its growing application in various radioisotopes of several types of cancer. Geographically, North America and Europe are the most profitable regions, with countries such as the U.S. and Canada posing most of the demand. These two regions have robust healthcare infrastructure and high adoptability rate of new technology.
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