Diagnostic radioisotopes are radioactive materials used as tracers or markers in various diagnostic medical procedures such as positron emission tomography (PET), and single-photon emission computed tomography (SPECT). Diagnostic radioisotopes market estimates the global prevalence of diseases and growing aging population.
Market Dynamics:
The diagnostic radioisotopes market is expected to witness high growth over the forecast period owing to increasing application of nuclear medicine in early disease diagnosis and rising prevalence of chronic diseases such as cancer. According to the American Cancer Society, over 1.9 million new cancer cases are likely to be diagnosed in 2023 and over 609,000 cancer deaths are projected in the United States. Furthermore, technological advancements in diagnostic procedures through combination of radioisotopes with nanotechnology and theranostics are also fueling the market growth during the forecast period. However, short half-life of radioisotopes poses challenge in terms of transportation and inventory management.
Major Drivers Propelling Growth in Demand for Diagnostic Radioisotopes
Increase in prevalence of chronic diseases such as cancer: According to WHO, cancer is one of the leading causes of mortality worldwide with approximately 10 million new cases recorded annually. Diagnostic radioisotopes play a vital role in early detection of tumors which helps in improved disease management and higher chances of recovery. Rising global disease burden coupled with growing awareness about benefits of early diagnosis is estimated to boost market expansion over the coming years.
Advancements in radiotracer drug development: Significant efforts are being directed towards research and development of novel targeted radiotracers which aid in more precise detection and characterization of diseased tissues. Companies are engaged in developing improved compounds for positron emission tomography (PET) and single-photon emission computed tomography (SPECT) scans. Launch of such enhanced diagnostic tools will augment the need for specific radioisotopes in the healthcare industry.
Major Market Restrain Hampering Growth in Diagnostic Radioisotopes Market
Stringent regulations pertaining to radioisotope production and trade: Production of medical radioisotopes requires compliance to strict guidelines set by international regulatory agencies to ensure safety in handling of radioactive materials. Changes in regulations could disrupt supply chains until manufacturers make necessary adjustments. Additionally, international trade faced obstacles due to protectionist import/export policies adopted by some countries which negatively impacts market economics. High dependency on few specialized centers for isotope supply makes the industry vulnerable to political risks as well.
Major Market Opportunity for Growth in Diagnostic Radioisotopes Market
Untapped potential in emerging nations: Developing regions in Asia Pacific and Latin America currently account for a small share of the global diagnostic radiopharmaceutical market. However, their demand is projected to increase substantially over coming years driven by rapid economic development, rising healthcare investments, growing patient access to nuclear medicine facilities and increasing government focus on non-communicable diseases. This presents lucrative business opportunities for market players to establish production sites and supply chain networks in such emerging healthcare markets.
Major Market Trend Influencing Growth in Diagnostic Radioisotopes Market
Increasing shift towards theranostics: Theranostics is an evolving field combining therapy and diagnostics which employs the same pharmaceutical moiety for both applications. Companies are actively pursuing the development of dual-functional radiotracers which can deliver therapeutic radiation directly to diseased sites identified on diagnostic scans. This novel approach could revolutionize management of chronic illnesses and boost clinical efficacy. The rising focus on theranostic radiopharmaceuticals reflects the evolving trend in nuclear medicine technology that is likely to shape future growth trajectories in the diagnostic radioisotopes industry.
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The detailed key player's profile and market share analysis give a better understanding of the competitors and their business strategies.Base Year: 2020Estimated Year: 2021Forecast Till: 2027The report classifies the market into different segments based on type and product.
These segments are studied in detail, incorporating the market estimates and forecasts at regional and country levels.
The segment analysis is helpful in understanding the growth areas and potential opportunities of the market.Get | Download FREE Sample Report of Global Radiopharmaceuticals Market @ https://www.decisiondatabases.com/contact/download-sample-625A special section is dedicated to the analysis of the impact of the COVID-19 pandemic on the growth of the Radiopharmaceuticals market.
The impact is closely studied in terms of production, import, export, and supply.The report covers the complete competitive landscape of the Worldwide Radiopharmaceuticals market with company profiles of key players such as:Bracco ImagingBayerMallinckrodtNordionTriad IsotopesLantheusIBA GroupGE HealthcareChina Isotope & RadiationJubilant PharmaEli LillyAdvanced Accelerator ApplicationsSIEMENSDongchengNavideaWant to add more Company Profiles to the Report?
The global Radiopharmaceuticals Market report offers a comprehensive assessment of the market for the forecast years.
This globe industry offers an outlook on the strategic development of the market in terms of revenue profits over the forecast period 2021-2026.The key market players for the global Radiopharmaceuticals market are listed below:GE HealthcareNordionBayerIBA GroupMallinckrodtJubilant PharmaLantheusTriad IsotopesChina Isotope & RadiationNavideaEli LillyDongchengAdvanced Accelerator ApplicationsSIEMENSOthersClick here to get a FREE Sample Copy of the Radiopharmaceuticals Market Research Report @ https://www.decisiondatabases.com/contact/download-sample-18594The Global Radiopharmaceuticals Market Report is equipped with market data from 2016 to 2026.
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The detailed sales channel is also covered in the study.COVID-19 Impact Analysis on Radiopharmaceuticals MarketThe global pandemic COVID-19 has affected the Radiopharmaceuticals market directly or indirectly.
The detailed study highlights the probable outcomes of this global crisis on the Radiopharmaceuticals industry.
The impact study on production, supply-demand, and sales provides a holistic approach to the future.Do You Have Any Query Or Report Customization?
The latest trending report Global Radiopharmaceuticals Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The global Radiopharmaceuticals market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 7.7% in the forecast period of 2020 to 2025 and will expected to reach USD 7964.2 million by 2025, from USD 5929.1 million in 2019.The Radiopharmaceuticals market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/18594-radiopharmaceutical-market-analysis-reportMarket segmentationRadiopharmaceuticals market is split by Type and by Application.
For the period 2015-2025, the growth among segments provide accurate calculations and forecasts for sales by Type and by Application in terms of volume and value.
This analysis can help you expand your business by targeting qualified niche markets.By Type, Radiopharmaceuticals market has been segmented into Diagnostic Radioisotopes, Therapeutic Radioisotopes, etc.By Application, Radiopharmaceuticals has been segmented into Oncology, Cardiology, Other, etc.Regions and Countries Level AnalysisRegional analysis is another highly comprehensive part of the research and analysis study of the global Radiopharmaceuticals market presented in the report.
For the historical and forecast period 2015 to 2025, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global Radiopharmaceuticals market.The report offers in-depth assessment of the growth and other aspects of the Radiopharmaceuticals market in important countries (regions), including United States, Canada, Mexico, Germany, France, United Kingdom, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil and Saudi Arabia, etc.
It also throws light on the progress of key regional Radiopharmaceuticals markets such as North America, Europe, Asia-Pacific, South America and Middle East & Africa.Competitive Landscape and Radiopharmaceuticals Market Share AnalysisRadiopharmaceuticals competitive landscape provides details by vendors, including company overview, company total revenue (financials), market potential, global presence, Radiopharmaceuticals sales and revenue generated, market share, price, production sites and facilities, SWOT analysis, product launch.
