The diagnostic radiopharmaceuticals and contrast agents market is expected to register a CAGR of 5.29% during the forecast period.
The COVID-19 pandemic is expected to have impacted the growth of the market under study. According to a research study published in the Journal of Nuclear Medicine, July 2020, many countries are experiencing radiopharmaceutical supply problems, with low-income regions suffering the worst. In addition, according to the study “Nuclear medicine volume plummets due to COVID-19” published in September 2020, in the United States, planned diagnostic and therapeutic nuclear imaging during the pandemic is 50%–75% quantitative, respectively. decreased to Therefore, the markets studied are expected to witness negative impacts during the pandemic in the short term due to the aforementioned factors.
Diagnostic radiopharmaceuticals and contrast media market is expected to grow during the forecast period due to factors such as technological developments, increased diagnostic applications in various diseases, increased government support, and global rise in chronic diseases such as cancer and heart disease. expected. According to the Globocan 2020 fact sheet, it is estimated that 19,292,789 new cancer cases will be diagnosed worldwide and nearly 9,958,133 deaths will be caused by cancer. Furthermore, the International Agency for Research on Cancer (IARC) estimates that by 2040, the global burden of cancer is projected to result in 27.5 million new cancer cases and 16.3 million deaths. increase. Therefore, the increasing burden of cancer is expected to drive the demand for diagnostics and effective treatments, which in turn drives the growth of the research market. Additionally, the development of minimally invasive treatment modalities is driving the use of diagnostic imaging equipment. Increasing demand for such image guidance is expected to drive the market.
Also, government initiatives and funding for the development of new technologies are expected to drive the growth of the researched market. For example, in July 2019, a new bill was passed by the U.S. government named the Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019. The new bill aims to expand access to highly targeted, more accurate diagnoses and treatments for severe neurological disorders by changing how Medicare pays for imaging services. However, factors such as short half-life of radiopharmaceuticals, stringent regulatory framework, and high capital expenditure are expected to hinder market growth.
Key Market Trends
Cardiovascular area is expected to hold the largest market share and maintain its dominance during the forecast period
The increasing burden of cardiovascular disease is expected to drive the growth of the studied segment. According to a 2019 study by the American Heart Association, the incidence of cardiovascular disease has increased over the years and is expected to increase in the future. According to the World Health Organization's 2020 update, ischemic heart disease is responsible for 16% of all deaths worldwide. Since 2000, ischemic heart disease has led to the largest increase in deaths, with an increase of more than 2 million and 8.9 million deaths worldwide in 2019. Furthermore, according to the British Heart Foundation Center 2018, about 7.4 million people in the UK live with heart and circulatory conditions. More than 43,000 people under the age of 75 die each year in the UK from heart and circulatory diseases. SPECT, short for single-photon emission computed tomography, is a non-invasive examination method that can accurately identify areas of abnormal perfusion in the myocardium. It is also used to determine the functional capacity of the myocardium and is capable of separating viable and irreversibly damaged tissue. This diagnostic procedure helps doctors determine whether there is a blockage in the coronary arteries and whether a patient should undergo coronary angiography. SPECT administers cardiac-specific radiopharmaceuticals such as 99mTc-tetrofosmin (Myoview, GE Healthcare), 99mTc-sestamibi (Cardiolite, Bristol-Myers Squibb), or thallium-201 chloride. Therefore, factors such as rising prevalence of cardiovascular diseases and technological advancements in the diagnostic field are expected to drive the growth of the studied segment during the forecast period.
North America will hold the largest market share and is expected to maintain its dominance during the forecast period
The overall diagnostic radiopharmaceutical and contrast media market is dominated by North America, with the United States contributing significantly. The burden of heart disease is also high in the North American region. According to the American Heart Association Research Report 2018, coronary artery disease is the leading cause of death from cardiovascular disease in the United States (43.8%), followed by stroke (16.8%), heart failure (9.0%), and hypertension (9.4%). ), arterial disease (3.1%), and other cardiovascular disease (17.9%). According to the 2018 Global Health and Wellness Report, cardiovascular disease is diagnosed in nearly 40% of the adult population in the United States. The market studied is likely to be driven in the North American region, as radiopharmaceuticals and contrast agents show great potential in cardiac diagnostics. Additionally, in 2020, the Department of Energy's National Nuclear Security Administration (NNSA) awarded the Radiological Society of North America a three-year, US$750,000 grant. This will allow us to extend access to this critical knowledge to those parts of the world that need these nuclear imaging services.
Moreover, increasing product approvals are expected to drive market growth. For example, in September 2019, Curium Pharma and Padiomedics, Inc. announced that DetectNet (Cu 64 dotatate injection) has been approved by the U.S. Food and Drug Administration. Therefore, due to the above factors, the North American diagnostic radiopharmaceuticals and contrast agents market is expected to retain its dominance during the forecast period.
Competitor
diagnostic radiopharmaceuticals and contrast media market is dominated by a few major players in the global market. and competition is lenient. The presence of major market players such as Bayer AG, GE Company (GE Healthcare), Cardinal Health Inc., Siemens Healthineers, Bracco Imaging SpA., Curium Pharma, and Guerbet Group, on the contrary, increases the competitiveness of the overall market. am. Key players have evolved through strategic alliances such as acquisitions, mergers, alliances and cooperations, along with investments in new product launches and R&D activities to secure their positions in globally competitive markets. I'm here. For example, in March 2020, Curium Pharma completed the acquisition of Zevacor Molecular, a US manufacturer of strontium-82 used to manufacture rubidium-82 generators for cardiac PET imaging.
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The Contrast Media Agents Market 2021 research report gives emerging industry data, global segments and regional outlook.
This report covers up all details such as size, share, value, growth, restraints, and opportunities for the year 2020 to 2027.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the contrast media agents market include Bayer AG, Bracco Diagnostics, Inc., General Electric Company, Guerbet, Lantheus Medical Imaging, Inc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Contrast Media Agents Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/contrast-media-agents-market/download-sampleMarket DynamicsThe rising prevalence of cardiovascular and musculoskeletal disorder coupled with an increasing geriatric population is propelling the market growth of contrast media agents.
Additionally, ongoing technological advancements in diagnostic imaging coupled with utilization of contrast agents are further pushing the market demand.
