The Radioactive Tracer Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radioactive tracers are small amounts of radioactive material used in medical and biomedical research to examine organ systems, identify tumors or lesions, and evaluate the effectiveness of medical treatments. Common radioactive tracers include technetium-99m, fluorine-18, gallium-67, indium-111, and iodine-123. They emit gamma rays that can be detected by a gamma camera and used to create diagnostic images of organ function and blood flow within the body.
Market key trends:
One key trend driving the growth of the radioactive tracer market is the rising demand for nuclear medicine procedures. Nuclear medicine uses small amounts of radioactive materials to diagnose and treat diseases such as cancer, heart diseases, and other abnormalities. These procedures use imaging technologies like SPECT and PET scans that require radioactive tracers. With increasing burden of chronic diseases globally, the demand for these diagnostic imaging scans is growing, thereby fueling the need for radioactive tracers. Furthermore, technological advancements in radio-pharmaceutical production and imaging devices have enhanced the diagnostic capabilities of nuclear medicine, contributing to its increasing utilization across the healthcare industry.
Porter's Analysis:
Threat of new entrants: Low startup costs make the threat of new entrants moderate. Established players have integrated supply chains and brand reputation.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, switching costs are relatively high.
Bargaining power of suppliers: Suppliers of raw materials have moderate-to-high bargaining power due to the specialized nature of inputs and consolidation among suppliers.
Threat of new substitutes: Threat of substitutes is moderate as other medical imaging modalities like MRI and CT scanning are increasingly adopted.
Competitive rivalry: High as key players compete on the basis of technology, price and customer experience.
SWOT Analysis:
Strengths: Established brands and global distribution channels. Strong R&D capabilities allow developing innovative tracers.
Weaknesses: High capital requirements and regulatory compliance increase costs. Short product lifecycles require continuous investments.
Opportunities: Rising geriatric population and cancer incidence rates drive demand. Emerging economies offer high growth potential.
Threats: Stringent regulations delay approvals and increase costs. Economic slowdowns can dampen healthcare spending.
Key Takeaways:
The Global Radioactive Tracer Market Demand is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing incidence of cancer and cardiac ailments. North America dominates the market currently owing to presence of major players and advanced healthcare infrastructure in the region.
Regional analysis: The Asia Pacific region is projected to grow at the fastest pace during the forecast period due to rising medical tourism, healthcare expenditure and presence of large patient pools in China and India.
Key players: Key players operating in the radioactive tracer market are PerkinElmer, Cardinal Health, Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope, ANSTO, Nordion, Curium Pharma, IRE. These established brands focus on product innovation and expanding into emerging markets.
Read More:
https://www.dailyprbulletin.com/radioactive-tracer-market-demand-share-analysis/
The Global Circuit Tracer Market gives an analysis to comprehensively describe the market and to describe very wonderful growth over the next few years.
This report provides an in-depth analysis of current and future market forecasts around the world.
This report is prepared to help readers to understand regions who are expected to grow the fastest during the forecast period.
Along with this, this report is intended to help readers thoroughly analyze the recent market trends, competitive environments in the global market during the forecast period.This Press Release will help you to understand the Volume, growth with COVID19 Impact Analysis.
Click HERE To get SAMPLE PDF (Including TOC, Table & Figures) at: https://introspectivemarketresearch.com/request/9620Key Player Mentioned: Emerson Electric, FLIR Systems, Fortive, IDEAL Industries, Klein Tools, Triplett, Greenlee, Southwire, Mastech.Product Segment Analysis: Voltage ≤120V, Voltage＞120V and othersApplication Segment Analysis: Residential, Commercial, IndustrialRegional Segment Analysis: North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain etc.
), Asia-Pacific (China; India; Japan; Southeast Asia etc.
