Diagnostic radioisotopes are radioactive materials used for medical diagnostic scanning procedures like positron emission tomography (PET) and single-photon emission computed tomography (SPECT). They are attached to bioactive molecules specific for disease targets in the body and used to detect and diagnose diseases like cancer at an early stage. The growing prevalence of chronic diseases and the need for early and accurate diagnosis is driving the demand for diagnostic radioisotopes.
The global Diagnostic Radioisotopes Market is estimated to be valued at US$ 6.54 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The continued demand for early disease detection therapies is one of the major trends fueling the diagnostic radioisotopes market growth. Diagnostic radioisotopes allow detection of diseases at very early stages, sometimes even before the appearance of clinical symptoms. This enables timely intervention and improves treatment outcomes. With growing focus on preventive healthcare, diagnostic radioisotopes are playing a crucial role in early diagnostics. This increasing demand for early diagnostics is expected to drive the diagnostic radioisotopes market during the forecast period.
Segment Analysis
The global diagnostic radioisotopes market is dominated by the cardiology sub segment which accounts for more than 30% of the overall market share. Cardiology diagnostics such as Myocardial perfusion imaging helps in precise identification of coronary artery disease with minimal invasive techniques and thereby is widely adopted.
Key Takeaways
The global diagnostic radioisotopes market is expected to witness high growth. The global Diagnostic Radioisotopes Market is estimated to be valued at US$ 6.54 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031.
Regional analysis related content comprises The North American region currently dominates the global diagnostic radioisotopes market with a share of over 35% in 2024. This is attributed to rising prevalence of chronic diseases, growing geriatric population undergoing diagnostic procedures in countries like US and Canada. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to rising healthcare expenditure, increasing penetration of molecular diagnostics and nuclear medicine facilities in populous countries like India and China.
Key players related content comprises Key players operating in the diagnostic radioisotopes market are Johnson & Johnson, Mueller Sports Medicine, 3M Company, Andover Healthcare Inc., Medline Industries, Inc. 3M Company has several collaborations with research institutes for developing new radiotracer kits to expand its product offerings.
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