Global Radiopharmaceutical Market Analysis and Forecast 2023
Radiopharmaceuticals are those radioisotopes when used for diagnosis or therapy, typically stimulate no physiological response from the patient. They are the unique medicinal formulations containing radioisotopes which can be used diagnosis and treatment of various chronic diseases. Radioisotopes play a very crucial part in the medical diagnostic procedures. In combination with imaging devices which record the gamma rays emitted from inside, healthcare professionals can study the dynamic processes taking place in various parts of the body.
The increasing prevalence of chronic diseases which indicates the growing need for early diagnosis and treatment is one of the major factors responsible for the growth of the market. Moreover, rising expenditure in oncology and the growing emphasis on cancer management has also accelerated the market growth owing to the need for new diagnostic and treatment options for common as well as rare cancers.
Both diagnostic & treatment characteristics of radiopharmaceutical driving the market growth. As per the World Nuclear Association, in a quarter of the world population, about one person in 50 uses diagnostic nuclear medicine each year, and the frequency of therapy with radioisotopes is about one-tenth of this. Nuclear medicine uses radiation to provide diagnostic information about the functioning of a persons specific organs and used to treat some medical conditions, especially cancer, using radiation to weaken or destroy particular targeted cells.
Increasing Prevalence of Chronic Diseases is also driving the growth of the market. According to the World Cancer Research Fund International, in 2015, cancer was responsible for 8.8 million deaths and is the second leading cause of death across the globe. As per the American Heart Association, in 2017, about 92.1 million Americans were diagnosed with cardiovascular disease. Additionally, as per the National Research University Higher School of Economics, tension-type headaches (about 1,500 million cases), migraine (about 1,000 million), medication overuse headaches (about 60 million), and Alzheimers disease and other dementias (about 46 million cases) are the most common type of neurological disorders in 2015.
Whereas certain factors such as the high cost of radiopharmaceuticals are restraining the growth of the market. As per National Research Universal (NRU), the cost of some nuclear medicine have increased by as much as 1,000 percent recently. Similarly, according to the research, the overall financial cost for the underutilized radiopharmaceutical materials due to canceled and rescheduled procedures for 142 patients was about 39,760 US dollar. The daily financial loss from these cancellations was between USD 560 to USD 1120.
The global radiopharmaceuticals market is expected to reach to the market value of USD 10,473.88 million by 2023 from USD 5,841.22 million in 2016 and have a CAGR of 8.7% during the forecast period, 2017–2023.
On the basis of type, the market for Radiopharmaceutical is segmented into diagnostic type radiopharmaceuticals and therapeutic type radiopharmaceuticals By type, the market for diagnostic type radiopharmaceuticals accounted for the largest market share in 2017.
On the basis of the type of tests, the market for Radiopharmaceutical is segmented into myocardial perfusion scan, lung scan, bone scan, white blood cell scan, gallium scan, renal nuclear medicine scan, parathyroid scans, hepatobiliary scans, cerebral perfusion scan, and others. By type of tests, the market for intermediate Radiopharmaceutical accounted for the largest market share in 2017.
The global Radiopharmaceutical, by application, is segmented into oncology, cardiology, neurology, urology, and others. By application, the market for Oncology accounted for the largest market share in 2017.
The global Radiopharmaceutical, by route of administration, is segmented into oral, intravenous and other routes of administration. The intravenous segment holds the largest market share in global Radiopharmaceutical, by route of administration.
On the basis of the route of administration, the global Radiopharmaceutical market is segmented into intravenous, intravitreal, and others. The intravitreal segment dominates the global Radiopharmaceutical market.
The global Radiopharmaceutical, on the basis of end-user, is segmented into hospitals, diagnostic centers, research institutes, and others. Hospitals hold the largest market share in the global Radiopharmaceutical market.
Key Players
The key players for the Radiopharmaceutical market are Bayer AG, Cardinal Health Inc., General Electric Company, Lantheus Medical Imaging, Inc., Siemens, Avid Radiopharmaceuticals, IBA Dosimetry and Others.
Study Objectives
- To provide historical and forecast revenue of the market segments and sub-segments with respect to – regional markets and their countries
• To provide insights into factors influencing and affecting the market growth
• To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
• To provide economic factors that influence the global Radiopharmaceutical market
Target Audience - Pharmaceutical and Medical Device Industries
• Potential Investors
• Medical Research Institutes
• Key Executive (CEO and COO) and Strategy Growth Manager
• Research Companies
Key Findings - The major market players in the global Radiopharmaceutical market are F Bayer AG, Cardinal Health Inc., General Electric Company, Lantheus Medical Imaging, Inc., Siemens, Avid Radiopharmaceuticals, IBA Dosimetry and Others.
• Siemens accounted for more than 13.2% share of the global Radiopharmaceutical Market
• Based on type of tests, Bone Scan segment accounts the largest market share which is expected to reach USD 2,513.68 million by 2023 from USD 1,470.34 million in 2016
• Based on application, the market for oncology is expected to reach USD 4,747.76 million by 2023
• Based on route of administration, intravenous segment was the largest segment in the year 2017 and is expected to reach USD 7,316.86 million by 2023 from USD 3,995.90 million in 2016
• On the basis of region, Asia pacific region is projected to be the fastest growing region, at a CAGR of 9.3% during the forecast period.
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The radiology information system has the ability to handle a massive amount of data in the form of images, demographics, clinical information, patient history, billing, and scheduling in one system thereby allowing efficient workflow management and rapid communication among healthcare professionals.
The increasing spending on the healthcare IT sector, increasing applications of RIS, the rising prevalence of chronic diseases, and growing elderly population are expected to drive market growth.According to the United States Census Bureau, around 49.2 million adults aged 65 and above were present in the US as of 2016.
Moreover, the National Cancer Institute in 2016 reported that an estimated 595,690 people died from cancer and 1,685,210 new cases of the disease were diagnosed in the US.
However, the lack of skilled radiology professionals, security concerns, and the high cost of software may hamper the growth of the market.
In 2016, the Americas held the highest share of the market at 40.3%, followed by Europe and Asia-Pacific with shares of 34.5% and 17.5%, respectively.
The global radiology information systems market, by type, is segmented into an integrated radiology information system and standalone radiology information system.The global radiology information systems market, by component, is segmented into software, services, and hardware.The global radiology information systems market, by deployment, is segmented into cloud-based/web-based and on-premise.By end user, the global radiology information systems market is segmented into hospitals and clinics, research and academic institutes, and others.The global radiology information systems market is expected to have a value of USD 1,111.1 million by 2023 from USD 692.5 million in 2017 and is expected to register a CAGR of 8.20% during the forecast period from 2018 to 2023.
In the course of years, nuclear medicine equipment market has observed countless product launches in the form of radioisotopes and other advancements.
Thallium–201(Tl-201), gallium–67 (Ga-67), and iodine-123 (I-123) are the most common isotopes used in nuclear medicine.
A total of 35 million procedures are performed per year using the isotope, accounting for about 80% of all nuclear medicine procedures worldwide.
Although large doses of radiations can be harmful, in case of radiopharmaceuticals, nuclear medicine physicians are cautious while selecting the doses.
Thus, these doses do not pose any demonstrable health threat and are expected to achieve accurate imaging results, which have high levels of clarity.
Development of new and advanced radiotracers and the rising incidence and prevalence of chronic diseases are the key factors driving the growth of the global nuclear medicine equipment market.Research data suggests that medical imaging technologies will play a key role in the future of medical diagnostics and therapeutics.
The report covers an overview of the industry along with a detailed explanation that provides a lot of insight.
The report also analyzes the production as well as management technology in various end-user industries.
An in-depth study in some new and prominent industry trends, analysis of the competition and regional analysis that is very detailed have been included in the report of the Radiopharmaceutical market for the review period of 2020 – 2027.There are many different factors that have caused the quick expansion of the Radiopharmaceutical market.
In addition to the above, government initiatives, as well as the competitive landscape that exists in the Radiopharmaceutical market through the forecast period, has been analyzed.Ask for report free sample with complete TOC and list of tables/figures @ https://www.datalibraryresearch.com/sample-request/radiopharmaceutical-market-2183Global Radiopharmaceutical Market Key Companies:Cardinal HealthGE HealthcareCuriumLantheus Medical ImagingBayer AGBracco ImagingEczacýbaþý-Monrol Nuclear ProductsNordionAdvanced Accelerator ApplicationsNTP RadioisotopesThe base year of the study is 2020 and the forecast period stretches all the way till 2027.
This has led to the creation of a strong understanding of the market for the upcoming years.
In addition to this, different latent growth factors, opportunities and restraints are evaluated for this advanced study and suggestions are made for the market that pertains to the forecast period.SegmentationThe Radiopharmaceutical market covers different regions such as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
Radiopharmaceutical Market: IntroductionAccording to the report, the global radiopharmaceutical market was valued at US$ 3.6 Bn in 2018 and is projected to expand at a CAGR of ~4% from 2019 to 2027.
Some of the factors driving the radiopharmaceutical market are expansion activities of key radiopharma players; applications in clinical trials; and increase in aging population, pipeline assessment of new drugs, and disease indication mortality.
Additionally, cost advantage over outsourced radioactive tracers and accessibility of technologically advanced diagnostic devices such as positron emission tomography scan (PET/CT) and a single-photon emission computerized tomography (SPECT) are playing a crucial role in propelling the radiopharmaceutical market.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=213Based on end user, the hospital segments accounted for major share of the global radiopharmaceutical market in terms of revenue in 2018.
Hospitals are major end-users of radiopharmaceutical products, which are used in the treatment of diseases such as cancer, cardiovascular heart diseases, neurological disorders, and diabetes.
According to government healthcare facilities, hospitals have reimbursement plans and advanced technology systems for disease treatment.Radiopharmaceutical products are made of radioactive agents, which are required to be handled by experts for treating cancer and other diseases.
Introduction of a new accelerator system for production of radioisotopes in Japan and Australia is projected to propel the radiopharmaceutical market.Some of the factors likely to boost the radiopharmaceutical market in Asia Pacific are increase in access to healthcare services; growth in per capita income; rise in demand for radiopharmaceuticals; surge in incidence of cancer and heart-related diseases; and speedy introduction of advanced technological systems such as PET/CT, SPECT, and a few accelerator systems.Buy Radiopharmaceutical Market Report – https://www.transparencymarketresearch.com/checkout.php?rep_id=213=SRadiopharmaceutical Market: Key PlayersKey players are expanding their footprint to strengthen their positions in the global radiopharmaceutical market.
