Radiopharmaceutical synthesizers make pharmaceutical products which contain small amounts of radioisotopes by irradiating a specific target which are found inside a nuclear research reactor or in a particle accelerator. Once these radioisotopes are produced, they are tagged on certain molecules based on biological capabilities which result in radiopharmaceuticals. As with any medical or pharmaceutical product, radiopharmaceuticals are required be produced under carefully controlled conditions and are subject to stringent tests for their quality before they are made commercially available. More than 100 radiopharmaceuticals have been developed, using radioisotopes which were either produced through nuclear reactors or particle accelerators. Radiopharmaceuticals are used to diagnose various medical problems like cardiac anomalies or neurological conditions and are also used to treat certain conditions such as cancers.
In 2018, the United States FDA and nuclear regulatory authority took steps in order to ensure the supply of a critical radioisotope which is used as an image tracer to detect life threatening diseases. The FDA approved NorthStar Medical Radioisotopes’ RadioGenix system, which is a unique system used for producing molybdenum-99 (Mo-99), a medical radioisotope.
Radiopharmaceutical Synthesizer Market: Drivers and Restraints
Primary factors driving Radiopharmaceutical Synthesizer Market include growing need for safe and effective guiding technology during diagnosis and prognosis of various medical anomalies. Besides, need for accurate procedures to diagnose cardiac neurological and cancerous diseases the discovery of new radiopharmaceuticals have attributed to growth in demand for radiopharmaceutical synthesizers across all end users. Other than the increasing incidences of various anomalies, increasing awareness amongst masses and an expanding application segment are driving the growth of the radiopharmaceutical synthesizer market. However, unawareness towards the procedure in some developing countries is the factor limiting the growth of the global Radiopharmaceutical Synthesizer Market.
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Radiopharmaceutical Synthesizer Market: Overview
The global market for radiopharmaceutical synthesizers is highly consolidated with very few players operating in the global space. Combined approaches of using radiopharmaceutical synthesizers with various research and development companies to obtain accurate diagnosis and prognosis of conditions such as cancer treatment is increasing over the period, which is expected to create high demand for radiopharmaceutical synthesizers in diagnostic applications. Some of the well established players in the radiopharmaceutical synthesizer market are IBA, Elysia, IAEA, Advion, Inc, Advanced Cyclotron Systems, JSC Isotope.
Radiopharmaceutical Synthesizer Market: Regional Wise Outlook
Geographically, the global Radiopharmaceutical Synthesizer Market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa. North America is expected to be the leader in global Radiopharmaceutical Synthesizer Market owing to concentration of key market players in the region. The market in Asia Pacific excluding is expected to grow at significant CAGR due to expansion of product offerings by key players. Europe is expected to take second largest share in the global Radiopharmaceutical Synthesizer Market throughout the forecast period.
Radiopharmaceutical Synthesizer Market: Key Players
Examples of some of the major players in the global Radiopharmaceutical Synthesizer Market are Mercurius Health, IBA, Elysia, IAEA, Advion, Inc, Advanced Cyclotron Systems, JSC Isotope, Lantheus Medical Imaging, Inc., BV Cyclotron VU, LabLogic Systems Ltd, NorthStar Medical Technologies Technological advancement in already marketed products is the major trend emerging in the global Radiopharmaceutical Synthesizer Market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.