The demand within the global market for radiopharmaceuticals has been rising on account of key developments in the field of drug discovery and developments, finds Transparency Market Research (TMR). Several new players have pervaded the global market for radiopharmaceutical, and this trend owes to the growing acceptance and popularity of radioactive drugs across the globe. The market players that have earned reckon for themselves in the global radiopharmaceuticals market have stuck to the basics of proper planning, marketing, and distribution of products. It is expected that these established market vendors would keep recalibrating their business strategies to fit the needs and wants of the consumers.
The healthcare industry and medical professionals have played a huge role in enhancing the growth prospects of the market vendors. The distributors of radioactive drugs have also helped market players in reaching to wider audiences and expanding their consumer base. On account of the lucrative opportunities that float in the global radiopharmaceuticals market, several new names have made their way into the market. The new market vendors are expected to capitalise on tying up with distributors in order to stand better chances of growth.
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The global market for radiopharmaceuticals is expected to grow at a CAGR of 5.4% over the period between 2017 and 2024, finds Transparency Market Research (TMR). The global market for radiopharmaceuticals is prognosticated to accumulate revenues worth US$7,430.8 million by 2024, rising up from a value of US$5,145.1 million in 2017. On the basis of end user, hospitals have emerged as the largest consumer of radiopharmaceuticals. Based on geography, the demand for radiopharmaceuticals has been the highest in North America due to the presence of excellent research facilities in the region.
Improvements in Diagnostic Facilities to Aid Market Growth
The demand within the global market for radiopharmaceuticals has been rising on account of the rising incidence of various kinds of cancers. Radioactive drugs are extremely useful in swift treatment or relief from painful medical conditions, and the market vendors have been banking on this property of such drugs. Furthermore, radiopharmaceuticals are not just used for therapeutic action, but also come in handy during diagnosis of diseases. This has also led to increased demand within the global market for radiopharmaceuticals and has provided a launch pad for development to the market vendors. Radioactive tracers have also become important for several key applications in the pharmaceuticals industry, and this has also led to an increased rate of growth within the global market for radiopharmaceuticals.
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Cases of Mishaps and Mishandling to Hamper Growth
Despite the boisterous growth rate of the global market for radiopharmaceuticals, several factors have lately begun to restrain demand within the market. The manufacture of radiopharmaceuticals is an intricate, complex, and risky process that requires extra care and attention to detail. Mishandlings during manufacturing have resulted in dire consequence over the past, and this has hindered the growth of the global market for radiopharmaceuticals. Furthermore, the radioactive nature of these drugs increases their prices, and this discourages a lot of people and medical practitioners from using or recommending these drugs.