Global Radiopharmaceutical Market Research Report: Information by Type (Diagnostic Type and Therapeutic Type), Type of Test (Bone Scan, Myocardial Perfusion Scan, Parathyroid Scan, Renal Nuclear Medicine Scan, Lung Scan, Gallium Scan, White Blood Cell Scan, Hepatobiliary Scan and Cerebral Perfusion Scan), Application (Oncology, Cardiology, Neurology and Urology), Route of Administration (Oral and Intravenous), End User (Hospitals, Diagnostic Centers and Research Institutes) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast till 2023
Radiopharmaceutical Market – Overview
The radiopharmaceutical market has grown significantly in response to demand for diagnosis and therapeutic purposes. Market intensive reports associated with the healthcare industry among others recently have been made accessible by Market Research Future which issues reports on this industry. The market is projected grow with a CAGR of 8.7 % approximately during the forecast period.
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The usage of radiopharmaceuticals in the various branches of the healthcare industry has increased the demand that is experienced by the market. The growth in the occurrence rates of terminal diseases such as cardiovascular and cancer ailments have opened up the opportunities for market expansion. Increased levels of spending and investments in the market have increased the growth rates in the market.
The market for radiopharmaceuticals globally is segmented based on type of test, type, route of administration, application, and end user. The type based segmentation of the market for radiopharmaceutical comprises of therapeutic type radiopharmaceuticals and diagnostic type radiopharmaceuticals. The market segmentation by type of test consists of lung scan, bone scan, myocardial perfusion scan, gallium scan, parathyroid scans, white blood cell scan, cerebral perfusion scan, renal nuclear medicine scan, hepatobiliary scans and others. The application based segment of the market consists of oncology, cardiology, neurology, urology, and others. The market segmentation by route of administration into intravenous, oral, and others. Lastly on the basis of the end users, the market is segmented into diagnostic centers, hospitals, research institutes and others.
Detailed Regional Analysis
The radiopharmaceutical market globally is segmented into regions such as Europe, Americas, Asia Pacific, and the Middle East & Africa. The Americas region is controlling a majority market share followed by the European region. The Americas region dominates the radiopharmaceuticals market due to the existence of a huge patient population diagnosed with various chronic diseases like coronary disorders, cancer, stroke, changing lifestyles and growing research & development for effective therapies with relatively fewer side effects. Growing investment in research & development and incidence of leading players in the market have powered the market expansion. The European region controls the second biggest market for the radiopharmaceuticals, which is followed by the Asia Pacific region. Rising investment in research and occurrence of a huge patient pool has motivated the market in the European region. The Asia Pacific region is a rapidly growing market due to a large number of factors such as huge population base, growing prevalence of chronic diseases, fast developing economies and growing investments in healthcare. Additionally, rising awareness among individuals and mounting diagnostic rates have powered the demand for SPECT and PET devices in this region.
Global Competitive Analysis
The key trends and players have established a positive tone for development. Aspects of the market related to pricing power and profit margins are expected to contribute in a major way to the revenue attractiveness of the market. The ripple effects of the market’s growth have changed the competitive backdrop of the market. Costs involved in targeting potential customers are expected to be reasonable so as to be conducive to the expansion of the market. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. Portfolio development is being significantly endorsed by market competitors to achieve high growth rates. Localization is among of the more preferred trends for growing the market portion of the competitors in the market. The scope for development in the market seems to be promising through the forecast period. The probability for growing revenue inflow in the business is likely to multiply through the forecast period.
Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., Jubilant Life Sciences Ltd., Siemens AG, Sun Pharmaceutical Industries Ltd., Medtronic, Bracco Diagnostic Inc., General Electric Company (GE Healthcare), Mallinckrodt Pharmaceuticals, Nordion, Inc., Bayer AG, Cardinal Health Inc., Canadian Nuclear Laboratories (CNL), IBA Dosimetry GmbH, Avid Radiopharmaceuticals are a few of the significant players in this market.
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