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Radiopharmaceutical Market Is Expected to Grow at a CAGR of Approximately 8.9% By 2023
Global Radiopharmaceutical Market Research Report: Information by Type, Type of Test, Application, Route of Administration, End User and Region - Forecast till 2023
Radiopharmaceutical Market Highlights
As the healthcare industry is moving towards the personalized approaches, the role of radiopharmaceutical is also increasing. The radiopharmaceutical is acting as an all-rounder radiopharmaceutical from diagnosis to treatment for various chronic diseases such as cancers and other neurological disorders, which has provided an impetus to the market. Demand for radiopharmaceuticals is growing due to raising awareness about availability of radiation and radioisotopes in medicine, particularly for diagnosis and therapy for various chronic conditions. In developed countries about one person in 50 uses diagnostic nuclear medicine every year, and the demand for therapy with radioisotopes is about one-tenth of this.
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Radiopharmaceutical Market Segmentation
The global radiopharmaceutical market is segmented by type, type of test, application, route of administration, and end user.
By type, it is segmented into diagnostic type radiopharmaceuticals and therapeutic type radiopharmaceuticals. Diagnostic type radiopharmaceutical is further sub-segmented into SPECT radiopharmaceutical and PET radiopharmaceutical. Therapeutic type radiopharmaceutical is further sub-segmented into beta emitters, alpha emitters, brachytherapy. SPECT radiopharmaceutical is further sub-segmented into Technetium-99m, Thallium-201, Iodine-123, and others. PET radiopharmaceutical is further sub-segmented into F-18, Rubidium-82, and others. While, beta emitters are sub-segmented into Iodine-131, Yttrium-90, Samarium-153, Rhenium-186, Lutetium-177, and others. And, brachytherapy is sub-segmented into Iodine-125, Iridium-192, Cesium-131, and others.
By type of test, it 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. Whereas, a bone scan is further sub-segmented into Technetium-99m 1st, fluoride-18 2nd, and others. Myocardial Perfusion Scan, Type is sub-segmented into Technetium-99m, Thallium-201, Rubidium-82, and others. The lung scan by type is segmented into Xenon-133, Krypton-81m, and others. And, White blood cell Scan is sub-segmented into Indium-111 and others.
By application, it is segmented into oncology, cardiology, neurology, urology, and others. Oncology segment is further segmented into following applications; prostate cancer, bone cancer, breast cancer and others. Cardiology segment is further segmented into following applications; coronary artery disease, cardiomyopathy and others. Neurology segment is further segmented into following applications such as traumatic brain injury, stroke, Alzheimer’s disease and others. Urology is sub-segmented into acute pyelonephritis, congenital renal anomalies, and others.
By Route of Administration, it is segmented into oral, intravenous and others.
By End User, it is segmented into hospitals, diagnostic centers, research institutes and others.
Radiopharmaceutical Market Regional Analysis
The global Radiopharmaceutical Market is segmented into four major regions including Americas, Europe, Asia Pacific and the Middle East & Africa. Among these, Americas and Europe will continue to present lucrative growth opportunities for market players during the forecast period. Currently, these two regions collectively account for the largest share of the market and the trend is likely to continue over the next couple of years. Higher healthcare spending and existence a robust healthcare system system in these regions is reflecting favorably on the market.
Major Players in the Radiopharmaceutical Market
Some of the key players in this market are Jubilant Life Sciences Ltd., Siemens AG, Sun Pharmaceutical Industries Ltd., Bayer AG, Cardinal Health Inc., Medtronic, General Electric Company (GE Healthcare), Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., Mallinckrodt Pharmaceuticals, Nordion, Inc., Canadian Nuclear Laboratories (CNL), Bracco Diagnostic Inc., IBA Dosimetry GmbH, Avid Radiopharmaceuticals and few others.
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