The APAC radiopharmaceuticals/nuclear medicine market is expected to reach USD 2.9 billion by 2024, according to the new report by Grand View Research, Inc. Radiopharmaceuticals are widely used in the field of oncology, and cardiovascular diseases. Ongoing research and studies demonstrating positive results are widening the scope of radioisotope applications for the diagnosis and treatment of bone diseases, respiratory diseases, thyroid-related diseases, and conditions of the digestive tract. Along with these applications, the radioisotopes are largely used in radiopharmacology to study drug movement in lab subjects.
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Gamma emitter Technetium-99m is the most commonly used radioisotope in radiopharmaceuticals. Other widely used radioisotopes include Fluorine-18, Indium-111, and Iodine-131. Numerous research studies are further expanding the application areas of radiopharmaceuticals in diagnostics as well as in therapeutics.
The adoption of PET as a diagnostic tool is rapidly increasing since it offers high accuracy over other diagnostic techniques. The accuracy in the diagnosis has a direct impact on the decision-making and treatment monitoring process. PET is commonly integrated with X-ray and computed tomography to increase the accuracy. The growing demand for these diagnostic procedures is expected to fuel market growth during the forecast period.
Currently available cancer treatment options, such as chemotherapy and radiation therapy, include drugs and radiations, which are non-target specific. Thus, these therapies have a major disadvantage of affecting the whole body or the organs surrounding the target site. Radioisotopes have an advantage over these techniques since they aid in targeting specifically the tumor without affecting the surrounding body parts. Thus, benefits associated with these diagnostic and treatment procedures is augmenting the demand for radiopharmaceuticals in disease treatment and diagnosis.
Further key findings from the study suggest:
• The buyers of radiopharmaceutical include hospitals, physicians, diagnostic laboratories, research institutes, and others. Hospitals form the biggest buyer groups owing to their high patient turnover and greater financing capabilities.
• Therapeutic products such as Alpha Emitters, Beta Emitters, and Brachytherapy are anticipated to exhibit lucrative growth. The emergence of new treatment options for thyroid and other diseases is expected to support the growth over the forecast period.
• The key diagnostic application areas of radiopharmaceuticals formed the largest market in 2015. These applications are in cardiology, neurology, oncology, and thyroid. The advent of accurate diagnostic methods and high burden of disorders supported the growth of this segment.
• Thailand in South East Asia and China are expected to dominate the APAC radiopharmaceutical market. Efforts undertaken by the UN and other local healthcare authorities in this region are expected to result in the installation of more PET and SPECT systems, thereby driving the demand.
• Key players of the industry include Nordion, Inc., Bayer AG, Mallinckrodt Public Limited company, GE Healthcare, Bracco Imaging S.P.A and government initiatives such as the Institute of Radioisotopes and The Australian Nuclear Science and Technology Organization (ANSTO)
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Grand View Research has segmented the APAC radiopharmaceuticals market on the basis of product:
APAC Radiopharmaceuticals Product Outlook (Revenue, USD Million, 2013 - 2024)
• Diagnostics
o SPECT
o TC-99m
o TL-201
o GA-67
o I-123
o Others
o PET
o F-18
o RB-82
o Others
• Therapeutics
o Alpha Emitters
o RA-223
o Beta Emitters
o I-131
o Y-90
o SM-153
o Re-186
o Lu-117
o Others
o Brachytherapy
o Cesium-131
o Iodine-125
o Palladium-103
o Iridium-192
o Others
Radiopharmaceuticals Regional Outlook (Revenue, USD Million, 2013 - 2024)
• South East Asia
o Indonesia
o Thailand
o Laos
o Myanmar
o Philippines
o Malaysia
o Vietnam
o Cambodia
• Rest of Asia Pacific
o Japan
o China
o India
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.