Global Radio Pharmaceutical Market - Overview

The Global Radiopharmaceutical Market is expected to grow at a CAGR of 8.7% during the forecast period 2018–2023. Radiopharmaceuticals are drugs which are utilized for therapeutic or diagnostic reasons. These pharmaceuticals are inclusive of radiosotope bond to an organic molecule. These organic molecules carry the radiosotope to tissues, specific organs and cells as the properties of radiosotope are specific.

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Early diagnosis and treatment of chronic diseases outlines the importance of advanced imaging technologies and new radiopharmaceutical for diagnosis and treatment of diseases especially cancer. Healthcare providers are now using various radiopharmaceutical for cancer treatment by determining the demand and supply gap of healthcare resources. According to the World Cancer Research Fund International, in 2015, cancer was responsible for 8.8 million deaths, and is the second leading cause of death across the globe. Moreover, growing number of cardiovascular diseases has also upsurged the growth of the market. For instance, according to the American Heart Association, in 2017, about 92.1 million Americans were diagnosed with cardiovascular disease.

Top Players:

Advanced Accelerator, Bracco Diagnostic Inc., Bayer, Canadian Nuclear Laboratories, Cardinal Health Inc., Eczacibasi-Monrol, Medtronic, General Electric Company, etc.

Segmentation:

The Global Radiopharmaceutical Market is segmented based on type, type of test, application, route of administration, and end user.

By type, the market for radiopharmaceutical is segmented into diagnostic type radiopharmaceuticals and therapeutic type radiopharmaceuticals. The diagnostic type radiopharmaceutical segment is further sub-segmented into SPECT radiopharmaceutical and PET radiopharmaceutical.

By type of test, the market 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.

By route of administration, the market is segmented into oral, intravenous and others.

By end user, the market is segmented into hospitals, diagnostic centers, research institutes and others.

Global Radio Pharmaceutical Market - Competitive Analysis

The market for Radio Pharmaceutical is characterised by the presence of several well-established and small players, the global market of Mobile Health appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The global radio pharmaceutical market is experiencing extreme competition due to major companies are focusing on the development of new and advances drugs for diagnosis and treatment of various chronic diseases.

For instance, in January 2018, the company received U.S. Food and Drug Administration (FDA) approval of its new drug application (NDA) for LUTATHERA used for the treatment of somatostatin receptor positive gastroenteropancreatic neuroendocrine tumors.

In October 2017, the company announced the acquisition of SurgVision, a high-tech start-up developing a real-time Fluorescence Image Guided Surgery platform, to address an unmet medical need for oncology patients requiring tumor removal surgery.

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 in these regions is reflecting favourably on the market.

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