To know the impact of COVID-19 On Radiopharmaceutical Market By Type(Diagnostic Radiopharmaceuticals, Therapeutic radiopharmaceuticals), By End User(Hospitals, Ambulatory Surgical Centers, Diagnostic Centers), By Application(Cardiology, Neurology, Oncology), Industry Analysis, Trends, And Forecast, 2021-2027
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Radiopharmaceutical Market report is segmented on type, end user, application and by regional & country level. Based upon type, market is segmented into Diagnostic Radiopharmaceuticals and Therapeutic radiopharmaceuticals. On the basis of end user, the market is segmented into Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Others. Based upon application, market is classified into Cardiology, Neurology, Oncology, and Other.
Radiopharmaceutical Market is valued at USD 5433.2 Million in 2018 and expected to reach USD 7956.1 Million By 2025 with CAGR of 5.6% over the forecast period.
Market Analysis of Radiopharmaceutical-
Radiopharmaceuticals are the pharmaceutical agents which contains radioactive materials used for therapeutic or diagnostic procedure. These radioactive materials are mostly radioisotopes which emits the gamma radiation of short wavelength which can destroy the cells. These radiopharmaceuticals are mostly used for the cancer cell destruction, arthritis and treatment for pain. Radiopharmaceuticals are used in various diagnostic procedures, nuclear medicine mostly in medical imaging. One of the major divisions of radiopharmaceuticals is contributed by radiotracers which are used in medical imaging to diagnose any dysfunction in tissues. Around 5-8 years is the typical duration which these radiopharmaceuticals take for the launch in the market and human use.
The regions covered in this Radiopharmaceutical market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Radiopharmaceutical market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Radiopharmaceutical market are Cardinal Health, Inc., Eczacibasi-Monrol Nuclear Products, GE Healthcare, Bracco Imaging S.p.A, Nordion, Inc., Bayer Healthcare, Advanced Accelerator Applications S.A., IBA Molecular Imaging, Lantheus Medical Imaging, Inc., Jubilant Pharma, Mallinckrodt plc, and Siemens Healthcare among others.
Increase in the prevalence of cancer and increased used of medical imaging as a diagnostics procedure is the key factor which helps Market to grow.
There has been tremendous growth in the prevalence of various chronic disorders such as cancer, cardiovascular disorders and others has fueled the growth of radiopharmaceutical market. As per Research UK report, there were around 17 million new cases of cancer has been reported in 2018. As the prevalence of chronic disorders has increased it has also increased the demand for better and accurate diagnosis for better treatment. This in turn has increase the use of medical imaging on a large scale which involves the use of radiopharmaceuticals as a tracer to detect the dysfunction tissue in the body. Moreover, there drugs are useful for the better and pain relieving treatment in chronic disorders, further development in the radiopharmaceuticals are expected to contribute the growth of radiopharmaceutical market over the forecast period. The increase in research and development activities with technological advancement and strategic alliances in the market are expected to create ample opportunities in the radiopharmaceuticals market. However, mishandling during the manufacturing process and high cost of radiopharmaceuticals are expected to hamper the growth of radiopharmaceuticals market.
North America is expected to dominate the Market.
North America is expected to account for the major market share and expected to dominate the market over the forecast period. Due to the presence of developed countries such as U.S., Canada and others coupled with increased prevalence of cancer and medical imaging and increased public awareness. Europe is expected to closely follow North America in terms of market share due to the presence of advanced infrastructure, increase in research & development and technological advancement are expected to promote the growth of radiopharmaceutical market over the forecast period. Asia Pacific is expected to develop significantly in terms of growth rate and maintain its dominance over the forecast period. Increased adoption of advanced technology, increased prevalence of chronic disorders, increase in public awareness, increase in disposable income and others factors are expected to promote the growth of radiopharmaceutical market. Latin America, Africa and Middle East is expected to develop moderately in the near future.
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Market Segmentation –
- Diagnostic Radiopharmaceuticals
- Therapeutic radiopharmaceuticals
By End User
- Ambulatory Surgical Centers
- Diagnostic Centers
By Regional & Country Analysis:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Radiopharmaceutical Market Size, Share, Growth And Forecast By 2027
Radiopharmaceutical Market By Type(Diagnostic Radiopharmaceuticals, Therapeutic radiopharmaceuticals), By End User(Hospitals, Ambulatory Surgical Centers, Diagnostic Centers), By Application(Cardiology, Neurology, Oncology), Industry Analysis, Trends, And Forecast, 2021-2027
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