Radiopharmaceuticals to Witness Massive Demand as Newer Diagnostic Applications Are Emerging More Frequently. Breakthrough Concepts in Radiopharmaceuticals Have Enabled Applications in Cancer Diagnosis.
The global radiopharmaceuticals market size is projected to reach USD 9.54 billionby 2026. According to a report published by Fortune Business Insights, titled “Radiopharmaceuticals Market Size, Share & Industry Analysis, By Type (PET Radiopharmaceuticals, SPECT Radiopharmaceuticals), By Application (Neurology, Cardiology, Oncology, and Others), By End User (Hospitals & Clinics, Diagnostic Centres, and Others) and Regional Forecast, 2019-2026,” the market was valued at USD 4.86 billion in 2018. Driven by increasing number of successful clinical trials, the market will exhibit a CAGR of 9.0% from 2019-2026.
Radiopharmaceuticals are substances that are used to diagnose specific medical problems or diseases. Increasing imaging capabilities and efficiencies have led to a wide product adoption across the world. Increasing number of successful clinical trials associated with radiopharmaceuticals will fuel the demand for the product. Recent drug application area discoveries have showcased promise for the companies operating in the market. Technological advancements in nuclear imaging and their applications in diagnosis of cancer and other serious diseases have opened up a huge potential for growth. Growing awareness regarding the adverse effects of chronic diseases, and the need for early diagnosis will aid market growth. The advancements in imaging systems have played a major role in the growth of the market. Companies are putting in increased efforts towards the manufacturing of diagnostic radiopharmaceuticals. Increasing investments in the research and development (R&D) will create several growth opportunities for market growth.
Driven by Increasing Number of Product Launches, Market to Expand at a High Rate
The increasing number of product launches has offered a wider scope for growth. The presence of several pipeline drugs will open up a potential for the growth of the market in the coming years. The increased investment has massively helped the development of these pipeline drugs. Increased emphasis on R&D of pipeline drugs has enabled the possibilities to explore the untapped potential that is carried by radiopharmaceuticals. In 2018, Norgine B.V. announced the launch of Lymphoseek, a radiopharmaceutical designed for oncological procedures. The report highlights new products, similar to Lymphoseek and gauges the impact of these products on the market.
North America to Witness Highest Growth; Growing Adoption of Nuclear Imaging to Aid Growth
The report segments the market on the basis of regional demographics into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America will emerge dominant in the coming years. The advancements in nuclear imaging has contributed to the growth of the market in North America. Increased awareness regarding the adverse effects of cancer and other serious diseases will create several growth opportunities for the companies operating in the regional market of North America.
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