Global Diagnostic Radiopharmaceuticals & Contrast Media Market – Radiopharmaceuticals Segmented by Type of Imaging, Application, Contrast Media Segmented by Application, Procedure, indication, Geography - Growth, Trends, and Forecast (2018 - 2023)
The global diagnostic radiopharmaceuticals & contrast media market is expected to register a CAGR of 9%, during the forecast period, 2018 to 2023. The contrast media plays an important role in enhancing the imaging facilities for better diagnosis. There are many technical innovations in the market that are expected to contribute to the growth of the market during the forecast period. There has been an increase in the volume of the procedures that are being carried out; the CT market by itself is growing at 6% annually.
High Prevalence of Cancer and Heart Diseases
Cancer and cardiovascular disease are the two most common causes of mortality. Increasing incidents of cancer and cardiac ailments are the major drivers for this market. Imaging agents show immense potential in treating cancer and heart diseases.
Cancer: Diagnosing with nuclear imaging techniques has been observed to have greater impact on patient management for the way of monitoring tumor and its response to drugs. The emerging radiotracer approaches possess enormous potential for tumor imaging. They are pivotal in cancer patient management, which is a key growth factor for this market
Heart Diseases: Cardiology applications will continue to demonstrate strong growth in the market. In cardiology, imaging with SPECT & PET radiopharmaceuticals plays an important role in the diagnosis as well as management of patients with coronary artery disease, atherosclerosis and other cardiovascular diseases. Several promising modalities and imaging agents are available for clinical cardiovascular molecular imaging. Signal detection compounds include radioisotopes for PET and SPECT imaging, paramagnetic (gadolinium)/superparamagnetic (iron oxide) agents for MRI, fluorochromes for near-infrared fluorescence imaging and micro bubbles for ultrasound imaging. Currently, SPECT imaging using Technetium-99m products is often an important component of evaluation of patients, with known or suspected coronary artery diseases. The prevalence of cardiovascular conditions is high across the world and is increasing.
As the prevalence of cancer and heart diseases are rising the market of diagnostic radiopharmaceuticals & contrast media market is also expected to grow. The other factors, such as technology advancements in medical imaging, and increasing demand for image guided procedures and diagnosis are driving the diagnostic radiopharmaceuticals & contrast media market.
Short Half Life of Radiopharmaceuticals
An obstacle for the growth of the radiopharmaceuticals market is the limited accessibility of radionuclides with short half-lives (i.e. less than 30 minutes). Although these radionuclides have many advantages, their short half-life states that imaging can be done near the area they are produced. Compounds labeled with radionuclides of shorter physical half-lives are not supplied to the distribution centers present beyond a 100-mile radius. Therefore, their use is confined to the institutions capable of onsite radionuclide production and radiotracer chemistry. The current supply is from a few cyclotrons that are primarily used to produce Fluorine -18. The problems and delays in the transportation of short-lived radioactive materials affect the end-use of the product. Therefore, the preparation of radiopharmaceuticals is usually carried out in the hospital radio-pharmacy shortly before administration to the patient (Ex: PET radionuclides carbon-11, nitrogen-13, oxygen-15, etc.). So, this short life of radiopharmaceuticals are hindering the growth of diagnostic radiopharmaceuticals & contrast media market. The other factors, such as expensive procedures & regulatory complications are also hindering the growth of the market.
US Lead the Market in North America Region
The US diagnostic radiopharmaceuticals & contrast media market holds the largest market share in 2017 in North America region due to the presence of high quality healthcare system and modern medical technology in the country. Additionally, the increasing prevalence of cardiac and cancer is likely to contribute towards the growth of the stem cell market.
Key Developments in the Market