Albany, NY, Aug. 12, 2016 (GLOBE NEWSWIRE) -- The global radiopharmaceuticals market is projected to grow at a high CAGR of 18.3 % to comprise a market worth US$12.2 bn by the end of 2018. The global market was valued at US$7.3 bn in 2015. North America is expected to lead the global radiopharmaceuticals market with a market revenue of US$5,631.6mn in 2018, followed by Asia, Europe and Rest of the World. Strontium/Rubidium Generators device segment is likely to maintain its lead in the global radiopharmaceuticals market with an overall global share of 40.2% by the end of 2018.
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Rising Cases of Cancer to Increase Adoption of Radiopharmaceuticals Due to Need for Organ Target Remedy
The extensive preclinical and clinical research being conducted worldwide is impelling the adoption of radiopharmaceuticals in targeted therapy. With the implementation of radiopharmaceuticals, physicians can now target specific organs and tissues to treat anomalies the metabolism of the targeted organs. Radiopharmaceuticals are also used for cancer diagnosis and treatment. Due to a spike in the number of cancer cases reported worldwide, the global radiopharmaceuticals market is expected to witness healthy growth in the upcoming years.
Moreover, radiopharmaceutical therapy enables easy location of tumors and helps monitoring its treatment. It has also facilitated high dosage of drug delivery making hospital stays shorter, thus making nuclear therapies and other cancer therapies less expensive. Nuclear imaging also helps to cut down the various scans that patients need to go through during diagnostic procedures. Thus, the preferred adoption of disease target therapy is anticipated to drive the demand for radiopharmaceuticals.
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Stringent Regulations Regarding Production, Storage, and Usage to Hinder Adoption of Radiopharmaceuticals
Radiopharmaceuticals comprise radioisotopes that carry concerns associated with radiation, making both patients and medical practitioners wary about their usage. This factor is likely to affect the adoption of radiopharmaceuticals in hospitals and healthcare organizations. The regulatory guidelines regarding the storage, transport, and production of the nuclear molecules are extremely strict and are regulated by rigid processes for the FDA to give its approval. Moreover, concerns associated with radiopharmaceutical overdose are also a major factor responsible for curtailing the adoption for radiopharmaceuticals.
Emerging Economies to Augment Demand for Radiopharmaceuticals due to Need for Accurate Diagnosis and Treatment
Increasing awareness regarding chronic diseases and their treatment has augmented the demand for radiopharmaceutical diagnosis and treatment. Especially for oncology and cardiovascular diseases, people and doctors are preferring nuclear medicines and radio therapies. Moreover, with the increase in the geriatric population worldwide, the cases of cardiovascular, oncological, and neurological diseases are expected to grow, in turn driving the demand for radiopharmaceutical diagnosis and treatments. Countries such as India, China, Brazil, and Mexico are projected to create huge growth opportunities for the radiopharmaceuticals market owing to the rise in their disposable incomes.
Due to the highly fragmented nature of the market for radiopharmaceuticals, the leading global healthcare companies are focused on offering a wide range of diagnostic and therapeutic radiopharmaceuticals to boost their earnings, reports Transparency Market Research (TMR) in a new study. The leading companies in the global radiopharmaceuticals market are Covidien, followed by Lantheus Medical Imaging, IBA Group, and Positron Corporation. They held approximately19.4% of the total market revenue as of 2011.
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Source:Transparency Market Research