According to a recent study report published by the Market Research Future, the Global Radio Pharmaceutical Market is expected to gain eminence over the forecast period. The market is forecasted to demonstrate a steady growth by 2022, surpassing its previous growth records in terms of value with a constant CAGR during the anticipated period (2017 – 2022).
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. These radioisotopes emits penetrating gamma rays that are used for diagnostic imaging where the radiation has to escape the body before being detected by a specific device (SPECT/PET cameras).
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.
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Furthermore, geriatric population is more susceptible to various communicable and non-communicable diseases due to weekend immune system. The rising geriatric population with chronic diseases such as cancer, heart diseases and others will create growth opportunities for the market. As per the Economic and Social Commission for Asia and the Pacific (ESCAP), geriatric population in Asia Pacific is expected to more than double from 547 million in 2016 to nearly 1.3 billion by 2050.
Global Radio Pharmaceutical Market – Competitive Analysis:
Advanced Accelerator, Bracco Diagnostic Inc., Bayer, Canadian Nuclear Laboratories, Cardinal Health Inc., Eczacibasi-Monrol, Medtronic, General Electric Company, Siemens, Curium, Jubilant Life Sciences Ltd., Lantheus Medical Imaging, Inc., Nordion, Inc., NTP, Sun Pharmaceutical, Mallinckrodt Pharmaceuticals and others are some of the prominent players at the forefront of competition in the Global Radio Pharmaceutical Market and are profiled in MRFR 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.
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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.
Moreover, in January 2018, the company entered partnership with F. Hoffmann-La Roche Ltd to develop integrated digital diagnostics platform to improve oncology and critical care treatment to accelerate and improve individualized treatment options for cancer and critical care patients.
In November 2017, the company entered into an agreement with Bruce Power to secure the long-term supply of Cobalt-60 for medical and other applications through the life of the four Bruce B reactors.
While in September 2017, The U.S. Department of Energy’s National Nuclear Security Administration (DOE/NNSA) and NTP completed conversion of medical isotope molybdenum-99 (Mo-99) production process from highly enriched uranium (HEU) to low enriched uranium (LEU) in August.
Therefore, new product launches, acquisitions and agreements are some major strategies which has adopted by the global radiopharmaceuticals to upsurge the growth of the market.
Global Radiopharmaceutical market has been segmented on the basis of types which comprises of therapeutic and diagnostic radiopharmaceuticals, which majorly includes, PET, SPECT, Beta emitter, among others. On the basis of end users the market is divided into; hospitals, clinics, research facilities and others. On the basis of application market is divided into; cardiology, thyroid, oncology, neurology and others.
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