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Radiopharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 – 2018

Radiopharmaceuticals refer to the use of radiation for the diagnosis and treatment of numerous neurological, cardiovascular, and oncogenic disorders. The growth in global geriatric population has led to an increase in the prevalence and incidence of chronic disorders such as cancer, bone diseases, heart ailments, thyroid diseases, iron metabolism and absorption disorders, and pernicious anemia. As a result, there has also been a consequent rise in awareness of accurate diagnosis and disease-targeted therapy. As molecular imaging applications and radiopharmaceutical-based cancer therapy gains prominence, so does the global market for radiopharmaceuticals.

In addition, the awareness of and demand for accurate diagnosis and therapy has increased considerably in emerging countries, thereby fueling the growth of the radiopharmaceuticals market.

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On the other hand, supply shortages, stringent regulatory guidelines regarding production, storage, and usage, competitive alternatives, and price sensitivity are expected to hamper the radiopharmaceuticals market.

Scope of the radiopharmaceuticals market

The global radiopharmaceuticals market can be segmented on the basis of generator types, end users, applications, and geography.

Application-wise, radiopharmaceuticals are broadly bifurcated into diagnosis and therapy. Diagnosis is further classified into diagnosis by technique (PET and SPECT) and diagnosis by indications (cardiovascular, oncology, and others). Radiopharmaceuticals therapy is further segmented into systemic oncology and others.

On the basis of generator types, the radiopharmaceuticals market is segmented into W-188/Re-188 generator, Sr-90/Y-90 generator, Ge-68/Ga-68 generator, Sr-82/Rb-82 generator, and Mo-99/Tc-99m generator. The two main end users of radiopharmaceuticals are diagnostic centers and medical centers and hospitals. Geographically, the radiopharmaceuticals market is divided into North America, Europe, Asia-Pacific, and Rest of the World.

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Global outlook of the radiopharmaceuticals market

The global radiopharmaceuticals market was estimated to be worth US$3.8 billion in 2011 and is projected to be worth US$12.2 billion by the end of the forecast period in 2018. A leading market research firm forecasts that the worldwide market for radiopharmaceuticals will grow at a strong CAGR of 18.3% between 2012 and 2018.

Geographically, North America dominated the global pharmaceuticals market, followed by Europe and Asia-Pacific. In terms of the use of medical isotopes, North America formed the largest regional market, with steady growth in the U.S. and Canada. Canada has been the biggest exporter of nuclear technology and uranium and with the growing popularity of nuclear medicine and imaging, this region is expected to witness significant expansion.

Europe came in second in terms of size of the radiopharmaceuticals market owing to increasing geriatric population and subsequent rise in neurological and cardiovascular disorders. Steady growth in the field of radiopharmaceuticals in countries such as Taiwan, Japan, and Korea, rapid urbanization, increase in elderly population, and economic growth in emerging nations such as China and India has led to the expansion of the Asia-Pacific radiopharmaceuticals market.

Radiopharmaceuticals: Product evaluation

In terms of applications, the diagnosis segment of the radiopharmaceuticals market dominated the scene, with Technetium (Tc-99m) being the most-used radioisotope for medical applications. On the other hand, the therapeutic segment is anticipated to register a higher growth rate during the forecast period. The generator segment of the radiopharmaceuticals market was estimated to be worth more than US$200 million in 2011 and is expected to witness a considerable growth from 2012 to 2018.

The global radiopharmaceuticals market is extremely fragmented and leading global companies have been offering a wide range of diagnostic and therapeutic services in the field of radiopharmaceuticals. Some of the prominent players operating in the radiopharmaceuticals industry are Positron Corporation, GE Healthcare, Polatom, Lantheus Medical Imaging, Monrol Nuclear Products, Inc., Cardinal Health Inc., Siemens Healthcare, NTP Radioisotopes (Pty) Ltd., Nordion, Inc., Covidien Plc, and IBA Group.

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