The radiopharmaceutical market is highly consolidated, wherein the
top two players – Siemens Healthineers and GE Healthcare –
jointly accounted for over 70% of the global market in 2015.
Transparency Market Research has observed that the degree of
competition is rather high in the market owing to the presence of key
players with the availability of advanced technologies and potential
productive sources and a high product manufacturing capacity.
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“Acquisitions play an important role among established
organizations because they support sales, product development, and
new methods of production,” the author of the report finds. An
excellent example would be AAA. The company acquired GE Healthcare
S.r.L’s FDG-PET business as well as the 100% shares of Imaging
Equipment Ltd. (IEL) in 2014. These moves have enabled the company in
strengthening its presence across Italy, the U.K., and Ireland.
The global radiopharmaceutical market was valued at US$4.7 bn in 2015
and is estimated to reach US$7.4 bn by 2024, expanding at a CAGR of
5.3% from 2016 to 2024.
By radioisotope, technetium-99 held the major share in the global
radiopharmaceuticals market, accounting for 50.3% in 2016. The 18F
segment, on the other hand, is projected to expand at a 5.5% CAGR
from 2016 to 2024, higher than any other radioisotope.
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Based on source, nuclear reactors lead the overall market in terms of
revenue and the segment is also poised to exhibit a strong growth
rate through 2024. Accounting for the dominant share in the
radiopharmaceuticals market by end use, hospitals are likely to
contribute significantly toward the growth of this market in the
coming years. The others segment, which covers laboratories and
universities, is anticipated to expand at the fastest pace despite
being restricted to only the MEA and Asia Pacific regions.
Based on application, oncology took the lead owing to the growing use
of various radioisotopes in the treatment of different cancers. On
the basis of geography, North America is the clear leader and is
slated to achieve a 60.3% share in the global radiopharmaceuticals
market by 2024. Asia Pacific, on the other hand, will register a 6.3%
CAGR from 2016 to 2024, emerging as the fastest expanding regional
market in terms of revenue.
The growing incidence of cancer and cardiovascular diseases –
brought on by the rise in aging population, unhealthy food habits,
prevalence of obesity – is one of the primary factors driving the
radiopharmaceuticals market.
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“The rising incidence of chronic diseases translates into the
demand for diagnostic tests such as SPECT and PET, two of the latest
systems used for the treatment of various cardiovascular and
neurological diseases as well as cancer,” the TMR analyst states.
According to the American Nuclear Society, 90% of the radioisotopes
produced is used in gamma cameras or PET scan nuclear diagnostics.
The remaining 10% is used in radioactive therapeutics drugs. This
growing demand for diagnostic tests has a positive impact on the
demand for radioisotopes and radiopharmaceuticals.
In addition to this, the rapid advancement in radiotracers and
surging awareness regarding the effectiveness of radiopharmaceuticals
will support the growth of the global market. On the other hand,
stringent regulatory guidelines, a shortage in the supply of
radioisotopes, and a shorter half-life of radiopharmaceuticals acts
as impediments for the market.
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