Albany, New York (PRWEB) September 10, 2013
According to a new market report published by Transparency Market Research “Radiopharmaceuticals Market – Global Industry Analysis, Size, Share, Trends and Forecast, 2012 – 2018,” the global market for radiopharmaceuticals was valued at approximately USD 3.8 billion in 2011 and is expected to reach USD 12.2 billion by 2018 at a CAGR of Transparency Market Research18.3% from 2012 to 2018. North America led the global radiopharmaceuticals market with the highest market share as Canada continues to be the largest exporter of uranium and nuclear technology, forming the backbone of nuclear medicine and imaging studies.
Browse the full report with TOC at http://www.transparencymarketresearch.com/radiopharmaceuticals-market.html.
The market is expected to grow at a CAGR of 18.3% owing to tremendous research and technological developments occurring worldwide and the increasing awareness about nuclear medicine and molecular imaging procedures. The radiopharmaceuticals market is studied based on end-user groups, medical isotopes, applications and geography. Technetium (Tc-99m) is the most widely used radioisotope for medical applications. The majority of the application market for radiopharmaceuticals is constituted by the diagnosis market, and the therapeutic application segment is expected to grow at the fastest growth rate from 2012 to 2018.
The global market for generators for radiopharmaceuticals was valued at over USD 200 million in 2011 and is expected to grow at a healthy CAGR from 2012 to 2018. The market currently consists only of Tc-99m generators; newer generators for molecules like Rubidium (Rb-82), Gallium (Ga-67) and Yttrium (Y-90) are expected to enter the market in the next few years. These are expected to exhibit high double digit growth rates during the forecast period.
Key players in this market include Covidien Plc, Nordion Inc., Lantheus Medical Imaging and IBA Group, among others. The market is highly fragmented with leading global healthcare companies offering a wide range of diagnostic and therapeutic radiopharmaceuticals.
Radiopharmaceuticals imply the usage of radiation for non-invasive treatment and diagnosis of various diseases. Utilization of these molecules for medical purposes in PET and SPECT imaging has changed the entire algorithm of disease diagnosis. With rise in the aging population globally coupled with increasing rate of chronic cardiovascular, oncology and neurology diseases, there is tremendous growth potential in this market, especially in developing nations. Similarly, the use of radiolabeled isotopes with peptides and monoclonal antibodies has opened new boulevards for the growth of the global radiopharmaceuticals market.
Many radiopharmaceuticals use technetium-99m (Tc-99m) that has many useful properties of gamma-emitting tracer nuclide. Radiopharmaceuticals are majorly used to diagnose cancer, tumors, biliary tract blockage, bone diseases, bone marrow diseases, brain diseases, colorectal disease, disorders of iron metabolism and absorption, heart disease, heart muscle damage (infarct), impaired flow of cerebrospinal fluid in the brain, kidney diseases, liver diseases, lung diseases, parathyroid diseases, parathyroid cancer, pernicious anemia, improper absorption of vitamin B12 from intestines, red blood cell diseases, salivary gland diseases, spleen diseases, stomach and intestinal bleeding, stomach problems, tear duct blockage, thyroid diseases, thyroid cancer and urinary bladder diseases.
This may be given to the patient in a number of ways, for e.g. they may be given through the mouth, through injections or placed into the eye or into the bladder. It is a small treatment, which includes use of simple substances containing radioactive isotopes. While treating cancer, these radioactive agents are taken up in the cancerous area to destroy the affected tissues. It works effectively by targeting the areas in the body where the cancer is present. Individuals are suggested to intake radiopharmaceuticals only under the direct supervision of a doctor.