Global Radiopharmaceuticals Market Is Expected to Reach USD 12.2 Billion in 2018: Transparency Market Research
Albany, New York (PRWEB) June 16, 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 18.3% 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.
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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.
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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.
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