Radiopharmaceuticals: A Global Strategic Business Report
San Jose, California (PRWEB) June 26, 2013
Follow us on LinkedIn – Rise in the number of cancer patients worldwide, and a widening patient base able to afford treatment in developing countries are prime factors underlying growth in the radiopharmaceuticals market. Rising number of patients undergoing chemotherapy in North America, Europe, and Japan, coupled with improved cancer diagnosis, and screening in developing countries will help spur growth in the coming years. Enthused by the successful use of radiopharmaceuticals in tumor identification and localization, efforts are underway to research and develop newer diagnostic agents for oncology. The most prominent products in the R&D pipeline include agents designed for colorectal cancer imaging, breast cancer imaging, neuroendocrine tumor imaging and small-cell lung cancer imaging.
Over 10,000 hospitals around the globe utilize radioisotopes for in-vivo diagnosis or treatment of approximately 35 million patients each year. Radiopharmaceuticals in this regard are of critical importance and have witnessed continuous breakthroughs, particularly in the field of research and clinical applications. The market is further supported by the recent discovery of newer and successful therapeutic applications in oncology and cardiology prognosis. Sales of radiopharmaceuticals declined during the 2007-2009 recession period as a result of steep erosion in sales in the United States. Renewed spending on diagnostic and medical equipment by healthcare providers in 2010 marked the beginning of recovery of the market. In the coming years, developments in diagnostic infrastructure, growing potential of radio-therapeutic products, technological advancements, innovative clinical applications of imaging agents and aging population along with rising prevalence of debilitating illnesses will drive demand for radiopharmaceuticals.
Cardiology is fast evolving as a key healthcare segment for manufacturers of radiopharmaceuticals. Cardiovascular diseases have emerged as a major cause of mortality, accounting for about one-third of global deaths. The scenario is creating opportunities for the development of new contrast agents capable of aiding in better diagnosis of cardiovascular diseases. Novel PET products based on fluorine are under development for use in myocardial perfusion imaging. In addition to cardiology, Alzheimer’s disease is also emerging as a key application area for radiopharmaceuticals. With recent studies demonstrating the fact that imaging of amyloid plaque enables early detection of Alzheimer’s disease, the number of PET scans for diagnosis of Alzheimer’s disease is expected to increase, thereby offering opportunities for growth of radiopharmaceuticals.
Diagnostic Radiopharmaceuticals represents the largest product market with growth led by rising use of Single Photon Emission Computed Tomography - Computer Tomography (SPECT-CT). Growth in the market is also expected to be driven by nuclear cardiology products. Number of PET procedures is expected to steadily increase in the next few years, thereby benefiting market opportunities for Fluorodeoxyglucose (FDG). Use of PET-CT complemented by SPECT-CT will further improve growth prospects of diagnostic radiopharmaceuticals in the coming years.
Therapeutic Radiopharmaceuticals represents the fastest growing market with a projected CAGR of 22% over the analysis period. Successful demonstrations of the effectiveness of radiopharmaceuticals in treating diseases and increased awareness to integrate these drugs as a part of standard care is expected to offer a positive platform for growth in the future. The growing interest in Therapeutic Radiopharmaceuticals is expected to lend traction to the development of highly focused tumor targeting techniques and therapeutic isotopes uniquely tailored to optimize treatment of various tumors. As stated by the new market research report on Radiopharmaceuticals, the United States is the largest market worldwide with growth led by rising focus on therapeutic efficiency, acceptance of nuclear medicine, and introduction of new diagnostic and therapeutic agents. Asia-Pacific is forecast to emerge as the fastest growing market over the analysis period.
Major players covered in the report include Actinium Pharmaceuticals Inc., Advanced Medical Isotope Corporation, Alseres Pharmaceuticals Inc., Bayer HealthCare Pharmaceuticals, Bracco Diagnostics Inc., Cardinal Health Inc., Covidien Plc, Erigal Limited, Eli Lilly and Company, EUSA Pharma (Europe) Ltd., GE Healthcare Limited, IBA Group, Jubilant Life Sciences Limited, Immunomedics Inc., Lantheus Medical Imaging Inc., Medi-Radiopharma Ltd., Nordion Inc., Peregrine Pharmaceuticals Inc., PETNET Pharmaceuticals Inc., Positron Corporation, Singapore Radiopharmaceuticals Pte Ltd., Spectrum Pharmaceuticals Inc., and Triad Isotopes Inc., among others.
The research report titled “Radiopharmaceuticals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of current market trends, key growth drivers, recent industry activity, and major companies worldwide. The report provides market estimates and projections in US$ for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East, and Latin America (Brazil and Rest of Latin America). Product markets analyzed include Diagnostic Radiopharmaceuticals and Therapeutic Radiopharmaceuticals.
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