Radiopharmaceuticals: A Global Strategic Business Report
San Jose, California (PRWEB) November 14, 2011
Follow us on LinkedIn - Radiopharmaceuticals have entered the lexicon of medical sciences, given its multi- functional diagnostic and therapeutic capabilities. Cherished for its ability to offer non-invasive, static and dynamic images of body organs, radiopharmaceuticals lately has also ignited interests of the medical community, given its potential to offer efficacious treatment therapies for life-threatening diseases. Radiopharmaceuticals are radioactive pharmaceuticals used as tracers in the diagnosis and treatment of various life-threatening illnesses to about millions of patients every year. Imaging using radioisotopes has also become indispensable, due to its ability to identify various disease processes much earlier than other diagnostic tests. More than 10,000 hospitals worldwide utilize radioisotopes for the in-vivo diagnosis or treatment of approximately 35 million patients every year. Radiopharmaceuticals in this regard are of critical importance. Despite challenges, which continue to confront the market, continued breakthroughs, especially in research and clinical applications areas, will help ensure sustained growth in the market. Extending the required impetus to market growth is recent success in finding innovative and new application possibilities in oncology and cardiology prognosis. A steady stream of products in drug development phase additionally bears testimony to the interest surrounding radiopharmaceuticals.
Despite the huge potential, the global Radiopharmaceuticals market witnessed deceleration in market growth during 2008-2009. The slowdown in growth highlighted the fact that the healthcare industry although resilient is not completely immune to changes in the macro-economic environment. The decline was attributed to factors, such as, financial constraints, inflationary pressures, loss of insurance coverage and reduction in the number of insured people. Rising levels of unemployment, especially, resulted in increased loss of corporate health coverage and therefore reduced demand and consumer spending on pharmaceuticals, and healthcare services. As a result of financial constraints, several countries reduced their healthcare budget and reimbursements. In order to increase their profitability, distributors of radiopharmaceutical products in US aggressively negotiated terms of sale affecting revenues derived from radiopharmaceutical sales. Manufacturers also experienced severe pricing pressure from centralized governmental healthcare authorities that increased negotiations efforts in order to lower healthcare costs. Lack of proper reimbursement of contrast agents, and radiopharmaceuticals also prevented several manufacturers from exploring into new application areas.
However, the market was quick to recover poise in the year 2010, encouraged by the resurgence of hospital spending on SPECT-CT scanners and other diagnostic/medical equipment. R&D budgets during this year also recorded improvements, and although market dynamics varied considerably among modalities, maximum growth opportunities were visible at the lower end of the imaging equipment market. In the upcoming years, building up of diagnostic infrastructure, aging population, promising therapeutic products in pipeline, rising incidence of cancer and other debilitating diseases, technology developments, new clinical applications of contrast/imaging agents/radiopharmaceuticals, will help drive growth. Aging population and increased cardiovascular, oncological and neurological disorders will translate into increased procedural volumes for magnetic resonance angiography, as well as cardiac ultrasound procedures which require the use of contrast agents, and radiopharmaceuticals.
Growing number of oncology and cardiology procedures will continue to drive demand for radiopharmaceuticals such as FDG used for PET scans, and encourage global radiopharmaceutical manufacturers to work in close co-operation with oncologists and nuclear physicians to leverage the potential of radiopharmaceuticals in healthcare settings. Also, with introduction of new generation of rapid, accurate PET and SPECT scanners, which improves the overall quality of diagnostic images available to physicians, the installed base of SPECT machines will increase radically. This will likely lead to a much higher growth for radiopharmaceutical agents than in the pre-recession years. Further, growing demand and awareness for better healthcare in countries such as India as well as the increasing capability of patient population for spending on health services is expected to spur growth in developing markets. Future growth will also depend on the current focus on researching, and developing efficient diagnostic and therapeutic regimes that help halt or reverse disease progression, and enhance overall healthcare. Enthused by the successful use of radiopharmaceuticals in tumor identification, localization and therapeutics, efforts are underway for research and development of newer diagnostic agents for oncology applications, which are expected to generate substantial opportunities for the market over the next few years.
As stated by the new market research report on Radiopharmaceuticals, the US is the largest regional market for radiopharmaceuticals. Europe represents the fastest growing regional market for radiopharmaceuticals with dollar sales from the region waxing at a CAGR of about 9.74 % over the analysis period. Therapeutic Radiopharmaceuticals market represents the fastest growing market segment.
Major players in the marketplace include Actinium Pharmaceuticals Inc, Advanced Medical Isotope Corporation, Alseres Pharmaceuticals Inc, Bayer HealthCare Pharmaceuticals, Bio-Nucleonics Inc, Bracco Diagnostics Inc, Cardinal Health Inc, Covidien Imaging Solutions, EUSA Pharma (Europe) Ltd, Jubilant DraxImage Inc, GE Healthcare Limited, GlaxoSmithKline Plc, IBA Group, Immunomedics Inc., Lantheus Medical Imaging Inc, Nordion, Molecular Insight Pharmaceuticals Inc., Novelos Therapeutics Inc, Peregrine Pharmaceuticals Inc., PETNET Pharmaceuticals Inc., Pharmalucence Inc., Spectrum Pharmaceuticals Inc, and Triad Isotopes Inc.
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 profiles major companies worldwide. The report provides market estimates and projections for Radiopharmaceuticals across all major geographic markets including the US, Canada, Japan, Europe, Asia-Pacific and Rest of World. The report analyses the market by key segments Diagnostic Radiopharmaceuticals, and Therapeutic Radiopharmaceuticals.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Radiopharmaceuticals_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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