Expanding Commercial Use in Nuclear Imaging Drives Demand for Radiopharmaceuticals, According to a New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) March 30, 2015 -- Follow us on LinkedIn – Defined as radioactive isotopes, radiopharmaceuticals are used as tracers to diagnose and treat various life-threatening diseases. The global market for radiopharmaceuticals is driven by the increase in the number of nuclear imaging procedures in the field of cardiology, neurology, pulmonology, and oncology. Diagnostic radiopharmaceuticals represent the largest market, supported by the well-established use of radioisotopes in diagnostic imaging. While cardiovascular and oncology imaging represent the core application areas for diagnostic radiopharmaceuticals, research has expanded its use to other areas of medicine including neurology. Stringent regulations governing the production and storage of radiopharmaceuticals, fears associated with radioactivity exposure, and shortage of raw materials, represent immediate challenges to growth in the market. The global production and supply of Technetium-99, a key radioisotope used in radiopharmaceuticals, remains challenged. As a result, development of a new technology is currently underway to produce isotopes without a nuclear reactor.
Therapeutic radiopharmaceuticals represents the fastest growing market, supported by numerous advantages over traditional therapies and drugs. Few of these benefits include targeted therapeutic irradiation with lower side effects, and superior radioactivity enabled noninvasive external monitoring. Easy detection of metastatic sites and uninterrupted monitoring of progress in treatment are key factors driving use of radiopharmaceuticals in targeted treatment applications. Cancer is therefore emerging as a lucrative application area for radiopharmaceuticals. The success of radioimmunotherapy, which involves the use of radiolabelled antibodies to release cytotoxic radiation to a target cell, holds promising prospects for radiopharmaceuticals. Research revolving around therapeutic radiopharmaceuticals is mainly focused on antibody-based drugs and the relatively new-targeted peptides linked to therapeutic isotopes.
As stated by the new market research report on Radiopharmaceuticals, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 10.4% over the analysis period. The growth in the region is led by developing healthcare infrastructure, growing R&D interest in nuclear medicine, commitment to technology and development of new therapeutic isotopes, and the need for safe and effective therapies and products to meet the complex healthcare needs of a growing population.
Major players covered in the report include Actinium Pharmaceuticals Inc., Advanced Medical Isotope Corporation, Alliance Medical, Alseres Pharmaceuticals Inc., Avid Radiopharmaceuticals, Bayer HealthCare Medical Care, Bracco Diagnostics Inc., Cardinal Health, Inc., GE Healthcare, Ion Beam Applications SA, Immunomedics, Inc., Jubilant Pharma, Lantheus Medical Imaging Inc., Mallinckrodt Pharmaceuticals, Medi-Radiopharma Ltd., Nordion, Inc., Peregrine Pharmaceuticals, Inc., PETNET Solutions Inc., Positron Corporation, Singapore Radiopharmaceuticals Pte Ltd., 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 segments analyzed include Diagnostic Radiopharmaceuticals and Therapeutic Radiopharmaceuticals.
For more details about this comprehensive market research report, please click here
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 1500+ 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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