Radiopharmaceutical Market: Growing concern of the people regarding their health driving the market growth

Radiopharmaceutical is a prescription employed in nuclear medicine that has the pharmaceutical part and radioactive part. Nuclear medication is offered to a patient in a tiny quantity; this makes the body of the patient radioactive for the small amount of time. An exceptional nuclear medicine camera senses the emitted radiation from the patient’s body and delivers images on organs situated in the inner body to verify its operation. The majority of these are utilized in analytical nuclear medicine methods and discharge gamma radiation. 99m Technetium is the most usually employed gamma discharging radionuclide in nuclear medicine, which is tagged to various kinds of pharmaceuticals to prepare diagnostic imaging agents such as radiopharmaceuticals. In 2015, the global radiopharmaceutical market was esteemed at around $4.32 Billion. In 2021, the global radiopharmaceutical market is anticipated to reach about $7.13 Billion growing at a rate of 8.8% CAGR from 2016 to 2021.

Based on types, the global market is divided into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. Further, the diagnostic radiopharmaceutical is segmented into SPECT and PET. Additionally, the therapeutic radiopharmaceuticals segment is further classified into brachytherapy isotopes, alpha emitters, and beta emitters. On the basis of applications, the global market is bifurcated as cardiology, oncology, neurology, and other.

Growing concern of the people regarding their health is the main reason that is responsible for the growth of the global market. North America is the biggest area for the growth of global radiopharmaceutical market as it has the largest market share. National Research Universal Reactor of Canada and MDS Nordion are the radioisotope sources that fulfill the requirement for radioisotopes in North America. Yet, the recent closure of the National Research Universal Reactor has resulted in a gap in the supply-demand process. This branch supplied Mo-99 that is the ancestor of Tc-99, which is one of the majorly used radioisotopes in the United States.

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Key players in the global market are GE Healthcare, Cardinal Health, Inc., Bracco Imaging S.p.A, Advanced Accelerator Applications S.A., Nordion, Inc., Lantheus Medical Imaging, Inc., Bayer Healthcare, Mallinckrodt plc, IBA Molecular Imaging, Siemens Healthcare, Eczacibasi-Monrol Nuclear Products, Jubilant Pharma, and others.

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