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Diagnostic Radioisotopes Market 2024 Huge Growth Expected in Upcoming Year 2031 | Bayer AG, Bracco, NTP Radioisotopes

Diagnostic Radioisotopes

BURLINGAME, CALIFORNIA, UNITED STATES, May 24, 2024 / -- Market Overview:

Diagnostic radioisotopes are nuclear medicine imaging agents that emit radioactive energy in the form of gamma rays or positrons. They are used for imaging procedures like PET, SPECT and gamma scintigraphy scans to diagnose various medical conditions.

Market Dynamics:

The diagnostic radioisotopes market is driven by increasing demand from hospitals, clinics and diagnostic centers owing to rising prevalence of chronic diseases. As per estimates published by World Health Organization (WHO), cardiovascular diseases account for over 17 million deaths annually, making them the leading cause of death worldwide. In addition, growing geriatric population that is more prone to developing health issues further contributes to the increasing demand. According to United Nations, number of people aged 60 years or above is expected to more than double by 2050 and reach nearly 2.1 billion from 962 million in 2017. Furthermore, improving access to healthcare facilities especially in developing countries is also fueling the market growth.

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Emergence of Radioisotope Theranostics Presents a Major Market Opportunity

The evolving concept of radioisotope theranostics presents a big opportunity for the diagnostic radioisotopes market. Theranostics involves using the same radioactive compound for both diagnosis and subsequent treatment, also known as theragnostics. A diagnostic scan reveals the location and severity of the disease. Then a targeted radionuclide therapy is delivered precisely to the disease site. This personalized medicine approach has immense potential in the management of cancer and other disorders. Many ongoing researches focus on developing radioisotope pairs that can be used for both diagnostic SPECT/PET imaging and endoradiotherapy. Development of theranostic platforms could open up an avenue for commercializing companion diagnostic and therapeutic radiotracers. Theranostics is projected to revolutionize healthcare by enabling precise personalized care. It represents a multi-billion market opportunity for companies involved in diagnostic radiopharmaceuticals production and drug development. Novel theranostic combinations have the power to reshape the diagnostic radioisotope industry.

Increasing Demand for Radiopharmaceuticals and Growth in PET Imaging Drives Market Trends

The diagnostic radioisotopes market is witnessing notable trends towards increased use of radiopharmaceuticals and rise in PET imaging. Radiopharmaceuticals, which are radioactive drugs, allow targeting specific organs and tissues for diagnostic or therapeutic purposes. Various innovative radiotracers are being developed to obtain enhanced image clarity and provide more insightful scan results. This includes tracers for neurology, cardiology, and oncology. radiopharmaceuticals are playing a pivotal role in early disease detection and precision treatment monitoring. On the other hand, Positron Emission Tomography (PET) as a diagnostic imaging technology is gaining immense popularity, especially for oncology. PET offers higher sensitivity and resolution compared to other modalities. Combined PET/CT scans are extensively used for cancer staging and therapeutic response assessment. Increasing efforts on developing new PET tracers along with hybrid PET/MR scans will bolster the market in the coming years. Widespread clinical adoption of advanced radiopharmaceuticals and PET technologies will propel the diagnostic radioisotopes industry to new heights.

Leading Key Players Include in This Report:

GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Cardinal Health, Lantheus Holdings, Inc., Bayer AG, Bracco, Eckert & Ziegler, Nordion (Canada) Inc., NTP Radioisotopes, Curium, Jubilant Life Sciences Ltd, IRE, Isotopia Molecular Imaging Ltd., Mallinckrodt Nuclear Medicine LLC, Jubilant DraxImage Inc., Sumitomo Heavy Industries, Ltd., Telix Pharmaceuticals Limited

Since the report focuses on the healthcare sector, it also sheds light on key development in the said industry and latest R&D activities. It educates business owners on newly approved products, ongoing research and development, and products under the trial phase and in the pipeline.

Detailed Segmentation:

By Radioisotope: Technetium-99m, Thallium-201, Gallium-67, Iodine-123, FDG, Rubidium-82, Others
By Application: Diagnostic Application and Therapeutic Application
By Imaging Modality: SPECT, PET, Beta Emitters
By Disease Indication: Oncology, Cardiology, Neurology, Thyroid, Orthopedic, Endocrinology, Others
By End User: Hospitals, Specialty Clinics, Diagnostic Centers, Academic & Research Institutes, Others

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Major Growth of Diagnostic Imaging Centers and Clinics Worldwide is Driving the Diagnostic Radioisotopes Market

The diagnostic radioisotopes market is witnessing significant growth due to the increasing number of diagnostic imaging centers and clinics across the globe. Diagnostic imaging modalities such as MRI, CT, PET, and nuclear medicine scans extensively use diagnostic radioisotopes. According to estimates, around 300 million diagnostic imaging procedures are performed annually worldwide. The rapidly growing geriatric population suffering from chronic diseases such as cancer and cardiovascular diseases has boosted the demand for diagnostic scans. Various governments and healthcare organizations are also promoting diagnostic imaging centers as an effective diagnostic tool. Advanced diagnostic imaging allows early disease detection, accurate diagnosis, and effective treatment planning. This has prompted more clinicians to rely on scans for diagnosis. With the growing preference for scans over conventional diagnostic methods, the usage of diagnostic radioisotopes in various medical imaging applications has increased tremendously.

Emergence of New Radioisotopes with Superior Properties is Restraining Market Growth

The diagnostic radioisotopes market currently lacks new innovative radioisotopes with superior properties. The most commonly available diagnostic radioisotopes such as Technetium-99m have a short half-life. Short half-life necessitates availability close to clinics to be clinically useful. However, emerging radioisotopes with longer half-lives could allow centralized production and wider distribution. Researchers are trying to develop new radioisotopes and radioisotope generators. However, translating the research into clinical practice has been slow. Regulatory hurdles and high production costs are hampering the commercialization of innovative radioisotopes. Lack of investment is also a major challenge for research and development in this domain. Unless new radioisotopes with ideal diagnostic properties become available, the same conventional radioisotopes will continue to dominate the market. This threatens sustainable market growth over the long term. Regulatory bodies need to streamline rules and incentivize investments to accelerate the production of advanced radioisotopes.

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✤ Risk Mitigation: This Market research reports enable businesses to assess the potential risks and challenges associated with entering or expanding into a market. By understanding market dynamics, regulatory factors, economic conditions, and industry trends, businesses can mitigate risks, avoid costly mistakes, and make informed decisions that align with their objectives.

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✤ Validation and Credibility: Diagnostic Radioisotopes Market research reports offer independent and unbiased analyses conducted by industry experts. This lends credibility to the information presented and enhances the trust and confidence of stakeholders, including investors, partners, and customers.

✤ Long-term Business Planning: This Market research reports provide a foundation for long-term business planning. They offer insights into market trends, growth projections, and emerging opportunities, allowing businesses to develop sustainable strategies and stay ahead in a competitive market.

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