The European radiopharmaceuticals market has been forecast to increase at a compound annual growth rate (CAGR) of 6.8% over the next five years, rising from a valuation of $1.1 billion at the end of 2012, to hit a market value of $1.6 billion by 2017.
An Increase in use of SPECT and PET scans, technical advancements in equipment and other factors such as rising awareness of radiopharmaceuticals among physicians, alpha radioimmunotherapy based targeted cancer treatment, and ready availability of radiopharmaceutical from cyclotrons are major factors that have led to growth within the market.
Radiopharmaceuticals are used in the field of nuclear medicine as tracers in the diagnosis and treatment of many diseases. Many radiopharmaceuticals use technetium-99m (Tc-99m) which has many useful properties as a gamma-emitting tracer nuclide.
Because radiopharmeuticals require special licenses and handling techniques, they are often kept in local centers for medical radioisotope storage, often known as radiopharmacies. A radiopharmacist may dispense them from there, to local centers where they are handled at the practical medicine facility.
A study conducted by Organization for Economic Co-operation and Development (OECD) estimates that Tc-99m diagnostic procedures are expected to increase by 15% to 20% in Europe between 2010 and 2030.
Radiopharmaceuticals in neurological applications such as Alzheimer's disease, Parkinson's disease, and dementia are also being preferred by practitioners besides conventional treatment. Further, upcoming radioisotopes such as Ra-223 (Alpharadin) and Ga-68 possess huge potential for clinical applications.
Germany represents the dominant region within the European radiopharmaceuticals market with a 25% share. Over 120 PET-CT facilities contributed significantly to the German market in 2012; the region had around 600 gamma cameras and 76 PET (PET/CT) scanners. Cross sectional imaging such as SPECT (SPECT/CT) and PET (PET/CT) is preferred.
Major players leading the way in the European radiopharmaceuticals market include Cardinal Health, Inc. (U.S.), Covidien, Plc (Ireland), GE Healthcare (U.K.), IBA Group (Belgium), Lantheus Medical Imaging, Inc. (U.S.), Nordion, Inc. (Canada), and Siemens Healthcare (PETNET) (Germany).
For more information on the European radiopharmaceuticals market, see the latest research: European Radiopharmaceuticals Market
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