The global Radiopharmaceuticals market is projected to exceed US$7.9 billion by 2018, driven by aging global population, increasing number of cardiovascular, oncological and neurological imaging procedures, and expansion in application areas.
Over 10,000 hospitals around the globe utilize radioisotopes for in-vivo diagnosis or treatment of approximately 35 million patients each year. Radiopharmaceuticals in this regard are of critical importance and have witnessed continuous breakthroughs, particularly in the field of research and clinical applications. The market is further supported by the recent discovery of newer and successful therapeutic applications in oncology and cardiology prognosis.
Sales of radiopharmaceuticals declined during the 2007-2009 recession period as a result of steep erosion in sales in the United States. Renewed spending on diagnostic and medical equipment by healthcare providers in 2010 marked the beginning of recovery of the market. In the coming years, developments in diagnostic infrastructure, growing potential of radio-therapeutic products, technological advancements, innovative clinical applications of imaging agents and aging population along with rising prevalence of debilitating illnesses will drive demand for radiopharmaceuticals.
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