The radiopharmaceuticals market has been forecast to exceed a value of US$7.9 billion by 2018, driven by the aging global population, the increasing number of cardiovascular, oncological and neurological imaging procedures, and the expansion in application areas.
Sales of radiopharmaceuticals declined during the 2007-2009 recession period as a result of a steep erosion in sales in the United States. Renewed spending on diagnostic and medical equipment by healthcare providers in 2010 marked the beginning of a recovery for 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.
In the book Technetium a total of 31 different radiopharmaceuticals based on Tc-99m are listed for imaging and functional studies of the brain, myocardium, thyroid, lungs, liver, gallbladder, kidneys, skeleton, blood and tumours.
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.
According to a recent market report, 'Radiopharmaceuticals: A Global Strategic Business Report,' Therapeutic Radiopharmaceuticals represents the fastest growing sector with a projected compound annual growth rate (CAGR) of 22% to be witnessed through 2018.
Successful demonstrations of the effectiveness of radiopharmaceuticals in treating diseases and increased awareness to integrate these drugs as a part of standard care is expected to offer a positive platform for growth in the future.
The growing interest in Therapeutic Radiopharmaceuticals is expected to lend traction to the development of highly focused tumour targeting techniques and therapeutic isotopes uniquely tailored to optimise treatment of various tumours.
The United States represents the largest region in the radiopharmaceuticals market with growth led by the rising focus on therapeutic efficiency, acceptance of nuclear medicine, and introduction of new diagnostic and therapeutic agents. Asia-Pacific is forecast to emerge as the fastest growing market over the next five years.
For more information on the radiopharmaceuticals market, see the latest research: Radiopharmaceuticals Market
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