by The diagnostic radioisotopes market includes radioisotopes such as technetium-99m (Tc-99m), thallium-201 (Tl-201), iodine (I-123/I-125/I-131), xenon (Xe-133), and fluorodeoxyglucose (18F-FDG) that are used in single photon emission computed tomography (SPECT) and positron emission tomography (PET) imaging procedures for diagnosis of various diseases including cancer, cardiovascular diseases, neurological disorders, and other applications. These radioisotopes have advantages such as providing higher resolution scans, they are cost-effective, and can detect abnormalities at an early stage. The increasing incidence of chronic diseases and growing geriatric population are driving the diagnostic radioisotopes market.
The Global Diagnostic Radioisotopes Market is estimated to be valued at US$ 6.54 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players – Key players operating in the diagnostic radioisotopes market are Johnson & Johnson, Mueller Sports Medicine, 3M Company, KT Tape, Medco Athletics, Nitto Denko Corporation, Andover Healthcare Inc., Medline Industries, Inc., Jaybird & Mais, SpiderTech.
Growing demand – There is a growing demand for Diagnostic Radioisotopes Market Size s due to increasing prevalence of chronic and lifestyle diseases, rising healthcare expenditure, and technological advancements in imaging modalities like PET and SPECT scans.
Global expansion – Major players in this market are focusing on regional expansions, facility upgrades, collaborations, and new product launches to strengthen their geographic presence and diagnostic portfolio.
Market Key Trends
The diagnostic radioisotopes market is witnessing a trend of precision diagnosis through development of innovative radiotracers and radiopharmaceuticals. Players are investing in R&D to develop radiotracers targeting specific diseases for better diagnostic accuracy. For instance, fluorodeoxyglucose (18F-FDG) is an important radiotracer used in PET imaging for detection of cancer lesions. Ongoing research aims to develop more targeted radiotracers for precision diagnosis of various cancer types as well as other diseases.
Porter’s Analysis
Threat of new entrants: The diagnostic radioisotopes market requires high capital and certified manufacturing facilities which act as entry barriers. Bargaining power of buyers: Individual diagnostic laboratories have low bargaining power compared to larger corporate buyers with higher volumes. Bargaining power of suppliers: A few suppliers such as NTP Radioisotopes (South Africa) and Board of Radiation & Isotope Technology (India) dominate the global supply of radioisotopes giving them higher bargaining power. Threat of new substitutes: No substitute technologies provide the same diagnostic advantages as radioisotopes, limiting threat from substitutes. Competitive rivalry: Major diagnostic radioisotope producers compete on licensing, patent protection and raw material sourcing to differentiate products and services.
Geographical regions with highest market value include North America and Europe due to high healthcare spending and technological advancements in countries like the US, Germany, and UK. The Asia Pacific region is fastest growing for the diagnostic radioisotopes market attributed to rising medical infrastructure, healthcare awareness and expanding patient pool in highly populated nations like China and India.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
