April 20, 2024
Diagnostic Radioisotopes Market

The Diagnostic Radioisotopes Market Growth is driven by rising demand for disease diagnosis

The diagnostic radioisotopes market encompasses medical radioisotopes that are widely used as radioactive tracers for medical imaging techniques like SPECT and PET scans. These scans aid in accurate disease diagnosis by emitting gamma rays which can be detected by specialized cameras. The most commonly used diagnostic radioisotopes are Technetium-99m, Gallium-67, Thallium-201 and Iodine-123. Technetium-99m finds application in detecting abnormalities in bones, lungs, liver and other body parts. It offers advantages like short half-life, low radiation dose and proven efficacy. There is growing need for such nuclear imaging modalities due to rising prevalence of cancer, cardiovascular diseases and neurological disorders on a global level.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the diagnostic radioisotopes market size is the shift towards shorter half-life radioisotopes. This is because they enable multiple scans to be performed and reduce radiation dosage to patients. Iodine-123 and Fluorine-18 are becoming more popular tracing agents vis-à-vis conventional Iodine-131 due to their shorter half-lives. Additionally, growing applications of alpha-emitters like Actinium-225 and Bismuth-213 for cancer targeting has stimulated research into radioimmunotherapy and radioisotope-based treatment. A paradigm change is also occurring with the development of combination therapy involving checkpoint inhibitors and alpha-emitting radioisotopes. These emerging trends are set to revolutionize disease theragnosis (therapy & diagnosis) going forward.

Porter’s Analysis

Threat of new entrants: The diagnostic radioisotopes market requires high R&D investments and regulatory approvals which make it difficult for new companies to enter.

Bargaining power of buyers: Individual buyers have low bargaining power due to the importance of radioisotopes in medical procedures. However, large hospitals and diagnostic centers have some bargaining power.

Bargaining power of suppliers: A few companies dominate the supply of medical radioisotopes globally, giving them significant bargaining power over buyers.

Threat of new substitutes: Though some alternative imaging technologies exist, radioisotopes have distinct advantages and are irreplaceable in many applications.

Competitive rivalry: The market sees tough competition between major players. Companies compete based on radioisotope quality, reliability of supply, service, and price.

Key Takeaways

The global diagnostic radioisotopes market is expected to witness high growth over the forecast period driven by increasing cancer prevalence and focus on personalized treatment. 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.

North America currently dominates due to advanced healthcare systems and increasing healthcare investments. Europe is also a major market supported by better reimbursements. Asia Pacific is expected to be the fastest growing region with growing medical infrastructure and expanding healthcare facilities.

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, and SpiderTech. These companies compete based on portfolio breadth and reliability of supply. Leading players are focusing on capacity expansions to better serve growing global demand. Partnerships with diagnostic center chains and hospitals are also seen to gain coverage and increase sales.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it