by The diagnostic radiopharmaceuticals and contrast media market is estimated to be valued at US$ 6,811.4 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diagnostic radiopharmaceuticals are radioactive materials used in the diagnosis of various diseases through medical imaging techniques such as PET and SPECT. They help medical professionals evaluate organ or tissue functions non-invasively. Contrast media are chemical compounds used to enhance the visibility of internal organs during medical imaging. Common contrast media include barium sulfate for X-rays and iodinatedcontrasts for CT scans. These agents help detect abnormalities that may be missed without their use. The market has witnessed strong growth due to the rising incidences of cancer and cardiac diseases and increasing adoption of diagnostic imaging modalities.
Market Dynamics:
The diagnostic radiopharmaceuticals and contrast media market is driven by the growing demand for precision diagnostics and minimally invasive procedures. Molecular imaging techniques such as PET and SPECT have gained widespread acceptance in the detection, diagnosis, and management of chronic diseases. Their ability to characterize and measure biological processes at the molecular and cellular level has led to more accurate disease detection and improved clinical outcomes. These advanced diagnostic modalities require specialized radiotracers and contrast agents. Furthermore, growing geriatric population who are susceptible to conditions such as cancer and cardiovascular diseases also contributes to the market growth. However, stringent regulatory frameworks and high costs associated with these products hamper the market expansion.
Segment Analysis
The diagnostic radiopharmaceuticals and contrast media market can be segmented based on product type, application, and regional distribution. Based on product type, the market is dominated by radiopharmaceuticals, which accounted for over 60% market share in 2023. This is because radiopharmaceuticals are used in both diagnosis and nuclear therapy procedures. Technetium-99m is widely used isotope for diagnostic procedures and is used in 40% of diagnostic nuclear medicine procedures.
PEST Analysis
Political: Regulations for production and use of nuclear materials are stringent, requiring licenses. However, supportive regulations and initiatives promote market growth.
Economic: Developing nations show high growth opportunities due to increasing healthcare budgets and demand. In developed nations, favorable reimbursement policies drive the market.
Social: Increased prevalence of chronic diseases and aging population boost diagnostic procedures. However, risks of exposure limit market potential.
Technological: Advances in imaging techniques improve diagnostic accuracy. Automation minimizes production costs and enhances throughput.
Key Takeaways
The global Diagnostic Radiopharmaceuticals And Contrast Media Market Share is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated at US$ 6,811.4 Mn.
Regional analysis indicates North America dominates the market currently due to supportive reimbursement policies and technological advancements. Asia Pacific is poised to be the fastest growing market owing to increasing healthcare infrastructure development and demand.
Key players operating in the diagnostic radiopharmaceuticals and contrast media are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. Siemens Healthineers holds the leading market share due to its diverse product portfolio and global presence. Nordion Inc. specializes in the supply of medical isotopes and production of radiopharmaceuticals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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