April 20, 2024
Digital Radiopharmaceuticals and Contrast Media Market

Diagnostic Radiopharmaceuticals AND Contrast Media Market Set FOR Growth Driven BY Shift TO Personalized Medicine

The diagnostic radiopharmaceuticals and contrast media market is poised to grow rapidly owing to the increased effectiveness of diagnostic imaging technologies such as MRI, CT, PET, and ultrasound scans. These imaging agents play a crucial role in disease identification and management. The global diagnostic radiopharmaceuticals and contrast media market is estimated to be valued at US$ 7846.74 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2030.

Diagnostic radiopharmaceuticals and contrast media are pharmaceutical substances, that are labeled with radioactive isotopes or materials that can be detected by radiography equipment when injected or ingested into the body, providing images for disease diagnosis or monitoring disease treatment. Radiopharmaceuticals are used in SPECT and PET scans to detect diseases by tracking organ functions and chemical processes in the body, whereas contrast media are largely used in CT scans and angiography to improve the visibility of blood vessels and internal organs. The growing demand for efficient and cost-effective diagnostic methods for early disease detection is driving the market growth.

Key Takeaways
Key players operating in the diagnostic radiopharmaceuticals and contrast media market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation. These players are focusing on new product launches and capacity expansions to cater to the rising demand.

The Diagnostic Radiopharmaceuticals And Contrast Media Market Demand is witnessing high growth owing to the increasing geriatric population and the prevalence of chronic diseases such as cancer and cardiac disorders globally. Furthermore, technological advancements in diagnostic imaging systems along with a growing preference for minimally invasive procedures are augmenting the demand.

The market is also expanding rapidly in developing regions due to rising medical tourism, improvement in healthcare infrastructure, and increasing focus of key players to tap developing markets. Asia Pacific is expected to witness the highest CAGR during the forecast period.

Market Key Trends
A personalized medicine approach that relies on companion diagnostic tests for disease profiling and treatment selection is one of the key trends in the diagnostic radiopharmaceuticals and contrast media market. Biomarker-guided drug development processes and targeting of specific disease sub-types based on molecular characteristics are driving increased use of radiotracers and pharmaceuticals that can provide information on molecular pathways involved. This allows for tailored diagnostic scanning and precision in disease diagnosis and management.

Porter’s Analysis
The threat of new entrants: the high capital required for research and development acts as a barrier for new companies. Bargaining power of buyers: Buyers have low bargaining power as they rely on a few manufacturers for specialized medical imaging services. Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power as there are a limited number of suppliers for key materials and technologies used by established players. Threat of new substitutes: The threat of substitution is low, as diagnostic radiopharmaceuticals and contrast media have few medical substitutes for molecular and functional imaging procedures. Competitive rivalry: Intense competition exists between major players to gain market share through new product development and expansion into emerging markets.

Geographical Regions
North America accounts for the largest share of the diagnostic radiopharmaceuticals and contrast media market in terms of value due to the presence of developed healthcare infrastructure and availability of healthcare reimbursement. The United States represents the major market in the region.

Asia Pacific is expected to witness the fastest growth during the forecast period owing to growing incidence of chronic diseases, increasing healthcare spending, rising medical tourism and expansion of private healthcare players in countries such as India and China. These countries along with Japan are anticipated to drive the demand for Diagnostic Radiopharmaceuticals and Contrast Media.

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