The Radioactive Tracer Market primarily comprises products that are radioactively labeled to trace biological processes or substances in patients' bodies. Radioactive tracers find applications in positron emission tomography (PET) scans, single-photon emission computed tomography (SPECT) scans, and numerous medical diagnostic procedures. They help doctors detect and diagnose conditions like cancer, heart disease, gastrointestinal, endocrine, and neurological disorders. Some common radioactive tracers used are fluorodeoxyglucose (FDG), thallium, and sodium iodide. The Global Radioactive Tracer Market is estimated to be valued at US$ 2.12 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Radioactive Tracer Market are Zosano Pharma, Eli Lilly and Company, Lundbeck Seattle BioPharmaceutical, Winston Laboratories, GlaxoSmithKline plc., ElectroCore Medical LLC, Autonomic Technologies, Inc., AstraZeneca plc., Allergan plc., Bayer AG, F. Hoffmann-La Roche Ltd, Novartis AG, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Sanofi, and AbbVie Inc. The increased demand for radioisotopes owing to the growing number of PET and SPECT procedures performed for diagnosis and screening purposes is driving the market growth. Technological advancements such as equipment miniaturization, portable imaging systems, and radioactive tracer development with improved specificity are boosting the radioactive tracer market.
Market Trends
Increased use of cyclotron facilities: There has been a rise in the number of cyclotron facilities that produce medical radioisotopes locally. This ensures enhanced access and affordability of radioactive tracers.
Rising demand for theranostic tracers: Theranostic radiotracers that have both diagnostic and therapeutic capabilities are gaining traction. Companies are innovating such tracers targeting different disease areas.
Market Opportunities
Developing economices: Emerging markets like India, Brazil, and China offer lucrative opportunities owing to the improving healthcare infrastructure and increasing patient pool requiring diagnostic imaging.
Multi-disease targeting tracers: There is potential to develop single radioactive tracers that can diagnose and treat multiple ailments by selectively binding to varied receptors overexpressed in different disease conditions. This would boost efficiency.
Impact of COVID-19 on Radioactive Tracer Market Growth
The COVID-19 pandemic posed significant challenges to the radioactive tracer market. Travel restrictions imposed worldwide disrupted supply chains and reduced availability of critical medical isotopes. Hospital capacity strain due to rising COVID-19 cases also limited usage of diagnostic radioactive tracers. However, radioactive tracers still played a vital role in COVID-19 management. Positron emission tomography (PET) scans using radioactive tracers helped diagnose and monitor COVID-19 pneumonia development. Other tracers enabled checks for organ damage. Going forward, ensuring steady isotope supplies and prioritizing patients requiring radioactive scans will remain important. Telehealth can facilitate care while maintaining social distancing. Investing in inventory buffers and multiple supplier partnerships can strengthen supply resilience against future crises.
Geographical Concentration of Value in the Radioactive Tracer Market
In terms of value, North America dominates the radioactive tracer market currently. This is because the region has a highly developed healthcare sector and greater patient access to expensive PET and single photon emission computed tomography (SPECT) scans. The United States especially accounts for a major share due to its large economy, medical reimbursements and advanced clinical research infrastructure. Reimbursements have expanded the usage of molecular imaging examinations. Regional growth is further supported by ongoing research activities and expansion initiatives by large pharmaceutical firms.
Fastest Growing Region for the Radioactive Tracer Market
Asia Pacific is poised to witness the fastest growth in the radioactive tracer market during the forecast period. This is owing to rising healthcare expenditure, increasing incidence of target diseases and improving access to diagnostic technologies across major countries. Governments are investing significantly to modernize medical infrastructure and boost diagnostic imaging capacities. Individual nation growth rates vary with economic development. China and India offer most promising opportunities with their huge populations and expanding medical markets. Increased awareness, insurance coverage and partnerships with global innovators are factors driving the radioactive tracer market forward in Asia Pacific.
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Radioactive Tracer Market Will Grow At Highest Pace Owing To Increasing Demand In Medical Imaging
Posted 2024-03-08 13:11:06
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