PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464658
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464658
Diagnostic Radioisotopes Market size was valued at USD 5,820.21 Million in 2023, expanding at a CAGR of 9.81% from 2024 to 2032.
Diagnostic radioisotopes are radioactive isotopes that are employed in medical imaging for the purpose of diagnosing various medical conditions and diseases. These particular radioisotopes emit gamma rays, which can be detected by specialized imaging equipment like gamma cameras or PET scanners. The administration of these radioisotopes to patients is typically done through oral ingestion, intravenous injection, or inhalation, depending on the specific imaging procedure and the organ or tissue under examination. Despite their radioactive nature, the doses utilized in diagnostic imaging are extremely small and are considered safe for patients. In fact, the advantages of diagnostic imaging with radioisotopes often outweigh the potential risks associated with radiation exposure.
Diagnostic Radioisotopes Market- Market Dynamics
Rising Prevalence of Chronic Diseases is anticipated to propel the market growth
Chronic illnesses like cancer, heart diseases, and neurological disorders often necessitate frequent diagnostic imaging for monitoring disease progression, evaluating treatment effectiveness, and identifying recurrence. Diagnostic radioisotopes are essential in various imaging techniques such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), and gamma camera imaging, facilitating precise diagnosis and staging of chronic illnesses. According to the U.S. National Center for Health Statistics, a chronic disease is one that lasts for three months or more. Approximately 40 million Americans have limitations in their daily activities due to one or more chronic health conditions. The increasing adoption of hybrid imaging technologies presents a growth opportunity for the market. However, the high cost of production and infrastructure may hinder market growth.
Diagnostic Radioisotopes Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.81% over the forecast period (2024-2032)
Based on Radioisotope segmentation, Technetium-99m was predicted to show maximum market share in the year 2023
Based on application segmentation, Oncology was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Diagnostic Radioisotopes Market is segmented on the basis of Radioisotope, Application, Imaging Modality, End-user and Region.
The market is segmented into five divisions according to Radioisotope: Technetium-99m, Thallium-201, Gallium-67, Iodine-123, FDG, Rubidium-82, and Others. Technetium-99m holds the largest share in the market. Technetium-99m (Tc-99m) is a highly utilized radioisotope in nuclear medicine for diagnostic imaging.
The market is segmented into two categories according to application: Oncology, Cardiology, and Other. Oncology holds the largest share in the market. Diagnostic radioisotopes are crucial in different imaging techniques utilized in oncology, assisting in tumor detection and characterization, disease progression assessment, and treatment response evaluation.
The market is segmented into three categories according to Imaging Modality: SPECT, PET, and Beta Emitters. Each imaging modality uses distinct radioisotopes to observe biological processes and structures in the body, aiding in the diagnosis, staging, treatment planning, and monitoring of different diseases, such as cancer.
The market is segmented into four categories according to End-user: Hospitals, Specialty Clinics, Diagnostic Centers, Academic & Research Institutes, and Other establishments. Each end-user group has unique needs and demands for diagnostic imaging services that make use of radioisotopes.
Diagnostic Radioisotopes Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be driven by North America, primarily due to increasing investments in nuclear medicine. The Tympanostomy Products market mainly focuses on the treatment of ear infections and related otolaryngology procedures, while nuclear medicine is centered around medical imaging and diagnosis using radioisotopes. In the United States, there are over 20 million nuclear medicine procedures conducted annually, while in Europe, the number is around 10 million, with 2 million of them being therapeutic procedures. Looking ahead, Europe is projected to be the driving force behind the market's growth, mainly due to advancements in diagnostic imaging modalities.
The Diagnostic Radioisotopes Market is characterized by intense competition, with companies striving to ensure a steady and dependable supply of high-quality radioisotopes. They also focus on providing efficient imaging solutions, adhering to safety and regulatory guidelines, and fostering innovation to meet the evolving needs of healthcare professionals and patients. Additionally, competition in this market revolves around the quality, reliability, and variety of radioisotope products offered by radio pharmaceutical companies. Technological advancements are also pursued to improve production efficiency, lower costs, and ensure compliance with safety and regulatory standards.
Siemens Healthineers has announced its decision to close down its Fast Track Diagnostics unit, a division within the Diagnostics business that offers polymerase chain reaction (PCR) testing products. This particular portfolio is primarily sold in Europe. The demand for these products has significantly declined since the peak of the COVID-19 pandemic.
Another advancement in medical imaging is positron emission tomography (PET), a highly accurate and advanced technique that utilizes isotopes generated in a cyclotron. By introducing a positron-emitting radionuclide, typically through injection, it accumulates in the specific tissue being targeted.
GLOBAL DIAGNOSTIC RADIOISOTOPES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
GE Healthcare
Siemens Healthineers
Koninklijke Philips N.V.
Cardinal Health
Lantheus Holdings, Inc.
Bayer AG
Bracco
Eckert & Ziegler
Nordion (Canada) Inc.
NTP Radioisotopes
Curium, Jubilant Life Sciences Ltd
Isotopia Molecular Imaging Ltd.
Mallinckrodt Nuclear Medicine LLC
Jubilant DraxImage Inc.
Sumitomo Heavy Industries, Ltd.
Telix Pharmaceuticals Limited
Others