PUBLISHER: The Business Research Company | PRODUCT CODE: 1526935
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526935
Diagnostic radioisotopes are radioactive isotopes employed in nuclear medicine for diagnosing and monitoring diverse medical conditions. They rely on their radioactive decay characteristics to emit radiation, detected by specialized imaging tools, enabling healthcare providers to acquire detailed internal body structure images and evaluate their function.
The primary diagnostic radioisotopes include technetium-99m, thallium-201, gallium-67, iodine-123, fluorodeoxyglucose (FDG), rubidium-82, and others. Technetium-99m is extensively used in medical imaging due to its advantageous nuclear properties and wide accessibility. Imaging techniques include single photon emission computed tomography (SPECT), positron emission tomography (PET), and beta emitters, employed across various fields such as oncology and cardiology.
The diagnostic radioisotopes research report is one of a series of new reports from The Business Research Company that provides diagnostic radioisotopes market statistics, including the diagnostic radioisotopes industry's global market size, regional shares, competitors with a diagnostic radioisotopes market share, detailed diagnostic radioisotopes market segments, market trends and opportunities, and any further data you may need to thrive in the diagnostic radioisotopes industry. This diagnostic radioisotopes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The diagnostic radioisotopes market size has grown strongly in recent years. It will grow from $5.06 billion in 2023 to $5.54 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The increase in the historical era can be credited to several factors, including the identification of radioactivity, the advent of technetium-99m, advancements in clinical applications and research, developments during the Cold War and in nuclear research, and the rise of positron emission tomography.
The diagnostic radioisotopes market size is expected to see strong growth in the next few years. It will grow to $8.06 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The projected period growth can be attributed to emerging methods for radioisotope production, the broadening scope of clinical applications, a shift towards patient-centered care and safety, the growing prevalence of point-of-care imaging, and a focus on environmental sustainability and green chemistry. Key trends anticipated in this period encompass hybrid imaging approaches, the advancement of theranostics, the evolution of molecular imaging techniques, the utilization of cyclotrons or generators, and ongoing efforts in safety and radiation protection.
The anticipated rise in cancer cases is expected to drive the growth of the diagnostic radioisotopes market. Cancer, characterized by the uncontrolled division of abnormal cells leading to tissue damage, is attributed to various factors including lifestyle choices such as smoking, obesity, lack of physical activity, exposure to carcinogens, genetic predisposition, and environmental influences. Radioisotopes play a crucial role in cancer management, facilitating precise diagnosis, targeted treatment, and effective monitoring of disease progression or response to therapy. For instance, according to a report by the European Commission in October 2023, new cancer cases increased by 2.3% from 2020, reaching 2.74 million in 2022, with a corresponding 2.4% increase in cancer-related deaths. This trend underscores the growing burden of cancer, thereby propelling the demand for diagnostic radioisotopes.
Key players in the diagnostic radioisotopes market are focused on advancing radiopharmaceutical technology to enhance diagnostic accuracy, improve patient outcomes, and expand the applications of nuclear medicine in healthcare. Advanced radiopharmaceutical technology involves the development of innovative compounds and techniques for precise imaging and targeted therapy in nuclear medicine. For example, Bracco Group, an Italy-based diagnostic imaging company, launched Blue Earth Therapeutics in March 2022, a subsidiary dedicated to advancing next-generation therapeutic radiopharmaceutical technology, initially targeting prostate cancer with plans for further expansion into other oncology areas.
In April 2024, Telix Pharmaceuticals Limited, an Australia-based biotechnology company, acquired ARTMS to strengthen its supply chain and manufacturing capabilities. This acquisition aims to leverage ARTMS' expertise in cyclotron-based isotope production to enhance market position and meet the growing demand for diagnostic and therapeutic isotopes. ARTMS, headquartered in Canada, specializes in radioisotope technology and is a leading provider of diagnostic radioisotopes.
Major companies operating in the diagnostic radioisotopes market are Cardinal Health Inc., Sumitomo Heavy Industries Ltd., BWX Technologies Inc., Lantheus Holdings, Curium Pharma, Clarity Pharmaceuticals, Bracco Diagnostic Inc., Ion Beam Applications S.A., Nordion Inc., Eckert & Ziegler AG, NorthStar Medical Radioisotopes LLC, NTP Radioisotopes SOC Ltd, Global Medical Solutions Ltd., Isotopia Molecular Imaging Ltd., Cyclopharm Limited, Trasis NV, Orano Med LLC, ARTMS Inc., Radiomedix Inc., Coqu RadioPharmaceuticals Corp., IsoTherapeutics Group LLC
North America was the largest region in the diagnostic radioisotopes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the diagnostic radioisotopes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the diagnostic radioisotopes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The diagnostic radioisotopes market consists of revenues earned by entities by providing services such as radiopharmacy services, imaging services, radioisotope production and supply, diagnostic procedures, and theranostics. The market value includes the value of related goods sold by the service provider or included within the service offering. The diagnostic radioisotopes market also includes sales of products including Indium-111, Xenon-133, Molybdenum-99, and Phosphorus-32. Values in this market are 'factory gate values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Diagnostic Radioisotopes Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on diagnostic radioisotopes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for diagnostic radioisotopes ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The diagnostic radioisotopes market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.