Overview and Scope
Diagnostic radioisotopes refer to radioactive isotopes used in the field of nuclear medicine to diagnose and monitor various medical conditions. They utilize their radioactive decay properties to emit radiation, which is detected by specialized imaging equipment, allowing healthcare professionals to obtain detailed images of internal body structures and assess their function.
Sizing and Forecast
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 growth in the historic period can be attributed to the discovery of radioactivity, the introduction of technetium-99m, clinical applications and research, cold war era and nuclear research, and emergence 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 growth in the forecast period can be attributed to emerging radioisotope production methods, expanded clinical applications, patient-centered care and safety, point-of-care imaging and environmental sustainability and green chemistry. Major trends in the forecast period include hybrid imaging techniques, theranostics, molecular imaging techniques, the use of cyclotrons or generators, and safety and radiation protection.
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Segmentation & Regional Insights
The diagnostic radioisotopes market covered in this report is segmented –
1) By Radioisotope: Technetium-99m, Thallium-201, Gallium-67, Iodine-123, FluoroDeoxyGlucose (FDG), Rubidium-82, Other Radioisotopes
2) By Imaging Modality: Single Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET), Beta Emitters
3) By Application: Oncology, Cardiology, Other Applications
4) By End User: Hospitals, Specialty Clinics, Diagnostic Centers, Academic And Research Institutes, Other End Users
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.
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Major Driver Impacting Market Growth
The rising burden of cancer is expected to propel the growth of the diagnostic radioisotopes market going forward. Cancer refers to a disease in which abnormal cells divide uncontrollably and destroy body tissue. The rising burden of cancer is due to lifestyle choices, such as smoking, obesity, lack of physical activity, exposure to carcinogens, genetic predisposition, and environmental factors. Radioisotopes are powerful tools in cancer management, enabling precise diagnosis, targeted treatment, and effective monitoring of cancer progression or response to therapy. For instance, in October 2023, according to a report by the European Commission, a Europe-based governing body, new cancer cases increased by 2.3 % from 2020, reaching 2.74 million in 2022. Similarly, cancer deaths saw a 2.4 % increase compared to 2020. Therefore, the rising burden of cancer is driving the growth of the diagnostic radioisotopes market.
Key Industry Players
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
The diagnostic radioisotopes market report table of contents includes:
1. Executive Summary
2. Diagnostic Radioisotopes Market Characteristics
3. Diagnostic Radioisotopes Market Trends And Strategies
4. Diagnostic Radioisotopes Market – Macro Economic Scenario
5. Global Diagnostic Radioisotopes Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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