Demand for Radiopharmaceutical Products to Rise owing to Rising Occurrence of Cardiovascular Diseases
Recently, Jubilant Pharma Limited, was in the news, as its unit Jubilant Draxlmage Inc., headquartered in Canada, received an approval from TGA, Australia for the launch of Technetium 99mTC, which is its new radiopharmaceutical. This new radiopharmaceutical is used in nuclear medicine. This new motivated the leading companies operating in the global radiopharmaceutical market to introduce its new products and services. Many companies operating in this global market are aiming to improve their already existing products and introduce the new products to maintain their dominance.
The global radiopharmaceutical market is likely to experience a steady growth in the years to come owing to the increasing use of radioisotopes for treating numerous diseases such as bone palliation, cancer, cardiovascular diseases, and neurological disorders. Approximately around 35 million people undergo treatment for these diseases, which is a key factor expected to propel the global radiopharmaceutical market. Transparency Market Research (TMR), in its new report, states that the market stood at US$4.7 bn in 2015 and is expected to reach US$7.4 bn by 2024, expected to exhibit a 5.30% CAGR from 2016 to 2024.
As per the Nuclear Energy Institute, radioisotopes are critical for conducting research in order to cure cancer, AIDS, and Alzheimer’s disease. As per the World Nuclear Association, around 10,000 hospitals in the globe use radioisotopes in various medicines. Around 90% of them are directed towards the diagnosis of various diseases. These factors are expected to propel the demand for radiopharmaceutical.
TMR answers a few questions related to the global radiopharmaceutical market:
Q. Which is the biggest factor driving the growth of the global radiopharmaceutical market?
Cancer has become one of the primary reasons of death in the entire world. The rising incidence of cancer is the biggest factor expected to propel the global market for radiopharmaceutical. The demand for radioisotopes for treating cancer is increasing in many emerging nations. The rising number of cardiovascular diseases is also another reason for the growth of the global market for radiopharmaceutical. Radiopharmaceutical products are increasingly being used by many end users including ambulatory surgical centers, hospitals, and diagnostic centers. The rising application of radiopharmaceutical products in many end-use industries is likely to propel the global market in the years to come.
Browse Full Press Release on Radiopharmaceutical Market: http://www.transparencymarketresearch.com/pressrelease/radiopharmaceuticals-market.htm
Q. How will developing regions contribute towards the market’s growth?
Many leading companies in the developing regions are investing more in introducing new radiopharmaceutical products. North America led the use of radiopharmaceutical products in the recent years. However, Europe is expected to lead the demand for radiopharmaceutical products in the near future. The existence of many leading companies and the startups in developing nations will benefit the global market in many ways.
Q. What is the key source of radiopharmaceuticals?
Nuclear reactors have emerged as the key source of radiopharmaceutical products. Based on radioisotope, the technetium-99 led the global market in the recent past. Nuclear reactors, by accounting for the largest share of the global market in 2015, this segment is likely to maintain its dominance, as the key source of radiopharmaceutical products.
Key companies are aiming to merge with the startup companies to adopt new trends and introduce new products, which will assist them to maintain their dominance in the global market.