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| Diagnostic Radiopharmaceuticals and Contrast Media Market |
The Diagnostic Radiopharmaceuticals and Contrast Media market is estimated to be valued at US$ 6,811.4 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diagnostic radiopharmaceuticals and contrast media are used with diagnostic
imaging techniques like CT, MRI, and ultrasound to diagnose and detect various
diseases. Radiopharmaceuticals help in nuclear imaging procedures like PET and
SPECT scans by emitting gamma rays that help produce images of organs and
tissues. Contrast media are administered to patients to enhance the visibility
of structures or fluids within the body during medical imaging. They find wide
application in diagnostic procedures for diseases like cancer, cardiovascular
diseases, and neurological disorders.
Market Dynamics:
The diagnostic radiopharmaceuticals and contrast media market is primarily
driven by the increasing incidence of cancer and cardiovascular diseases
globally. According to the World Health Organization, cancer accounted for
nearly 10 million deaths in 2020. Further, cardiovascular diseases are the
leading cause of death globally, taking an estimated 17.9 million lives each
year. The rising disease burden is fueling the demand for diagnostic imaging
modalities like CT, MRI, PET, and SPECT that utilize radiopharmaceuticals and
contrast media. Additionally, technological advancements in imaging techniques
and continued development of novel contrast agents are also propelling market
growth over the forecast period.
The market is witnessing high demand for targeted radiopharmaceuticals which
can specifically identify cancer cells or tumors. Numerous clinical trials are
being conducted to evaluate the safety and efficacy of such novel targeted
drugs. In addition, a promising pipeline of diagnostic radiopharmaceuticals and
contrast media is anticipated to enter the market in the coming years, further
complementing revenue growth.
SWOT Analysis
Strength: The diagnostic radiopharmaceuticals and contrast media market has
strong research and development capabilities. Many key players are engaged in
new product launches which expands their product portfolios. Moreover, rising
healthcare expenditure globally increases investment in this market.
Weakness: High costs associated with development and manufacturing of
diagnostic radiopharmaceuticals and contrast media makes them expensive for
common users. Stringent regulations delay approval and launch of new products.
Opportunity: Emerging economies provide lucrative growth opportunities with
increasing healthcare infrastructure. Untapped rural markets offer immense
scope, especially in Asia Pacific region. Moreover, rise in cases of chronic
diseases increases the demand for diagnostic procedures.
Threats: Political and economic instability in some regions hampers market
growth. Threat of substitution from generic drugs also impacts revenues of
major players.
Key Takeaways
The global Diagnostic
Radiopharmaceuticals And Contrast Media Market Share is expected to witness high growth, exhibiting
CAGR of 5.8% over the forecast
period, due to increasing prevalence of chronic diseases. According to recent
statistics, cancer burden is rising worldwide with over 19.3 million new cases
reported in 2020. This widens the scope of diagnostic testing including screening
processes.
Regional analysis: North America dominated the global market in 2022,
attributable to growing geriatric population and rising healthcare spending.
However, Asia Pacific is projected to encounter highest growth rate owing to
improving economic conditions and healthcare reforms across India and China.
These countries offer massive patient pools and represent lucrative prospects
for market players.
Key players: Key players operating in the diagnostic radiopharmaceuticals and
contrast media market are Siemens Healthineers, Nordion Inc., Lantheus Holdings
Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG,
Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. Major companies are
focusing on new product launches and geographic expansion to strengthen their
foothold. They also engage in strategic alliances with biotech companies and
academia to develop advanced technologies.
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