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| Digital Radiopharmaceuticals And Contrast Media Market |
The global diagnostic radiopharmaceuticals and contrast media market is estimated to be valued at US$ 7846.74 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2030. Rapid advancements in nuclear medicine and imaging technologies coupled with rising geriatric population are fueling demand for diagnostic imaging modalities worldwide. This has led to increasing consumption of radiopharmaceuticals and contrast media that help improve visibility of internal organs and tissues during diagnostic procedures.
Diagnostic radiopharmaceuticals and contrast media are special drugs or agents
used with radiology exams and procedures to help radiologists visualize
internal organs, tissues, and organ systems of the body. Radiopharmaceuticals
are radioactive substances used in nuclear medicine imaging tests like SPECT
and PET scans to detect the location and concentration of radiotracers that
emit gamma rays. Contrast media contains iodine or barium salts that are
injected into the body for imaging modalities like CT scans and X-rays to
highlight specific tissues and organs for better visualization. The growing
popularity of minimally invasive and non-invasive diagnostic procedures for
disease diagnosis and treatment monitoring is fueling uptake of radiopharmaceuticals
and contrast media globally.
Key Takeaways
Key players operating in the diagnostic radiopharmaceuticals and contrast media
market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta
Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company,
Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan
New Materials, and Dymax Corporation. These companies are investing in new
product launches, capacity expansion, and mergers & acquisitions to
strengthen their market position.
The market is witnessing several lucrative opportunities in areas like
theranostics, where pharmaceuticals are being developed that can be used for
both diagnosis and targeted treatment. Manufacturers are also focusing on
developing advanced contrast media and radiopharmaceuticals with higher
sensitivity for improved diagnosis.
Global expansion remains a key growth strategy for leading players. Given
increasing outsourcing of production by major pharmaceutical companies, several
manufacturers are strengthening domestic capabilities and local supply chains
across emerging markets in Asia Pacific, Middle East, and Latin America.
Market Drivers
- Growing geriatric population worldwide prone to various chronic diseases is a
major factor driving demand for diagnostic imaging modalities and
radiopharmaceuticals. According to WHO, the global population aged 60 years and
older is expected to reach 2 billion by 2050 from 962 million in 2017.
- Rising healthcare expenditure on preventive healthcare and shift towards
early disease diagnosis is boosting consumption of radiopharmaceuticals and
contrast media. Rapid technological advancements in diagnostic imaging
equipment coupled with higher sensitivity and safety of newer generation agents
is further fueling the market growth.
Market Restrains
- High costs of nuclear medicine imaging procedures and limited reimbursement
for Diagnostic
Radiopharmaceuticals And Contrast Media Market Demand growth. High infrastructure investment needs
for on-site production of many radiopharmaceuticals by end-users pose
challenges.
- Stringent regulatory frameworks for approval of new radiopharmaceuticals
prolong product launch timelines. Growing concerns regarding radiation exposure
during medical imaging procedures also restricts market expansion to some
extent.
Segment Analysis
Contrast agents commanded the largest revenue share, owing to extensive usage
of agents containing iodine in computed tomography. Pharmaceutical
radiopharmaceuticals are anticipated to witness considerable growth during the
forecast period. Technetium-99m is the most widely used isotope in diagnostic
nuclear medicine procedures such as myocardial perfusion imaging and bone
scans. It is obtained from molybdenum-99, which is produced through nuclear
fission or neutron activation of uranium. Widespread usage and preference for
technetium-based diagnostics make the nuclear pharmacy segment highly
lucrative.
Global Analysis
North America dominated the diagnostic radiopharmaceuticals and contrast media
market in 2024 and is estimated to maintain its dominance throughout the
forecast period. High healthcare expenditure in the region along with frequent
usage of contrast imaging modalities drive the revenue. Asia Pacific is
anticipated to witness the fastest CAGR during the forecast period owing to
improving healthcare infrastructure, rising disposable incomes, and increasing
acceptance of diagnostic procedures. Growing medical tourism industry in China,
India, and Japan is also contributing to market growth. Demand for diagnostic
radiotracers is increasing significantly across Asia.
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