WiseGuyRerports.com Presents “Global SPECT Radiopharmaceuticals Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” New Document to its Studies Database
Radiopharmaceuticals contain radioactive isotopes that are used in diagnosis and therapeutics. Spect is an imaging technique used in diagnosis and treatment. These are small radioactive substances that are used to treat cancer and cardiac disorders. The global spect radiopharmaceuticals market is expected to be valued at $5.26 billion by 2023.
Radiopharmaseuticals are a replacement for traditional oncology and cancer treatment. It helps doctors diagnose a condition and is a safe treatment option for patients as compared to X-rays and other external radiation imaging devices. Spect radiopharmaceuticals are applied in treatment for lymphoma and bone metastasis.
Government regulations and approval of Lutathera and Axumin is a key driver in the market growth. Further, early diagnosis of health conditions like cancer and Alzheimer’s has become necessary to treat diseases effectively. The use of therapeutic applications in radiolabelling of monoclonal antibodies also helps improve the market outlook.
This nuclear medicine serves as a minimal invasive treatment option, which drives the growth of spect radiopharmaceuticals market. The market hike can be attributed to a growing number of cardiac patients, where the use of advanced imaging techniques is popular. Factors like supply shortages, logistical difficulties, and limited number of trained medical personnel can hinder the market growth.
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Segmentation
The spect radiopharmaceuticals market can be segmented by product type, and application.
By product type, diagnostic, therapeutic, and research are the primary options available in the radiopharmaseuticals sector.
The nuclear medicine technology is used in oncology, cardiology, neurology, thyroid, and other such treatment procedures. Oncology is a substantial global market contributor and had a market share of 59.73% in 2017. This rise is due to the use of therapies in the treatment of cancer. Additionally, thyroid is predicted to see a large growth which is mainly driven by the demand for combinatorial spect therapy with its advanced imaging techniques.
Regional Analysis
North America, Europe, Asia Pacific, and the Middle East & Africa are the major geographical regions where spect radiopharmaceuticals technique is applied.
North America was the largest contributor to the market in 2018 owing to the development of new technology, availability of funds for research and development of novel technologies, and the prevalence of market leaders in the region. Europe holds the second highest share in the spect radiopharmaceuticals market.
The Asia Pacific is an emerging market for this technology with a revenue contribution of 35%. Many technology centers have established the practice in the region due to the growing market opportunities. Increase in government funding in these areas is also a large contributor to the growth of spect radiopharmaceuticals market in India and China.
Industry News
Market leaders use strategies like better treatment offerings, improving regional presence, and distribution channels. Collaboration and mergers will propel the growth of spect radiopharmaceutical market in the forecast period. Advanced Accelerator Applications S.A. (AAA), for example, partnered with FUJIFILM Toyama Chemical in Japan to improve the market standing in the region. The agreement granted worldwide rights to AAA in exchange for an upfront payment and future milestones and royalties.
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Table Of Content:
1 Market Overview
2 Manufacturers Profiles
3 Global Sales, Revenue, Market Share and Competition by Manufacturer (2017-2018)
4 Global Market Analysis by Regions
5 North America by Country
6 Europe by Country
7 Asia-Pacific by Country
8 South America by Country
9 Middle East and Africa by Countries
10 Global Market Segment by Type
11 Global Market Segment by Application
12 Market Forecast (2019-2024)
13 Sales Channel, Distributors, Traders and Dealers
14 Research Findings and Conclusion