Diagnostic Radiopharmaceuticals and Contrast Media Market Is Estimated to Witness High Growth Owing to Increasing Incidence
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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