Telehealth is fastest growing segment fueling the growth of Radioactive Tracer Market
The global Radioactive Tracer Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Radioactive Tracer Market involves radioactive compounds used for the diagnosis of various diseases. Radioactive tracers aid in functional and molecular imaging through the use of techniques such as positron emission tomography and single-photon emission computed tomography scans. These tracers provide insights into biological processes at the molecular level.
Market key trends:
One of the key trends in the Radioactive Tracer Market is the surge in the use of novel tracers. With advancement in molecular imaging techniques, researchers are developing new radioactive tracers with improved properties like higher specificity and sensitivity. For instance, radiolabelled amyloid-beta tracers are being extensively researched for the diagnosis of Alzheimer's disease. These novel tracers can help detect amyloid plaques in the brain at an early stage.
Segment Analysis
The global radioactive tracer market is segmented into diagnostic applications and therapeutic applications. The diagnostic applications segment is currently dominating the market due to increasing number of patients suffering from cardiovascular diseases & cancer. Within diagnostic applications, positron emission tomography (PET) tracers are the largest sub-segment owing to high demand for PET imaging in neurology, cardiology and oncology.
Key Takeaways
The Global Radioactive Tracer Market Demand is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing prevalence of cardiovascular diseases and cancer. North America is currently the largest as well as the fastest growing regional market due to rising healthcare spending and technological advancements in radiopharmaceuticals. The radioactive tracer market in Asia Pacific is also expected to exhibit high growth owing to growing medical infrastructure and increasing healthcare expenditures in emerging economies such as China and India.
Key players operating in the radioactive tracer market are PerkinElmer, Cardinal Health, Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope, ANSTO, Nordion, Curium Pharma, and IRE. The market size for 2023 is US$ 1.84 Bn. Regional analysis shows North America dominates the market currently due to technological advancements and increasing healthcare spending. Positron emission tomography (PET) tracers hold the largest market share within the diagnostic applications segment owing to high demand for PET imaging in neurology, cardiology and oncology.
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