The APAC Radiopharmaceuticals market was valued at USD 1.1 billion in 2015 and is expected to witness a CAGR of 10.9% over the forecast period. Radiopharmaceuticals are being extensively used for molecular imaging, which involves the use of these molecules as biomarkers for specific molecular processes that determine the onset and/or progress of a disease is fueling the growth.
The Asian radiopharmaceutical market is expected to witness the fastest growth globally owing to increasing awareness among individuals and rising diagnostic rates. This in turn will fuel the demand for SPECT and PET devices. Over the forecast period, another phenomenon anticipated to boost market expansion, is the rise in number of healthcare facilities and improvement in care provision. Most of the countries in this region are developing nations, and working towards the establishment of a stable and efficient healthcare system. Thus, it presents an excellent opportunity for the sale of radiopharmaceutical products, which finds vast application across the length and breadth of the healthcare industry.
According to the data published in the JurnalSainsNuklear Malaysian 2016, Tc-99m is used in more than 80.0% of the medical facilities in Malaysia and efforts toward ramping up self-production of this radiopharmaceutical is a growing focus within the healthcare fraternity of the region.
Radioisotopes are widely used as a diagnostic tool in the field of oncology, neurology, and cardiovascular diseases. Advancements in scanning technology are increasing the efficiency of diagnosis using radioisotopes, and as a result, application areas of existing radioisotopes are swiftly increasing. Widening applications of the existing products coupled with introduction of newer radioisotopes for the diagnosis of respiratory-, bones-, and thyroid-related diseases are spurring the growth of nuclear medicines in the diagnostics market.
High accuracy, ability to integrate with other diagnostic techniques such as x-ray, and growing awareness of this technique in the developing market are the major factors expected to fuel the growth of the diagnostic radiopharmaceuticals during the forecast period.
Radiopharmaceutical diagnostic techniques provide better insight of the disease than the traditionally used diagnostic devices, including x-ray, ultrasound, CT, and MRI. SPECT and PET are the two widely used radiopharmaceutical diagnostic techniques that use radiotracers to study the targeted organ and tissues. High image clarity enables physicians to accurately decide the course of treatments, minimizing complications in trial and error treatments. Since these diagnostic techniques are new to the developing countries, the scope for the growth is huge. Lowering prices of the scanning devices and government support for the inclusion of radiopharmaceuticals are the factors driving the growth. On the other hand, factors that are anticipated to impede the growth include strict regulation of the radioactive elements, complex manufacturing processes, and comparatively high prices of the devices.
The APAC radiopharmaceutical market is expected to witness the fastest growth globally owing to increasing awareness among individuals and rising diagnostic rates. This in turn will fuel the demand for SPECT and PET devices. Over the forecast period, another phenomenon anticipated to boost expansion, is the rise in number of healthcare facilities and improvement in care provision. Most of the countries of this region are developing nations, working toward the establishment of a stable and efficient healthcare system. Thus, it presents an excellent opportunity for the sale of radiopharmaceutical products, which finds vast application across the length and breadth of the healthcare industry.
Key players of this industry include Nordion, Inc., Bayer AG, Mallinckrodt Public Limited company, GE Healthcare, Bracco Imaging S.P.A and government initiatives such as Institute of Radioisotopes and The Australian Nuclear Science and Technology Organization (ANSTO).
Aggressive marketing of new products and technological advancements of the existing ones are the initiatives occurring in this industry. For instance, in March 2012, Nordion Inc, launched a new custom dose for TheraSphere. In addition to standard dose vial configurations, Nordion offers an expanded range of TheraSphere treatment options with a wide variety of custom doses. The tailored doses are designed to provide greater treatment flexibility to physicians, save administration time, and reduce product waste, while limiting unnecessary radiation exposure to patients and healthcare professionals.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."