The APAC radiopharmaceuticals/nuclear medicine market is expected to reach USD 2.9 billion by 2024, according to the new report by Grand View Research, Inc. Radiopharmaceuticals are widely used in the field of oncology, and cardiovascular diseases. Ongoing research and studies demonstrating positive results is widening the scope of radioisotope applications for the diagnosis and treatment of bone diseases, respiratory diseases, thyroid-related diseases, and conditions of the digestive tract. Along with these applications, the radioisotopes are largely used in radiopharmacology to study drug movement in lab subjects.
Gamma emitter Technetium-99m is the most commonly used radioisotope in radiopharmaceuticals. Other widely used radioisotopes include Fluorine-18, Indium-111, and Iodine-131. Numerous research studies are further expanding the application areas of radiopharmaceuticals in diagnostics as well as in therapeutics.
Adoption of PET as a diagnostic tool is rapidly increasing since it offers high accuracy over other diagnostic techniques. The accuracy in the diagnosis has a direct impact on decision-making and treatment monitoring process. PET is commonly integrated with X-ray and computed tomography to increase the accuracy. The growing demand for these diagnostic procedures is expected to fuel the market growth during the forecast period.
Currently available cancer treatment options, such as chemotherapy and radiation therapy, include drugs and radiations, which are non-target specific. Thus, these therapies have a major disadvantage of affecting the whole body or the organs surrounding the target site. Radioisotopes have an advantage over these techniques since they aid in targeting specifically the tumor without affecting the surrounding body parts. Thus, benefits associated with these diagnostic and treatment procedures is augmenting the demand for radiopharmaceuticals in disease treatment and diagnosis.
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Further key findings from the study suggest:
The buyers of radiopharmaceutical include hospitals, physicians, diagnostic laboratories, research institutes and others. Hospitals form the biggest buyer groups owing to their high patient turnover and greater financing capabilities.
Therapeutic products such as Alpha Emitters, Beta Emitters and Brachytherapy are anticipated to exhibit lucrative growth. Emergence of new treatment options for thyroid and other diseases is expected to support the growth over the forecast period.
The key diagnostic application areas of radiopharmaceuticals formed the largest market in 2015. These applications are in cardiology, neurology, oncology, and thyroid. Advent of accurate diagnostic methods and high burden of disorders supported the growth of this segment.
Thailand in South East Asia and China are expected to dominate the APAC radiopharmaceutical market. Efforts undertaken by the UN and other local healthcare authorities in this region are expected to result in installation of more PET and SPECT systems, thereby driving the demand.
Key players of the 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)
Grand View Research has segmented the APAC radiopharmaceuticals market on the basis of product:
APAC Radiopharmaceuticals Product Outlook (Revenue, USD Million, 2013 - 2024)
Radiopharmaceuticals Regional Outlook (Revenue, USD Million, 2013 - 2024)
South East Asia
Rest of Asia Pacific
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