Diagnostic Radiopharmaceuticals & Contrast Media Market Size will Observe Substantial Growth by 2027

Diagnostic Radiopharmaceuticals & Contrast Media Market: Introduction

·         Diagnostic radiopharmaceuticals are molecules containing a drug attached with a radioisotope targeted toward a certain tissue/organ for diagnosis as well as treatment of diseases such as cancer, cardiovascular diseases, and hyperthyroidism. Radiopharmaceuticals are being extensively used in a technique called molecular imaging as biomarkers for specific molecular procedures that determine the onset and/or growth of a disease.

·         Contrast media are used to improve the quality of medical imaging such as CT, PET/CT, MRI, and ultrasound. Their value has long been recognized by regular use in the radiology department across the world.

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Key Drivers and Restraints of Global Diagnostic Radiopharmaceuticals & Contrast Media Market

Technological advances leading to efficient workflow would increase acceptance of contrast media

·         Technological advances is one of the major drivers of contrast media. Over the years, contrast media injectors have evolved significantly, right from manual injection systems to automated versions. Majority of the market players focus on developing efficient injectors with enhanced capabilities such as control on the flow of contrast media, in-built patient safety, and cost reduction.

·         Other factors include increased use of data management systems and ensuring appropriate dosage in sync with fast medical imaging scanners. These features enable efficient workflows, which leads to increased acceptance of these contrast media. Some of the current trends in the design and performance of the contrast media injectors include switch from single to dual head injectors and prefilled & syringe less injectors.

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Rise in awareness about accurate diagnosis 

·         Increase in incidence of cancer and cardiovascular diseases across the globe asserts the need of an efficient diagnostic procedure that is highly accurate as well as cost-effective. Molecular imaging procedures using radioisotopes are gaining popularity primarily due to the ease of administration and high accuracy.

·         Every day over 100,000 diagnostic procedures are performed globally using radiopharmaceuticals. The Australian Nuclear Science and Technology Organisation (ANSTO) estimated that over 60 million doses of technetium-based radiopharmaceuticals alone were required globally for nuclear imaging and therapy in 2016.

Strict regulatory guidelines for production, storage, and usage

·         Radioisotopes, by default, carry the stigma of radiation and its ill effects. The fear of radioactivity among patients as well as hospital authorities is likely to affect the rate of uptake of radiopharmaceuticals. Consequently, the regulatory guidelines for production, transport, and storage of these molecules are quite stringent, involving strict manufacturing guidelines, stern regulatory processes for FDA approvals, supply chain efficiency, and safety handling measures.

·         Additionally, the apprehensions involved with radiopharmaceutical exposure and overdose of radiation are the key factors restraining the market

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Insulin Infusion Pumps Segment to Dominate Global Market

·         In terms of product type, the global diagnostic radiopharmaceuticals & contrast media market can be classified into technetium (Tc-99m), thallium (Tl-201), gallium (Ga-67), iodine (I-123), rhenium (Re-186), yttrium (Y-90), fluorine-18 (18F-FDG), rubidium (Rb-82), and others

·         Based on application, the global diagnostic radiopharmaceuticals & contrast media market can be categorized into radiology, interventional radiology, interventional cardiology, and others

·         In terms of procedure, the global diagnostic radiopharmaceuticals & contrast media market can be split into X-ray/CT, magnetic resonance imaging (MRI), ultrasound, and others

·         Based on end-user, the global diagnostic radiopharmaceuticals & contrast media market can be divided into hospitals, research & academic institutes, diagnostic imaging centers, and others

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North America to Dominate Global Diagnostic Radiopharmaceuticals & Contrast Media Market

·         In terms of region, the global diagnostic radiopharmaceuticals & contrast media market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         North America accounted for the largest share of the global diagnostic radiopharmaceuticals & contrast media market in 2018. Consistent technological advances and rigorous research & development initiatives resulting in development of novel and effective diagnostic radiopharmaceuticals & contrast media drive the market in the region. Moreover, increase in preference for early diagnosis of several chronic ailments such as cardiac disorders and cancer contributed to the growth of the diagnostic radiopharmaceuticals & contrast media market in North America and Europe.

·         Asia Pacific is expected to be the fastest growing market due to increase in research & development activities, rise in patient population, and surge in health care expenditure 

Leading Players Operating in Global Diagnostic Radiopharmaceuticals & Contrast Media Market

The global diagnostic radiopharmaceuticals & contrast media market was highly fragmented in 2018. Key players operating in the global diagnostic radiopharmaceuticals & contrast media market are:

·         NTP Radioisotopes SOC Ltd.

·         Nordion, Inc.

·         Lantheus Medical Imaging, Inc.

·         IBA Group a.s.

·         Medtronic

·         Eckert & Ziegler

·         Advanced Accelerator Applications

·         Medtron AG

·         Bayer

·         Mallinckrodt Pharmaceuticals

·         Bracco Imaging S.p.A.

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