The Global Radiopharmaceutical market accounted for $3.76 billion in 2019 and is expected to reach $5.99 billion by 2027 growing at a CAGR of 6.0% during the forecast period.
Some of the key factors propelling market growth are technological advancements in the diagnostics sector, increasing prevalence of cancer, and increasing applications of molecular imaging.
However, the short half-life of radioisotopes is the restraining factor for the growth of the market.
Pharmaceutical formulations that contain radioisotopes are known as radiopharmaceuticals.
These are bound with the biological molecules and are targeted for the specific organs.
The molecules resulting from these formulations find a wide range of applications in the therapeutic and diagnostic sectors.
By radioisotope, the Technetium-99 segment is expected to grow at a significant market share during the forecast period owing to its easy availability and extensive diagnostic applications.
Based on geography, North America is anticipated to hold considerable market share during the forecast period owing to the presence of radioisotope sources in the region.
Some of the key players in Radiopharmaceutical Market include.
Lantheus Medical Imaging, Inc, GE Healthcare, Advanced Accelerator Applications, Mallinckrodt, Bayer AG, Siemens Healthineers, IBA Radiopharma Solutions, Eckert & Ziegler, Philips, Jubilant Life Sciences Limited, Novartis AG, BWX Technologies, Inc., POLATOM, JSC Isotope, NTP Radioisotopes SOC Ltd, Curium, Australian Nuclear Science and Technology Organization (ANSTO), Cardinal Health Inc., Covidien Plc, Positron Corporation, Monrol Nuclear Products,Inc, and Nordion, Inc.
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