The Diagnostic Radioisotopes Market is widely used in various medical procedures like single-photon emission computed tomography (SPECT) scan and positron emission tomography (PET) scan to diagnose and access diseases. Radiolabeled molecules help hospitals and clinics identify damaged or diseased tissue or organs.
The global Diagnostic Radioisotopes Market is estimated to be valued at US$ 6.54 Billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of chronic diseases such as cancer requires innovative diagnostic methods for efficient diagnosis and treatment planning. According to the International Atomic Energy Agency (IAEA), diagnostic radiopharmaceuticals are increasingly being used for early and accurate diagnosis of various life-threatening diseases. For instance, Technetium-99m or Tc-99m is the most widely used diagnostic radioisotope globally for detection of cancers and cardiac diseases. The wider applications of radioisotopes in the diagnosis of chronic diseases is expected to propel the growth of the diagnostic radioisotopes market over the forecast period.
SWOT Analysis
Strength: Diagnostic radioisotopes have applications in various medical procedures such as nuclear imaging techniques. They provide non-invasive diagnostic information about the functioning of internal organs.
Weakness: Radioisotopes have a short half-life which necessitates efficient supply chain and logistics. Strict regulations surrounding the manufacture, transportation and use of radioisotopes add to operational challenges.
Opportunity: Increasing burden of chronic diseases and geriatric population is driving the demand for nuclear medicine procedures. Emerging economies offer significant growth opportunities.
Threats: Alternative diagnostic modalities such as MRI and CT scans are gaining traction which can hamper the market growth for radioisotopes over the long run. Stringent regulations surrounding the use of radioactive materials also pose a threat.
Key Takeaways
The global diagnostic radioisotopes market size is expected to witness high growth. The global Diagnostic Radioisotopes Market is estimated to be valued at US$ 6.54 Billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
North America currently dominates the market owing to significant healthcare expenditure and rapid adoption of nuclear medicine procedures in the region. The diagnostic radioisotopes market in Asia Pacific is expected to grow at a fast pace over the forecast period due to rising incidence of cancer and cardiac ailments, improving healthcare infrastructure and increasing awareness regarding nuclear medicine diagnostics.
Key players operating in the diagnostic radioisotopes market are Johnson & Johnson, Mueller Sports Medicine, 3M Company, KT Tape, Medco Athletics, Nitto Denko Corporation, Andover Healthcare Inc., Medline Industries, Inc., Jaybird & Mais, SpiderTech. With growing diagnostic volumes, leading players are investing in R&D to develop new and improved radioactive tracers which can aid the early and accurate diagnosis of chronic conditions. Companies are also focusing on expanding their geographical presence especially in emerging Asian countries with high market potential.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it