The global Diagnostic Radiopharmaceuticals and Contrast Media market is estimated to be valued at US$ 6,811.4 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diagnostic radiopharmaceuticals and contrast media help identify tissues and organs as well as detect diseases with the help of imaging diagnostics such as MRI, CT, PET, and SPECT scans. They play a vital role in molecular and functional imaging and help diagnose medical conditions non-invasively.
Market key trends:
One of the key trends in the diagnostic radiopharmaceuticals and contrast media market is the rise in prevalence of chronic diseases like cancer. According to World Health Organization, cancer is one of the major causes of morbidity and mortality worldwide with approximately 14 million new cases in 2020. Rising cancer incidence has increased the demand for safe, precise, and non-invasive diagnostic techniques like PET and SPECT imaging which utilize radiopharmaceuticals. Furthermore, technological advancements in molecular imaging probes and contrast agents that help target specific biomarkers along with improved image resolution are also fueling the market growth.
Market key trends:
Diagnostic Radiopharmaceuticals And Contrast Media Market see increased demand:
The diagnostic radiopharmaceuticals and contrast media market is witnessing high demand owing to the increasing prevalence of chronic diseases such as cancer. This has led to the growing demand for early diagnosis using nuclear imaging techniques like PET and SPECT. Additionally, growing applications of contrast media in CT scans and MRI procedures is another factor driving the market growth.
SWOT Analysis
Strength: Rising chronic disease burden and growing geriatric population necessitating diagnostic procedures.
Weakness: Stringent regulations associated with radioactive products and limited infrastructure in developing nations.
Opportunity: Development of novel targeted radiotracers and theranostic agents. Untapped growth potential in emerging countries.
Threats: High costs associated with R&D and production of radiopharmaceuticals. Risks related to radiation exposure.
Key Takeaways
The global Diagnostic Radiopharmaceuticals And Contrast Media Market Share is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period 2023 to 2030, due to increasing burden of chronic diseases requiring early diagnostics.
Regional analysis: North America dominates the diagnostic radiopharmaceuticals and contrast media with the highest market share owing to rising healthcare expenditure and presence of developed healthcare facilities in the region. Asia Pacific is anticipated to exhibit fastest growth over the forecast period due to increasing healthcare awareness and improving healthcare infrastructure in developing countries of the region.
Key players operating in the Diagnostic Radiopharmaceuticals And Contrast Media are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. Siemens Healthineers and GE Healthcare captured significant portion of the market. However, emerging players are expected show competitive threat owing to technological advancements.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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