The radioactive tracer market comprises radioactive pharmaceuticals that help medical professionals obtain functional and molecular images of tissues, organs, and molecules inside the human body to enable accurate diagnosis and treatment monitoring of various conditions. Radioactive tracers are radiopharmaceuticals or radioisotopes that include technetium-99m or other radionuclides attached to biomolecules like glucose, fatty acids or monoclonal antibodies. Being stable and emitting gamma rays, these tracers allow imaging modalities like single-photon emission computed tomography (SPECT) and positron emission tomography (PET) to develop detailed pictures of the distribution and concentration of radioactive tracers in body tissues and organs. The Global Radioactive Tracer Market is estimated to be valued at US$ 2.12 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the radioactive tracer market are Zosano Pharma, Eli Lilly and Company, Lundbeck Seattle BioPharmaceutical, Winston Laboratories, GlaxoSmithKline plc., ElectroCore Medical LLC, Autonomic Technologies, Inc., AstraZeneca plc., Allergan plc., Bayer AG, F. Hoffmann-La Roche Ltd, Novartis AG, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Sanofi, and AbbVie Inc. Key opportunities in the market include increased adoption of nuclear medicine procedures and growing geriatric population susceptible to neurodegenerative and cardiac diseases. Advancements like development of targeted tracers, multi-modal imaging, and integration of AI are expanding applications of radioactive tracers.
Market drivers: One of the key drivers for the radioactive tracer market is rising incidences of cancer and cardiac ailments globally. Recent statistics indicate cancer burden is increasing worldwide with nearly 10 million new cases reported in 2020. Since radioactive tracers play a critical role in cancer diagnosis and treatment monitoring, their demand is surging. Improving reimbursement scenarios for nuclear medicine tests in developing nations are also propelling the radioactive tracer market growth.
Current challenges in Radioactive Tracer Market
The Radioactive Tracer Market is facing major challenges due to stringent regulations related to the production, distribution and disposal of radioactive materials. The regulations require costly compliance procedures and hamper smooth supply chain operations. Another key challenge is the limited production capacity of certain critical radioactive tracers due to their complex production processes. Further, the market is still witnessing technological challenges in developing newer radiotracers with improved sensitivity and specificity for diagnosis of rare diseases. Changing disease dynamics and emergence of new ailments also necessitate constant innovation in radiotracer technologies.
SWOT Analysis
Strength: Superior precision and sensitivity of radioactive tracers for accurately detecting even minute physiological changes occurring inside the human body. Non-invasiveness of radioactive tracers makes them preferable over other diagnostic modalities requiring surgical procedures.
Weakness: Stringent regulatory norms and complex production processes increase costs. Short half-lives require careful planning for supply and storage.
Opportunity: Expanding applications areas such as cardiology, oncology and neurology present growth opportunities. Growing demand in emerging economies with increasing healthcare spending provides new markets.
Threats: Limited production capacities threaten consistent supply. Alternative advanced diagnostic technologies pose competition. Changing disease patterns require continuous innovations, imposing R&D burdens.
Geographical regions with major market share
North America, especially the US holds the dominant share of the global radioactive tracer market, both in terms of production and consumption. A majority of key industry players are also located in this region. Europe is the second largest regional market led by developed markets of Germany, the UK, and France.
Fastest growing geographical region
The Asia Pacific region is poised to emerge as the fastest growing regional market for radioactive tracers during the forecast period. Factors such as rising healthcare expenditures, increasing incidence of chronic diseases, growing medical infrastructure and expanding patient pool are driving the market growth in Asia Pacific economies especially China, India, Australia and South Korea. Growing collaborations between regional and global industry players will also support market development.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
