Burlingame, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Radioactive Tracer Market in terms of revenue was valued to be reach $3.24 Billion in 2023 and is poised to reach $5.26 Billion by 2031, growing at a CAGR of 7.2% from 2024 to 2031 according to a latest report published by Coherent Market Insights. Radioactive tracers are isotopes that are used as labels in microscopic quantities for tracking processes in organisms utilizing imaging techniques such as scintigraphy and positron emission tomography. They find wide applications in medical diagnostics and other industrial purposes.
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Market Dynamics:
The increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases, is expected to drive the demand for radioactive tracers. Radioactive tracers are widely used in diagnostic imaging techniques, such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT), to detect the presence of diseases and assess their severity. The use of radioactive tracers enables early detection of diseases, leading to timely treatment and improved patient outcomes.
Radioactive Tracer Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $3.24 billion |
| Estimated Value by 2031 | $5.26 billion |
| Growth Rate | Poised to grow at a CAGR of 7.2% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Short half-life of radiopharmaceuticals • High costs associated with radioactive tracers • Stringent regulatory policies • Limited reimbursements policies |
| Growth Drivers | • Increasing prevalence of chronic diseases • Growing adoption of nuclear medicines • Rising healthcare expenditure worldwide • Increase in cancer research funding |
Moreover, the rising demand for nuclear medicine procedures is also fueling the growth of the radioactive tracer market. Nuclear medicine involves the use of radioactive isotopes to diagnose and treat various medical conditions. Radioactive tracers play a crucial role in nuclear medicine procedures by allowing doctors to visualize the functioning of organs and tissues at a molecular level. The growing adoption of nuclear medicine techniques in diagnostic and therapeutic applications is expected to drive the demand for radioactive tracers.
Market Trends:
Two significant trends driving the radioactive tracer market are the increasing use of positron emission tomography (PET) in oncology and the growing adoption of hybrid imaging technologies.
PET imaging has gained significant popularity in oncology due to its ability to provide accurate and early diagnosis of various cancers, including lung, breast, and prostate cancer. PET scans using radioactive tracers can detect cancer cells, evaluate tumor growth, and monitor response to treatment. The increasing focus on personalized medicine and the development of novel tracers for specific cancers are further expected to propel the growth of PET imaging in oncology.
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Market Opportunities:
The demand for diagnostic radioactive tracers is expected to drive the growth of the radioactive tracer market. Diagnostic radioactive tracers are widely used in the healthcare sector for various diagnostic procedures, including imaging and molecular diagnostics. These tracers help in the detection of diseases and provide valuable insights into the functioning of organs and tissues.
The dominance of the diagnostic radioactive tracers segment can be attributed to their widespread usage and effectiveness in diagnosing various diseases. Technological advancements in imaging techniques, such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT), have further contributed to the demand for diagnostic radioactive tracers.
The increasing prevalence of cancer cases globally is expected to create a significant opportunity for the radioactive tracer market. Oncology is anticipated to dominate the application segment of the market, owing to the rising incidence of cancer and the need for accurate diagnosis and treatment monitoring.
Radioactive tracers play a crucial role in oncology by helping in the detection of tumors, evaluation of treatment effectiveness, and monitoring the progression of the disease. The advancements in molecular imaging techniques have further enhanced the application of radioactive tracers in the field of oncology.
Read complete market research report, "Radioactive Tracer Market, By Type, By Application, By End User , By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Recent Developments:
In September 2020, the 89Zr-labeleld antibody TLX250-CDx which is used to image multiple myeloma, is now being produced commercially, according to Felix Pharmaceuticals.
In June 2021, in order to bloster its position in the PET imaging industry, Curium purchased IASOM GmbH.
Key Market Takeaways:
The Radioactive Tracer Market is anticipated to witness a CAGR of 7.2% during the forecast period 2024-2031, owing to the increasing demand for diagnostic radioactive tracers in the healthcare sector and the rising incidence of cancer cases worldwide.
On the basis of type, diagnostic radioactive tracers are expected to hold a dominant position, owing to their widespread usage and effectiveness in diagnosing various diseases.
On the basis of application, oncology is expected to dominate the market, due to the rising incidence of cancer and the need for accurate diagnosis and treatment monitoring.
On the basis of end user, hospitals are expected to dominate the market, as they are the primary healthcare providers and have a high demand for radioactive tracers for diagnostic and therapeutic purposes.
North America is expected to hold a dominant position in the radioactive tracer market over the forecast period, due to the presence of well-established healthcare infrastructure and a high prevalence of cancer cases in the region.
Key players operating in the radioactive tracer market include PerkinElmer Inc., Cardinal Health, Bracco, NTP Radioisotopes, Nordion (Canada) Inc., Curium, IRE, Telix Pharmaceuticals Limited, NorthStar Medical Radioisotopes, LLC, Lantheus Holdings, Inc., Eckert & Ziegler, Siemens Healthineers, GE Healthcare, Mallinckrodt Nuclear Medicine LLC, Jubilant DraxImage Inc., and Sumitomo Heavy Industries, Ltd. These players are focusing on strategic collaborations and product innovations to strengthen their market presence.
In conclusion, the radioactive tracer market is expected to witness significant growth opportunities in the coming years, driven by the increasing demand for diagnostic radioactive tracers in the healthcare sector and the rising incidence of cancer cases worldwide. North America is expected to hold a dominant position in the market, and key players need to focus on strategic initiatives to capitalize on the market opportunities and gain a competitive edge.
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Detailed Segmentation:
By Type
- Diagnostic Radioactive Tracers
- Therapeutic Radioactive Tracers
- Others
By Application
- Oncology
- Cardiology
- Neurology
- Thyroid
- Orthopedic
- Endocrinology
- Others
By End User
- Hospitals
- Specialty Clinics
- Diagnostic Centers
- Academic & Research Institutes
- Others
By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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