New York, May 10, 2023 (GLOBE NEWSWIRE) -- Increased funding for research and development of radiopharmaceuticals to accelerate the discovery and production of new radiopharmaceuticals has led the global PET Radioactive Tracers Market to reach US$ 937.98 million in 2022 and reach US$ 1.92 billion by the end of 2033. The market is projected to expand at a CAGR of 6.9% from 2023 to 2033.
Demand for PET scanners in cancer diagnosis has increased significantly over the past few years. The technology offers a sophisticated diagnostic tool with the capability to detect disease progression at each stage, thereby helping in early disease diagnosis. Immuno-PET is a technique that uses radiolabeled compounds to target specific cancer cells. This technique helps visualize the distribution and accumulation of immunotherapy drugs in tumors, allowing for personalized treatment planning.
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PET can be used to determine the prognosis of cancer patients. The degree of uptake of radiotracers in tumors can provide information on tumor aggressiveness, allowing for more accurate predictions of patient outcomes. Furthermore, availability of SPECT and PET scanning machines has increased the utilization of radio-diagnostics and radiotherapy worldwide.
- For example, the number of PET scanning devices installed per capita in North America is higher than that in Europe.
- Increasing awareness among patients and healthcare providers about the benefits of PET and SPECT imaging for the diagnosis and treatment of diseases has led to an increase in demand for these modalities.
- According to the American Nuclear Society, 90% of radioisotopes are used in gamma cameras or PET scans for nuclear diagnostics. The remaining 10% is used in radioactive therapeutics to treat diseases such as cancer, heart disease, gastrointestinal, endocrine, and neurological disorders.
As a result, demand for these imaging modalities is growing, which is reflected in the increasing number of PET and SPECT scanners around the world. All these factors are creating lucrative opportunities for producers of PET radioactive tracers.
Key Takeaways from Market Study
- The global PET radioactive tracers market is forecasted to reach US$ 1.92 billion by the end of 2033.
- F-18 radioactive tracers held a market share of 39.9% in 2022.
- The cancer diagnosis & prognosis segment accounted for 45.4% share of the global market in 2022.
- Hospitals held a market share of 41.6% in 2022.
- The United States contributed US$ 310.57 million to the North American market revenue in 2022.
“Growing demand for personalized medicine and increasing production of radioisotopes are anticipated to augment the demand for PET radioactive tracers over the coming years,” says an analyst at Persistence Market Research.
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Market Competition
Manufacturers of radioactive tracers are responding to increasing competition and patient expectations by investing in initiatives such as boosting research and development spending through clinical partnerships and acquisitions, aimed at creating cost-effective products.
Top Key Players are Eli Lilly and Company, Blue Earth Diagnostics, Lantheus, Siemens Healthcare Private Limited, GE Healthcare, Advanced Accelerator Applications (Novartis), University of Lowa HealthCare, Telix Pharmaceuticals Limited, Jubilant Radiopharma, TRASIS, RadioMedix Inc., IBA Radiopharma Solutions, Piramal Imaging (Life Molecular Imaging), Cardinal Health, DuchemBio, Co., Ltd
Recent Developments
- In March 2023, Telix Pharmaceuticals received FDA approval for a supplementary New Drug Application (sNDA) for Illuccix®, a kit designed for the preparation of gallium Ga 68 gozetotide injection. The approval allows the use of Illuccix® in selecting patients with metastatic prostate cancer who would benefit from 177Lu 177 PSMA-directed therapy.
- In January 2021, Blue Earth Diagnostics acquired exclusive rights to Scintomic's rhPSMA (Radiohybrid Prostate-Specific Membrane Antigen) technology for prostate cancer treatment.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the PET radioactive tracers market in its latest study, presenting a historical demand assessment for 2018 to 2022 and projections for 2023 to 2033.
The research study is based on product (F-18 {florbetapir, florbetaben, flutemetamol, fludeoxyglucose, sodium fluoride, others}, C-11 {choline, methionine, others}, Ga-68 {DOTA-TOC, DOTATATE, DOTANOC, others}, O-15, N-13, Cu-64), application (neurological disorders {Alzheimer’s disease, dementia, others}, cancer diagnosis & prognosis {solid tumors, haematology tumors}, cardiac dysfunctions {myocardial infarction, others}, infectious disease diagnosis, others), and end user (hospitals, speciality diagnostic centers, cancer research centers, academic & research institutes), across 10 key regions of the world.
For additional insights on how the growth of the PET radioactive tracers market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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