Wellesley, Mass, Jan. 26, 2017 (GLOBE NEWSWIRE) -- A growing and aging population, increasing life expectancy, and improved diagnostic modalities are key factors in market growth for radiopharmaceuticals. BCC Research reveals in its new report the market should grow at double-digit growth rates across all major regions.
Radiopharmaceuticals, also known as radioactive drugs, are used as diagnostic agents and therapeutic agents for various diseases such as cardiac and neurological conditions and to treat several types of cancers.
The global market radiopharmaceuticals is expected to increase from nearly $6.5 billion in 2016 to $11.6 billion in 2021, demonstrating a five-year compound annual growth rate (CAGR) of 12.4%. The North American market should reach $3.5 billion and $6.1 billion in 2016 and 2021, respectively, growing at a five-year CAGR of 11.8%. The European market should grow from $1.7 billion in 2016 to $3.2 billion in 2021, reflecting a five-year CAGR of 13.2%.
R&D spending, along with increasing competition, expiration of related patent and new technologies, is giving a new direction to the market. Technology advancements, new product launches and changing lifestyles should influence growth, as well.
Growing acceptance and utilization of nuclear medicine scans (i.e., SPECT and PET) and better availability of radiopharmaceuticals due to an increasing number of cyclotrons have boosted industry growth. Innovative technological equipment leading to early and accurate diagnoses; increased awareness of radiopharmaceuticals among physicians and patients; and new regulatory approvals of radiopharmaceuticals (e.g., Neuraceq by Piramal Imaging SA in March 2014) are other key drivers.
Although the market for radiopharmaceuticals is expanding rapidly, radioisotope supply issues present a major concern for the industry. To a great extent, the radiopharmaceuticals industry depends on aging nuclear reactors for the supply of radioisotopes. Many of these nuclear reactors, already operating beyond their planned life spans, are scheduled to close in the near future. Planned shutdowns and maintenance closures will cause radioisotopes shortages, which will hamper market growth.
"The demand for radiopharmaceuticals partly stems from increasing cases of cardiovascular, oncological, neurological and other disorders, increasing popularity of nuclear medicine procedures, and growing availability of nuclear medicine scans and radiopharmaceuticals," says BCC Research analyst Shalini S. Dewan. "The growing infrastructure in emerging countries also has spurred movement. Emerging markets should total $2.3 billion in 2021, up from 1.2 billion in 2016."
Radiopharmaceuticals: Technologies and Global Markets (PHM171B) analyzes the market in terms of applications, regulatory environment, new products and advancements, market projections and market shares. The report also examines relevant patent and profiles of leading companies. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.