Diagnostic Radiopharmaceuticals & Contrast Media Market Size, Share, Growth, And Industry Analysis By Type (Radiopharmaceuticals, Contrast Media, Diagnostic Radiopharmaceuticals & Contrast Media) By Application (Hospital, Clinic, Other), Regional Insights, and Forecast To 2031

Updated On: 15 April 2024

Diagnostic Radiopharmaceuticals & Contrast Media Market Report Overview

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global diagnostic radiopharmaceuticals & contrast media market size was USD 10120 million in the year 2022 and market is projected to touch 13398.08 Million by 2031, exhibiting a CAGR of 3.2% during the forecast period.

Diagnostic radiopharmaceuticals are essentially molecules with a radioisotope linked to a medicine that are directed to a specific tissue or organ for the diagnosis and treatment of disorders including cancer, cardiovascular conditions, and hyperthyroidism. In a process known as molecular imaging, radiopharmaceuticals are widely utilised as biomarkers for particular molecular processes that predict the development and/or progression of a disease. Diagnostic For the diagnosis and treatment of conditions including cancer, cardiovascular disease, and hyperthyroidism, radiopharmaceuticals are molecules that include a medicine and a radioisotope that are targeted to a particular tissue or organ. In a technique known as molecular imaging, radiopharmaceuticals are frequently used as biomarkers for certain molecular procedures that determine the onset or development of illness.

COVID-19 Impact: COVID-19 Pandemic Disrupted The Market Growth And Expansion

The COVID-19 pandemic is anticipated to have had an effect on the market's expansion. Many nations were having problems with the supply of radiopharmaceuticals in July 2020, according to a study that was published in the Journal of Nuclear Medicine, with lower-income regions suffering the most. 

Latest Trends

"Largest Market Share Was Attained By The Cardiology, And It Is Anticipated That It Would Maintain Its Dominance During The Forecast Period"

The study sector is anticipated to increase at a faster rate due to the rising prevalence of cardiovascular disorders. According to a 2019 report by the American Heart Association, the incidence of cardiovascular illnesses has grown over time and is predicted to continue to rise in the coming years. According to WHO updates for 2020, 16% of all fatalities worldwide are attributable to ischemic heart disease. Ischemic heart disease has had the biggest rise in mortality since 2000, rising by more than 2 million to 8.9 million deaths in 2019 worldwide. 

Diagnostic Radiopharmaceuticals & Contrast Media Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Radiopharmaceuticals, Contrast Media, and Diagnostic Radiopharmaceuticals & Contrast Media. Radiopharmaceuticals are anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Hospital, Clinic, Other. Hospital will be the dominating segment.

Driving Factors

"Technological Advancements Leading Market Expansion "

Modern technology is one of the main forces behind contrast media. From manual injection systems to automated ones, contrast media injectors have advanced significantly over time. The bulk of market players are focusing their efforts on developing effective injectors with more characteristics, such patient safety, cost reduction, and control over contrast media flow. Along with maintaining proper dose and using more data management methods, rapid medical imaging scanners are also important. These characteristics make workflows easier, which contributes to the expansion of the market for diagnostic radiopharmaceuticals and contrast media. The knowledge of precise diagnosis is another element boosting the market's growth.

"Rising awareness of proper diagnosis growing the market"

The main drivers of the market expansion for diagnostic radiopharmaceuticals and contrast media are the rising incidence of cancer and the expanding healthcare infrastructure. Additionally, the market's overall growth is accelerated by technology developments in less invasive treatment methods. The market's expansion is hampered by the high price, numerous onerous government requirements for manufacturing, storage, and use, as well as the high cost of equipment installation and repair.

Restraining Factors

"Negative Consequences Hamper The Market Growth "

Radioisotopes and radiation are closely related in terms of their negative consequences. The rate of radiopharmaceutical absorption is likely to be impacted by patients' and hospital managers' fear of radiation. Because of this, the regulatory requirements for the manufacture, delivery, and storage of these molecules are extremely stringent, necessitating exacting manufacturing standards, demanding FDA clearance procedures, efficient supply chains, and taking safety handling precautions. The business is also being constrained by worries about radiopharmaceutical exposure and radiation overdose.

Diagnostic Radiopharmaceuticals & Contrast Media Market Regional Insights

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"Largest Market Share Was Attained By North America Anticipated To Maintain Its Dominance During The Forecast Period"

The United States was the market's biggest contributor, and North America as a whole led the market for diagnostic radiopharmaceuticals and contrast media. The prevalence of cardiac disorders is similarly high in North America. Following stroke (16.8%), heart failure (9.0%), high blood pressure (9.4%), diseases of the arteries (3.1%), and other cardiovascular diseases (17.9%), according to the American Heart Association Research Report 2018, coronary heart disease was the leading cause (43.8%) of deaths attributable to cardiovascular disease in the United States. A cardiovascular ailment was identified in roughly 40% of American adults, according to the Global Health and Wellness Report from 2018, which was released. The market under study is projected to grow rapidly in the North American area since radiopharmaceuticals and contrast imaging have enormous potential in the diagnosis of heart disease. Additionally, the National Nuclear Security Administration (NNSA) of the Department of Energy granted the Radiological Society of North America a three-year, USD 750,000 grant in 2020. This will make it easier for a region of the world that need these nuclear imaging services to get this crucial information. Additionally, it is anticipated that a rise in product approvals would fuel market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Amag Pharmaceuticals (U.S.)
• Bayer Healthcare (Germany)
• Bracco Imaging (Italy)
• Daiichi Sankyo (Japan)
• GE Healthcare (U.S.)
• Guerbet (France)
• Lantheus (U.S.)
• Mallinckrodt (U.K.)
• Medtronic (Ireland)
• Nordion  (Canada)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.