Radiopharmaceuticals or medicinal radiocompounds are a group of pharmaceutical drugs, which can be used as diagnostic and therapeutic agents. Radiopharmaceuticals contain radioisotopes and find several applications in nuclear medicines. The U.S. Food and Drugs Administration (FDA) has approved around 50 radiopharmaceuticals that are available for diagnostic and therapeutic applications in the market. Technetium -99m has wide range of applications in diagnostic imaging using radiopharmaceuticals. Radiopharmaceuticals are used in oncology, neurology, hematology, cardiology, thyroid applications, and others. Moreover, certain radiopharmaceuticals have diagnostic as well as therapeutic applications such as certain iodine isotopes.
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Market Dynamics
Variety of applications of radiopharmaceuticals is expected to boost global radiopharmaceuticals in nuclear medicine market growth over the forecast period
Oncology applications include cancer diagnosis and treatment effectiveness determination (using radiolabeled therapeutics). Moreover, basic cancer physiology detection is possible with the help of radiopharmaceuticals. For instance, Fluorine-18 fludeoxyglucose is used for assessing abnormal glucose metabolism in tumors. Neurology applications include evaluation of Alzheimer’s disease and epileptic seizures. Radiopharmaceuticals such as Vizamyl (GE Healthcare), Amyvid (Eli Lilly and Company), and Neuraceq (Life Molecular Imaging) are used to estimate β amyloid neuritic plaque density in adult patients with cognitive impairment, who are being evaluated for Alzheimer’s disease (AD) or other causes of cognitive decline. Moreover, hematology applications are comprised of estimation of total blood volume, plasma volume, cardiac output, glomerular filtration, and other tests. Products used as include Jeanatope, Megatope, and Glofil-125 manufactured by IsoTex Diagnostics are used in hematology. Furthermore, cardiology applications typically include myocardial perfusion imaging for distinguishing normal from abnormal myocardium in patients with suspected myocardial infarction and other applications.
The global radiopharmaceuticals in nuclear medicine market size was valued at US$ 4,986.4 million in 2017 and is expected to witness a robust CAGR of 8.9% over the forecast period (2018–2026).
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Use of hybrid imaging in diagnosis is expected to boost growth of the global radiopharmaceuticals in nuclear medicine market over the forecast period
Introduction of novel technology in imaging have brought many changes such as the use of hybrid technology, positron emission tomography/computed tomography (PET/CT) and single-photon emission computed tomography/computed tomography (SPECT/CT). Combination of the anatomic details provided, for instance, by CT, with the important and much needed functional, physiologic or metabolic information provided by molecular imaging has been facilitated with the use of hybrid imaging. More accurate diagnosis is possible with the help of hybrid imaging with increased specificity, attenuation correction, and localization. Moreover, usage of PET/CT has been established in clinical practice and has added significant value in the areas of neurology, cardiology, and oncology. Moreover, SPECT/CT has also been established and has been used in areas such as cardiology, liver/spleen imaging, thyroid imaging, cancer diagnosis, and others. Hybrid imaging (PET/CT) along with radiopharmaceuticals such as 18F-fluorodeoxyglucose (18F-FDG), the most frequently used molecule in the PET diagnosis, 18F-fluorothymidine (18F-FLT), 18F-fluorocholine (18F-FCH), 18F-fluoro-ethyltyrosine (18F-FET), 18F-fluorodihydroxyphenylalanine (18F-FDOPA), 11C-methionine (11C-MET) or 18F-fluoromisonidazole (18F-FMISO), 68Ga-DOTA derivatives, 68Ga-PSMA, 18F-florbetaben or 18F-flutemetamol for brain amyloid beta imaging has been widely used (according to European Journal of Radiology, 2017). Thus, these factors are expected to drive growth of the global radiopharmaceuticals in nuclear medicine market during the forecast period. Moreover, it is expected to fuel further developments in PET cameras and other technologies, which in turn, is expected to boost growth of the market over the forecast period.
However, factors such as high costs of development of radiopharmaceuticals relative to return on investment, supply shortage of radiopharmaceuticals, and short half-life of radiopharmaceuticals are expected to restrain growth of the global radiopharmaceuticals in nuclear medicine market in the near future.
Competitive Landscape
Major companies operating in the global radiopharmaceuticals in nuclear medicine market are Progenies Pharmaceuticals, Inc., North Star Medical Radioisotopes LLC, Curium Pharama, Life Molecular Imaging, Lathes Holdings, Inc., Cardinal Health, Inc., General Electric Company, Barco Spa., Bayer AG, Advanced Accelerator Applications, S.A., and Eli Lilly and Company.
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