October 27, 2014
Wellesley, Mass., October 27, 2014 –BCC Research (www.bccresearch.com) reveals in its new report, RADIOPHARMACEUTICALS: TECHNOLOGIES AND GLOBAL MARKETS, the global market for radiopharmaceuticals is forecast to expand through 2019 at a projected compound annual growth rate (CAGR) of 8%, approaching $6.4 billion.
The global radiopharmaceuticals market is driven mostly by an aging population and cardiovascular, oncological and neurological disorders. Most of the radiopharmaceuticals are used in nuclear imaging, as it offers a non-invasive, stationary and dynamic image of the body’s organs. Radiopharmaceuticals are now a crucial part of the healthcare industry, due to their ability to identify various disease processes much earlier than other diagnostic tests.
U.S. FDA approval of new radiopharmaceuticals coupled with the improved supply of technetium-99 has expanded the market between 2012 and 2014. The North American market is the market leader and anticipated to grow from $2.1 billion in 2013 to $3.8 billion in 2019 at an estimated CAGR of 9.2%. This is followed by the European market segment. With a CAGR of 6.8%, the market is predicted to reach $1.6 billion by 2019. Emerging markets are increasing at a CAGR of 5.8%, and are foreseen to reach $762 million by the end of 2014 and $1 billion by 2019. Increasing awareness coupled with the rising diagnostic rates is the major growth factor for this market.
“R&D spending along with increasing competition, patent expiries and new technologies are directing this market,” says BCC Research pharmaceuticals analyst Shalini S. Dewan. “Advancements and new product launches have influenced market growth in the near future.”
RADIOPHARMACEUTICALS: TECHNOLOGIES AND GLOBAL MARKETS provides an in-depth analysis of the present and future strategies within the radiopharmaceuticals market. Revenues are broken down by the region. Sales figures are given for 2012 and 2013, estimated for 2014, and projected for 2019.
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Radiopharmaceuticals: Technologies and Global Markets( PHM171A )
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