The diagnostic radiopharmaceuticals and contrast media market is growing at a steady rate, due to factors, such as technological developments, increasing diagnostic applications in various diseases, government support, and rising cases of chronic diseases.
- Factors, such as shorter half-life of radiopharmaceuticals, stringent regulatory framework, and high capital investment, are expected to hinder the market growth.
- The development in the minimally invasive therapeutic procedures has encouraged the usage of imaging equipment. This increase in the demand for image guidance has propelled the market.
- Additionally, medical imaging has witnessed numerous advancements in recent times. The emerging technologies help in enhancing the resolution and quality of the medical images, in turn, propelling the demand for contrast media and diagnostic radiopharmaceutical.
- Rising cancer cost is another factor, which is impacting healthcare costs. The government is taking several initiatives for better cancer management. These initiatives are likely to affect the imaging industry, as they give the multinational companies a potential place to make significant investments.
Key Market Trends
Cardiology Sub-segment Captured the Largest Market Share and is Expected to Retain its Dominance
The major factor driving the growth of the market is the rising prevalence of cardiovascular diseases over the world. According to the estimates of the World Health Organization (WHO), 17.9 million people die from CVDs each year globally. SPECT, which stands for single photon emission computed tomography, is a non-invasive procedure that can accurately identify areas of abnormal myocardial perfusion. It is also used to determine the functional capacity of the heart muscle and is able to separate living tissue from an irreversibly damaged tissue. This diagnostic procedure helps physicians find out if there are blockages in the coronary (heart) arteries, as well as to determine if the patient should undergo a coronary angiogram. In SPECT, cardiac-specific radiopharmaceuticals, such as 99mTc-tetrofosmin (Myoview, GE healthcare), 99mTc-sestamibi (Cardiolite, Bristol-Myers Squibb), or Thallium-201 chloride are administered. Hence, factors, such as the rising prevalence of cardiovascular diseases and technological advancements in the field of diagnostics, are expected to drive the growth of the market over the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the overall diagnostic radiopharmaceuticals and contrast media market, with the United States accounting for the major contributor to the market. The US diagnostic radiopharmaceuticals and contrast media market is anticipated to continue its expansion over the forecast period. The first gadolinium-based contrast agent was approved in the United States. Four agents were approved in the United States in the past decade, and they have set a string trend in the industry to continue to find more efficient, accurate, and safe agents.
The contrast media sales are expected to increase in the United States in the coming years. Among the different imaging modalities, sales of contrast media for the ultrasound market are likely to have a considerable growth rate. Diagnostic radioisotopes are a significant component of the US economy. Increase in chronic cardiac and neurological diseases is the primary driving factor for the market growth in the United States. Hence, the North American diagnostic radiopharmaceuticals and contrast media market is expected to retain its dominance over the forecast period.
The presence of major market players, such as Bayer AG, GE Healthcare, Cardinal Health Inc., Nordion Inc., and Siemens Healthineers, is, in turn, increasing the overall competitive rivalry of the market. The scarce presence of few companies operating in this sector, along with factors, such as powerful competitive strategy and strong market foothold, is resulting in the low score of the market, in terms of competitive rivalry.
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