The Radioactive Tracer Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Chronic Diseases

 
Radioactive Tracer Market 

The Radioactive Tracer Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Radioactive tracers are radioactive atomic or molecular compounds that are used as diagnostic tools in visualization and functional analysis techniques such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT). These tracers are usually labeled with radionuclides such as fluorine-18, carbon-11, nitrogen-13, oxygen-15, gallium-67, indium-111, iodine-123, and technetium-99, which emit radiation that can be detected by external detectors. Radioactive tracers are majorly used for diagnosis of cardiac diseases, cancer, gastrointestinal, genitourinary, neurological, and other disorders.

Market Dynamics:

The growth of the radioactive tracer market is majorly driven by the increasing prevalence of chronic diseases such as cancer and cardiovascular diseases. According to the World Health Organization, cancer is the second leading cause of death globally and accounted for an estimated 9.6 million deaths in 2018. Similarly, cardiovascular diseases are the leading global cause of death, accounting for over 17.9 million deaths annually. Early and accurate diagnosis is critical for effective treatment of such life-threatening diseases. Radioactive tracers play a vital role in non-invasive diagnosis through PET and SPECT imaging techniques. Advancements in radiotracer technologies with better pharmacokinetics and imaging capabilities are also fueling the market growth. Moreover, growing applications of radionuclides in fields such as drug development, biomedical research and therapy are propelling market expansion. However, short half-lives of radionuclides requiring an on-site cyclotron and lack of required infrastructure in developing nations pose challenges to market growth.

SWOT Analysis

Strength:
- Radioactive tracer has high accuracy in detecting abnormalities and diseases. It can effectively diagnose diseases at an early stage.
- Constant technological advancements are improving the sensitivity and efficiency of radioactive tracers.
- Growing demand for non-invasive procedures in diagnosis is driving the adoption of radioactive tracers.

Weakness:
- Stringent regulatory norms associated with the production and usage of radioactive materials increases the complexity and costs.
- Exposure to ionizing radiation even in small doses pose health risks limiting widespread usage.

Opportunity:
- Increasing incidence of cancer and cardiac diseases in developed as well as developing nations presents significant market opportunity.
- Advent of hybrid imaging systems integrating PET/CT and PET/MRI provides new application areas for radioactive tracers.

Threats:
- Availability of alternative non-invasive diagnosis techniques like MRI and CT scans poses challenge to market growth.
- Stringent regulations regarding the handling and disposal of radioactive waste increases compliance costs.

Key Takeaways

The Global Radioactive Tracer Market Demand is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing prevalence of chronic diseases. North America dominated the global market in 2023, owing to the availability of advanced healthcare facilities and presence of key players in the region.

Regional analysis
Europe is expected to be the fastest growing region in the radioactive tracer market during the forecast period. This can be attributed to increasing research activities for tumor imaging and neurology applications. Asia Pacific is projected to exhibit high Y-o-Y growth between 2023 to 2030 fueled by growing healthcare expenditure and rising medical tourism in major Asian countries.

Key players analysis
Key players operating in the radioactive tracer market are PerkinElmer, Cardinal Health, Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope, ANSTO, Nordion, Curium Pharma, IRE. Players are investing in R&D to expand their product portfolios and focusing on new production facilities to cater to the increasing demand.

Read More:

https://www.marketwebjournal.com/radioactive-tracer-market-trends-size-and-share-analysis/

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