Radiopharmaceuticals Market to be Driven at 18.3% CAGR by Increasing Incidence of Cancer

ALBANY, N.Y. - March 30, 2016 - PRLog -- Transparency Market Research (TMR) has recently published a market study on the global radiopharmaceuticals market. The study estimates this market to expand at a remarkable CAGR of 18.30% over the period from 2012 to 2018 and reach a value US$12.2 bn by the end of the forecast period.The research report, titled "Radiopharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," states that the worldwide radiopharmaceuticals market stood at a value of US$3.8 bn in 2011.

Radiopharmaceuticals, also known as medicinal radiocompounds, are medical formulations that contain radioisotopes, which are radioactive materials. These formulations are administered to diagnose as well as to treat cancer in humans. After administration, radiopharmaceuticals emit radiation in the form of alpha and beta particles to target the affected areas. These drugs are mostly used in small portions for imaging tests; however, heavy doses are given for the treatment of cancer.

According to the research report, the increasing incidence of cancer in the global arena, coupled with the increasing preference of patients for disease-targeted therapies, is fueling the demand for radiopharmaceuticals significantly. Apart from this, the growing demand for accurate diagnosis and the rising usage of radiopharmaceuticals in molecular imaging application are also boosting the global radiopharmaceuticals market.

The report analyzes the global market for radiopharmaceuticals on the basis of generator type, application, end users, and regional distribution of this market.

On the regional basis, the study segments the worldwide radiopharmaceuticals market into North America, Asia Pacific, Europe, and the Rest of the World. North America led the global market in 2011 and was closely followed Asia Pacific and Europe. The U.S. and Canada drive the North America radiopharmaceuticals market.

The radiopharmaceuticals market in Europe has also witnessed significant growth in the recent past. The rising base of geriatric population, leading to an increasing incidence of neurological and cardiovascular disorders, has boosted the Europe radiopharmaceuticals market remarkably over the past few years.

Analysts expect Asia Pacific to experience healthy growth in the global radiopharmaceuticals market during the forecast period. The rise in the disposable income of people in this region is likely to fuel the demand for radiopharmaceuticals in Asia Pacific, states the research report.

By the type generator, the report segments the global radiopharmaceuticals market into Mo-99/Tc-99m generator, Ge-68/Ga-68 generator, Sr-82/Rb-82 generator, W-188/Re-188 generator, and Sr-90/Y-90 generator. Application wise, the market is classified into diagnosis, therapy, and other application such as neurology and cardiology.

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Diagnostic centers, hospitals, and medical and research centers are the major end users of radiopharmaceuticals, notes the study.

Cardinal Health Inc., GE Healthcare, Covidien Plc, IBA Group, Monrol Nuclear Products Inc., Lantheus Medical Imaging, Nordion Inc., Polatom, NTP Radioisotopes (Pty) Ltd., Siemens Healthcare, and Positron Corp. are some of the major participants in the global radiopharmaceuticals market, profiled in this research study.

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