June 18, 2024
Diagnostic Radioisotopes Market

Diagnostic Radioisotopes Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases

The diagnostic radioisotopes market comprises medical radioisotopes such as technetium-99m (Tc-99m), thallium-201 (Tl-201), gallium-67 (Ga-67), iodine-123(I-123), and indium-111 (In-111) that are used in diagnosis and treatment of various medical conditions. These medical radioisotopes extensively used in single photon emission computed tomography (SPECT) scans and positron emission tomography (PET) scans to generate diagnostic images of internal organs. The need for advanced diagnostic imaging techniques for accurate diagnosis of diseases such as cancer and heart diseases is propelling the demand for diagnostic radioisotopes.

The global diagnostic radioisotopes market is estimated to be valued at US$ 6.54 billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031. Key players operating in the diagnostic radioisotopes market are Johnson & Johnson, Mueller Sports Medicine, 3M Company, KT Tape, Medco Athletics, Nitto Denko Corporation, Andover Healthcare Inc., Medline Industries, Inc., Jaybird & Mais, and SpiderTech.

Key Takeaways

Key players: Johnson & Johnson is one of the leading players with extensive portfolio of diagnostic radioisotopes. Other prominent players include Mueller Sports Medicine, 3M Company, KT Tape, Medco Athletics, Nitto Denko Corporation, Andover Healthcare Inc., Medline Industries, Inc., Jaybird & Mais, and SpiderTech.

Key opportunities: Rising prevalence of chronic diseases such as cancer and cardiac disorders presents lucrative opportunities for players in the Diagnostic Radioisotopes Market Size  Additionally, development of advanced SPECT and PET imaging techniques offer new opportunities.

Global expansion: Major players are expanding their geographic footprint in high growth emerging markets of Asia Pacific, Latin America, and Middle East & Africa to tap the large untapped market potential. Partnerships and contracts with local diagnostic centers and hospitals are key strategies of global expansion.

Market Drivers: The growing elderly population and rising incidence of cancer and cardiac diseases are major drivers for diagnostic radioisotopes market. According to WHO, cancer is the second leading cause of death globally. Favorable medical reimbursement and coverage policies further support the market growth.

PEST Analysis

Political: Diagnostic radioisotopes market is regulated by government bodies regarding production, distribution and usage of radioactive material for medical purposes. Rules aim to ensure safety of patients as well as healthcare workers.

Economic: Growing healthcare spending coupled with rising demand for early diagnosis is supporting growth of this market. High installation and operational costs could impact affordability in some regions.

Social: Increasing awareness about benefits of early detection of diseases and availability of specialized diagnostic procedures positively influence this market. However, radiation exposure concerns need to be adequately addressed.

Technological: Manufacturers are focusing on development of next-generation radiotracers and radioisotopes with better selectivity and longer half-lives. Use of artificial intelligence and robotic automation in production promises higher yields and better precision. Widespread access to PET/CT and SPECT imaging devices also boost this market.

The global diagnostic radioisotopes market in terms of value is concentrated majorly in North America and Europe owing to high healthcare expenditure, well-developed healthcare infrastructure and presence of leading market players in these regions. however, Asia Pacific is emerging as the fastest growing regional market due to increasing prevalence of chronic diseases, rising medical tourism, growing public and private investments in health sector and rapid technolgical advancements of several developing countries in the region. Factors such as rising healthcare awareness, growing per capita incomes, expansion of private healthcare insurance are also driving growth of this market in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.