LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global radiopharmaceuticals market to grow at a CAGR of over 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global radiopharmaceuticals market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
An interruption in the supply of radiopharmaceuticals produced in nuclear reactors led to debates regarding the production of these isotopes using other techniques. Cyclotrons allow the production of hospital-based radiopharmaceuticals. Approximately 80% of the isotopes produced in cyclotrons can be used for medical applications. Also, cyclotrons offer various advantages such as safety, low operating costs, and low waste generation.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global radiopharmaceuticals market:
- Rising burden of the neurological disorders
- Growing cancer cases and rising investment in oncology market
- Minimal side effects of the radiopharmaceuticals as compared with its potential benefits
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Rising burden of the neurological disorders
Neurological disorders are diseases that are related to the brain, spine, and the nerves. There are over 600 diseases of the nervous system, some of the most common diseases are epilepsy, Parkinson's disease, brain tumors, and stroke; while some of the less familiar ones include frontotemporal dementia.
Sapna Jha, a lead infectious and rare diseases research analyst at Technavio, says, “The two of the imaging instruments such as SPECT and PET use radiopharmaceuticals to diagnose the brain disorders. The management of several neurological disorders such as schizophrenia, epilepsy, Alzheimer's, and head trauma may be benefitted from the radiopharmaceutical agents.”
Growing cancer cases and rising investment in oncology market
The increasing prevalence of cancers across the globe has turned out to be one of the major factors leading to the rising investment in various diagnostic and therapeutic approaches for the disease. Globally, cancer leads to high mortality and morbidity. In 2015, approximately 8.5-9 million people died due to cancer worldwide.
“The growing cases of cancer has led to a huge investment in the oncology segment; however, the developing countries such as China and India demand higher investment in the oncology segment owing to their large patient pool. Although the rising healthcare investment in the developing countries is expected to boost the growth of cancer treatment market in the region, the high cost of treatment still hinders the market growth in these countries,” adds Sapna.
Minimal side effects of the radiopharmaceuticals as compared with its potential benefits
Radiopharmaceuticals have fewer side effects as compared with its potential benefits. This is one of the major factors for the recommendation of the drugs for various diagnostic and treatment purposes. Presently, there are no known long-term side effects of low-dose exposure of radiopharmaceuticals. Some health hazards may be caused due to radiopharmaceuticals such as soreness, bleeding, and swelling at the site of injection, but these are quite rarely observed.
The low rates of adverse effects of radiopharmaceuticals are mainly due to a small amount of the drug used during the various process. Also, the radiopharmaceuticals are used for their specific localized action produced due to the physiologic mechanism and not for any pharmacological action, and hence pharmacologic action is not anticipated from it.
Top vendors:
- Bayer
- Cardinal Health
- GE Healthcare
- Lantheus Medical Imaging
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