Radioactive Tracer Market Growth To Surge Owing To Rising Diagnostic Applications

Radioactive Tracer Market Growth To Surge Owing To Rising Diagnostic Applications

The global radioactive tracer market is anticipated to witness high growth owing to extensive utilization of radioactive tracers in diagnostic applications such as disease diagnosis and monitoring. Radioactive tracers assist in visualization and measurement of metabolic and functional processes in the body by emitting gamma rays which can be detected by special types of cameras. They are commonly used in nuclear medicine imaging scans including positron emission tomography (PET) scans and single-photon emission computed tomography (SPECT) scans to produce images of organs and tissues for diagnostic purposes. This includes identifying and evaluating conditions such as cancer, heart disease, gastrointestinal, endocrine and neurological disorders. The growing prevalence of chronic diseases along with the ability of tracers to provide sensitive, specific and non-invasive diagnostic information is propelling the demand for radioactive tracers. The global radioactive tracer market is estimated to be valued at US$ 2.12 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the radioactive tracer market are Zosano Pharma, Eli Lilly and Company, Lundbeck Seattle BioPharmaceutical, Winston Laboratories, GlaxoSmithKline plc., ElectroCore Medical LLC, Autonomic Technologies, Inc., AstraZeneca plc., Allergan plc., Bayer AG, F. Hoffmann-La Roche Ltd, Novartis AG, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Sanofi, and AbbVie Inc. Majority of these players are focusing on new product development and launches to expand their product portfolio and increase market share.
The increasing research and development in nuclear medicine diagnostics offers lucrative growth opportunities for players in the radioactive tracer market. Ongoing technological advancements in radiotracers and imaging equipment is allowing more accurate non-invasive diagnosis of diseases. Furthermore, rising investments by market players and governments in molecular imaging infrastructure in developed as well as emerging countries is expected to boost the global market expansion over the forecast period.

Market Drivers

Some of the major drivers propelling the radioactive tracer market growth include rising geriatric population worldwide which is more susceptible to chronic diseases, increasing awareness regarding early disease diagnosis, and growing popularity of personalized medicine. According to the World Health Organization, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. The elderly population is more likely to develop conditions like cancer and heart disease which is favoring the demand for radioactive tracers. Furthermore, evolving reimbursement policies for nuclear medicine procedures in developed countries will augment the market revenues.

Market Restrain
However, the market growth can be hampered due to certain restraints such as limited half-lives of available radioactive tracers restricting their applications, regulatory issues concerning approval and handling of radioactive substances, and need for specialized expert professionals to handle radiotracers can negatively impact the market. Additionally, high costs involved in manufacturing, procurement and disposal of radioactive materials pose a major challenge especially in cost-sensitive developing regions. Strict regulations regarding use and elimination of radioactive waste can further impede the market expansion.

Segment Analysis
The radioactive tracer market is dominated by the medical imaging sub segment. Medical imaging accounts for over 60% of the overall radioactive tracer market share primarily due to the increasing usage of nuclear imaging techniques such as SPECT and PET in the diagnosis of various conditions including cancer. Radioactive tracers play a crucial role in medical imaging as they help generate images of internal organs and tissues. The increasing prevalence of cancer and cardiac diseases worldwide has significantly propelled the demand for advanced diagnostic procedures like SPECT and PET scans which utilize radioactive tracers, thereby driving the growth of this sub segment.

Global Analysis
North America represents the largest regional market for radioactive tracers accounting for around 40% share. This is attributed to factors such as rising healthcare expenditure, prominent presence of key industry players, and growing prevalence of chronic conditions in the region. The market in Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to increasing awareness about medical imaging modalities, improving access to healthcare facilities, expanding base of nuclear medicine centers, and rising disposable incomes in developing economies such as China and India. Additionally, growing strategic initiatives by public and private organizations towards enhancing radiopharmaceutical production and research is further augmenting the regional market expansion.

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