The global diagnostic radiopharmaceuticals and contrast media market is estimated to be valued at US$ 7846.74 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2030. Rapid advancements in nuclear medicine and imaging technologies coupled with rising geriatric population are fueling demand for diagnostic imaging modalities worldwide. This has led to increasing consumption of radiopharmaceuticals and contrast media that help improve visibility of internal organs and tissues during diagnostic procedures.
Diagnostic radiopharmaceuticals and contrast media are special drugs or agents used with radiology exams and procedures to help radiologists visualize internal organs, tissues, and organ systems of the body. Radiopharmaceuticals are radioactive substances used in nuclear medicine imaging tests like SPECT and PET scans to detect the location and concentration of radiotracers that emit gamma rays. Contrast media contains iodine or barium salts that are injected into the body for imaging modalities like CT scans and X-rays to highlight specific tissues and organs for better visualization. The growing popularity of minimally invasive and non-invasive diagnostic procedures for disease diagnosis and treatment monitoring is fueling uptake of radiopharmaceuticals and contrast media globally.
Key Takeaways
Key players operating in the diagnostic radiopharmaceuticals and contrast media market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation. These companies are investing in new product launches, capacity expansion, and mergers & acquisitions to strengthen their market position.
The market is witnessing several lucrative opportunities in areas like theranostics, where pharmaceuticals are being developed that can be used for both diagnosis and targeted treatment. Manufacturers are also focusing on developing advanced contrast media and radiopharmaceuticals with higher sensitivity for improved diagnosis.
Global expansion remains a key growth strategy for leading players. Given increasing outsourcing of production by major pharmaceutical companies, several manufacturers are strengthening domestic capabilities and local supply chains across emerging markets in Asia Pacific, Middle East, and Latin America.
Market Drivers
- Growing geriatric population worldwide prone to various chronic diseases is a major factor driving demand for diagnostic imaging modalities and radiopharmaceuticals. According to WHO, the global population aged 60 years and older is expected to reach 2 billion by 2050 from 962 million in 2017.
- Rising healthcare expenditure on preventive healthcare and shift towards early disease diagnosis is boosting consumption of radiopharmaceuticals and contrast media. Rapid technological advancements in diagnostic imaging equipment coupled with higher sensitivity and safety of newer generation agents is further fueling the market growth.
Market Restrains
- High costs of nuclear medicine imaging procedures and limited reimbursement for Diagnostic Radiopharmaceuticals And Contrast Media Market Demand growth. High infrastructure investment needs for on-site production of many radiopharmaceuticals by end-users pose challenges.
- Stringent regulatory frameworks for approval of new radiopharmaceuticals prolong product launch timelines. Growing concerns regarding radiation exposure during medical imaging procedures also restricts market expansion to some extent.
Segment Analysis
Contrast agents commanded the largest revenue share, owing to extensive usage of agents containing iodine in computed tomography. Pharmaceutical radiopharmaceuticals are anticipated to witness considerable growth during the forecast period. Technetium-99m is the most widely used isotope in diagnostic nuclear medicine procedures such as myocardial perfusion imaging and bone scans. It is obtained from molybdenum-99, which is produced through nuclear fission or neutron activation of uranium. Widespread usage and preference for technetium-based diagnostics make the nuclear pharmacy segment highly lucrative.
Global Analysis
North America dominated the diagnostic radiopharmaceuticals and contrast media market in 2024 and is estimated to maintain its dominance throughout the forecast period. High healthcare expenditure in the region along with frequent usage of contrast imaging modalities drive the revenue. Asia Pacific is anticipated to witness the fastest CAGR during the forecast period owing to improving healthcare infrastructure, rising disposable incomes, and increasing acceptance of diagnostic procedures. Growing medical tourism industry in China, India, and Japan is also contributing to market growth. Demand for diagnostic radiotracers is increasing significantly across Asia.
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