Asia Pacific Radiopharmaceuticals Market Outlook 2031:
The Asia Pacific radiopharmaceuticals market size was valued at USD 1.52 Billion in 2022 and is projected to reach USD 3.53 Billion by 2031, expanding at a CAGR of 9.8% during the forecast period 2023 - 2031. The growth of the market is attributed to the positive results of research report on radiopharmaceuticals and wide use of the method for the treatment of various chronic conditions.
Radiopharmaceuticals refers to molecular imaging that includes the use of molecules as biomarkers for molecular processes that discovers the progress of a disease. The rapid development of the radiopharmaceutical companies and expansion of the pharmaceutical market in the region present major aspects for the market growth.
With the rising cases of various chronic illness and rising awareness among people about the diseases in the region, the diagnostic rates are increasing substantially. This is expected to fuel the demand for PET and SPECT devices.
Most of the developing nations in this region are working for the stable and efficient healthcare system. It is a great opportunity for the sale of radiopharmaceutical products that finds vast applications across the length and breadth of the healthcare industry.
A report declared in the JurnalSainsNuklear Malaysian in 2016, more than 75.0% of Tc-99m was used in the medical sector in Malaysia and attempts toward grading up self-manufacturing of radiopharmaceutical was aimed at enhancing the healthcare sector of the region.
Another phenomenon attributed to affect market is the increase in the number of healthcare improvement and facilities in care.
Radiopharmaceuticals Market Trends, Drivers, Restraints, and Opportunities
- Positive results of research studies on radiopharmaceuticals in the treatment of chronic conditions is expected to boost market growth.
- Large scale development for molecular imaging and wide investment on use of these molecules as biomarkers are expected to boost the market growth.
- Rise in the number of healthcare facilities establishment and improvement in healthcare provision are expected to propel the market growth.
- Advancement in scanning technology is further a key factor to fuel the market growth.
- High cost of radiopharmaceuticals treatment is expected to slow down the market growth.
Scope of the Radiopharmaceuticals Market Report
The report on Asia Pacific radiopharmaceuticals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Asia Pacific Radiopharmaceuticals Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Diagnostics [SPECT and PET] and Therapeutics [Beta Emitters, Brachytherapy, and Alpha Emitters]), Types (Doppler OCT, Catheter, Handheld, and Tabletop), Applications (Diagnostics [Neurology, Cardiology, Oncology, Lymphoma, and Thyroid] and Therapeutics [Bone Metastasis, Thyroid, Lymphoma, Endocrine Tumor])
India, China, South Korea, Japan, and Rest of Asia Pacific
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Bayer AG; Nordion, Inc.; GE Healthcare; Bracco Group; and Mallinckrodt Public Limited Compan
Radiopharmaceuticals Market Segment Insights
Diagnostics segment is expected to grow at a rapid pace
Based on products, the Asia Pacific radiopharmaceuticals market is bifurcated into diagnostics and therapeutics. The diagnostics segment is further divided into SPECT and PET while the therapeutics segment is sub-segmented into beta emitters, brachytherapy, and alpha emitters.
The diagnostics segment accounted for a key share of the market in 2019 and is expected to grow at a rapid pace owing to diagnostic techniques that provide a better insight into the disease than the traditionally used diagnostic devices.
However, the therapeutics segment is anticipated to expand at a substantial growth rate during the forecast period due to lowering prices of the scanning devices and government support.
Catheter segment is projected to expand at a considerable CAGR
On the basis of types, the market is divided into doppler OCT, catheter, handheld, and tabletop. The catheter segment is projected to expand at a considerable CAGR during the forecast period due to advancement in catheter technology.
Meanwhile, the handheld segment is anticipated to hold a moderate growth rate during the projected period owing to strict regulation of the radioactive elements and complex manufacturing processes.
Therapeutics segment is expected to grow substantially
Based on applications, the Asia Pacific radiopharmaceuticals market is bifurcated into diagnostics and therapeutics. The diagnostics segment is further categorized as neurology, cardiology, oncology, lymphoma, and thyroid while the therapeutics segment includes bone metastasis, thyroid, lymphoma, and endocrine tumor.
The therapeutics segment is expected to grow substantially in the coming years due to large number of adoption rate of therapeutic method among people globally. On the other hand, the diagnostics segment is anticipated to exhibit a moderate growth rate during the forecast period owing to wide adoption of the diagnosis.
China is anticipated to constitute a key market share
In terms of geography, the market is classified as India, China, South Korea, Japan, and Rest of Asia Pacific. The market of China accounted for a key share of the market in 2019 and is anticipated to constitute a key market share in the coming years due to large number of population and rising prevalence of chronic diseases in the country.
The market of India, however, is anticipated to expand at a rapid pace during the forecast period owing to development of healthcare infrastructure and facilities along with the existing favorable government policies.
The Asia Pacific radiopharmaceuticals market has been segmented on the basis of
- Beta Emitters
- Alpha Emitters
- Doppler OCT
- Bone Metastasis
- Endocrine Tumor
- South Korea
- Rest of Asia Pacific
Key players competing in the Asia Pacific radiopharmaceuticals market are Bayer AG; Nordion, Inc.; GE Healthcare; Bracco Group; and Mallinckrodt Public Limited Company.
The main market players are continuously engaged in various business expansion activities such as mergers and acquisitions, research and developments, investments for innovative products, and collaborations. For instance, Nordion, Inc. introduced a new custom dose for TheraSphere, in March 2012.