Market Challenges And Opportunities
Global Diagnostic Radioisotopes Market- Drivers
- Rising Prevalence of Chronic Diseases: Rising prevalence of chronic diseases like cancer, cardiovascular diseases, and others boosts demand for diagnostic radioisotopes for early diagnosis. For instance, according to the WHO, in 2020, around 10 million cancer cases were diagnosed globally.
- Advancements in Diagnostics Imaging Modalities: Technological advancements in diagnostic imaging modalities like PET and SPECT boosts adoption of diagnostic radioisotopes. For example, in 2021, United Imaging, a provider of digital radiotherapy and life science equipment, launched uMI 550 Digital PET/CT scanner
- Growing Demand for Alpha Radioisotopes: Growing demand for alpha radioisotopes like Actinium-225 for targeted alpha therapy contributes to the market growth. For instance, in 2022, Telix Pharmaceuticals, a pharmaceutical company, and Tecma Group of Companies, a biotechnology company, collaborated to manufacture lutetium-177 and actinium-225 in South America.
- Rising Investments in Nuclear Medicine: Rising public and private investments to expand nuclear medicine infrastructure globally is driving market growth. For instance, in 2021, NTP Radioisotopes, leading global supplier of parent isotope Mo-99, invested around US$ 35 million to upgrade its radioisotope production facilities.
Global Diagnostic Radioisotopes Market- Opportunities
- Targeted Radiotherapy Agents: The emergence of targeted radiotherapy using alpha and beta emitters opens new opportunities for players. Radiopharmaceuticals like lutetium-177 are gaining traction in precision oncology.
- Radioisotopes for Theranostics Applications: The use of diagnostic radioisotopes like gallium-68, zirconium-89 as theranostics agents provides growth opportunities. These can help in personalized therapy for patients.
- Cyclotron Production of Radioisotopes: The use of cyclotrons to locally produce radioisotopes like fluorine-18, copper-64 overcomes global supply chain constraints. Companies are establishing in-house cyclotron radioisotope production.
- Radiopharmaceuticals for Neurological Applications: The growing R&D on developing radioisotopes and radiopharmaceuticals for neurological conditions like Alzheimer’s, Parkinson’s, and others is expected to drive the market growth
Global Diagnostic Radioisotopes Market- Restraint
- Short Half-life of Radioisotopes: The short half-life of commonly used radioisotopes like FDG (Fluorine-18) and technetium-99m poses logistics challenges for just-in-time delivery. This hampers the widespread adoption.
- High Costs of Radioisotope Production: The high costs and complex infrastructure associated with radioisotope production is challenging for many countries. This limits market growth in cost-sensitive markets.
- Stringent Regulatory Policies: The stringent regulatory policies for approval and production of radioisotopes and radiopharmaceuticals makes the process lengthy and expensive. This restricts growth opportunities.
Global Diagnostic Radioisotopes Market- Restraints
- Short Half-life of Radioisotopes
- High Costs of Radioisotope Production
- Stringent Regulatory Policies
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