DIAGNOSTIC RADIOPHARMACEUTICALS AND CONTRAST MEDIA MARKET ANALYSIS

Market Challenges And Opportunities

Global Diagnostic Radiopharmaceuticals and Contrast Media Market Drivers:

Rise in burden of cardiac diseases to augment market growth

One of the key factors expected to augment growth of the global diagnostic radiopharmaceuticals and contrast market over the forecast period is the increase in prevalence of cardiovascular diseases worldwide. For instance, positron emission tomography (PET) imaging is useful in cardiovascular disease across several areas. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death across the globe, taking an estimated 17.9 million lives each year. This in turn is expected to drive growth of the market.

Rise in burden of cancer to underpin market growth

Another key factor which is driving the growth of the global diagnostic radiopharmaceuticals and contrast market is the rise in burden of cancer around the world. For instance, radiopharmaceutical therapy (RPT) is both safe and effective targeted approach to treat many types of cancer. According to the World Health Organization (WHO), cancer is one of the leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Thus, with the rise in burden of cancer, the use of oncology radiopharmaceuticals is also increasing rapidly.

Global Diagnostic Radiopharmaceuticals and Contrast Media Market Opportunities:

Increase in demand for diagnostic radiopharmaceuticals and contrast media is expected to provide significant growth opportunities for players in the diagnostic radiopharmaceuticals and contrast media market. For instance, in September 2022, University of Texas MD Anderson Cancer Center and Radiopharm Theranostics launched Radiopharm Ventures, a joint venture to develop novel radiopharmaceutical therapeutic products for cancer. The venture will focus initially on developing at least four therapeutic products based on MD Anderson intellectual property.

Rising number of diagnostic centres especially in developed countries is expected to offer lucrative growth opportunities for players in the global diagnostic radiopharmaceuticals and contrast media market. For instance, India boasts of a large number of diagnostics labs and chains to cater to the needs of the growing population. India has around 100,000 diagnostic laboratories, which include pathology laboratories and radiology centres, according to a research report of Seattle-based non-governmental organization PATH. This in turn is expected to increase the number of image-guided procedures and diagnostics, driving the market growth.

Global Diagnostic Radiopharmaceuticals and Contrast Media Market Restraints:

Short half-life of radiopharmaceuticals to hinder market growth

One of the key factors expected to hamper the growth of the diagnostic radiopharmaceuticals and contrast media market is the short half-life of radiopharmaceuticals. Radiopharmaceuticals have half-life periods, after which the radioactivity decreases to half of its original value. There are three half-lives that are important when considering the use of radioactive drugs for both diagnostic and therapeutic purposes, which are physical, biological, and effective half-life. Shorter half-life of a radiopharmaceutical poses challenges in terms of utilizing its medicinal properties.

High costs of the techniques to hamper market growth

Another factor which is hampering the growth of the global diagnostic radiopharmaceuticals and contrast media market is the high costs of these techniques. Radiopharmaceuticals are not being approved at a rate that can attract R&D from the market players. This has led to the limited scope of research for radiopharmaceuticals leading to higher costs of radiopharmaceuticals and imaging procedure and thus, presently available procedures remain unaffordable to small clinics/hospitals. Moreover, the R&D expenses for new contrast agents costs on an average of about US$ 150-200 million, which is a lengthy process and takes years together to innovate a new imaging agent.