DIAGNOSTIC RADIOPHARMACEUTICALS AND CONTRAST MEDIA MARKET ANALYSIS

Diagnostic Radiopharmaceuticals And Contrast Media MarketSize and Trends

The global diagnostic radiopharmaceuticals and contrast media market was valued at US$ 6,434.9 Million in 2022 and is forecast to reach a value of US$ 10,140.7 Mn by 2030 at a CAGR of 5.8% between 2023 and 2030. The global diagnostic radiopharmaceuticals and contrast media market is experiencing strong growth due to the rise in burden of cardiovascular diseases and rise in burden of cancer worldwide. Moreover, increase in demand for diagnostic radiopharmaceuticals and contrast media and rising number of diagnostic centres worldwide is expected to boost growth of the market. However, factors such as short half-life of radiopharmaceuticals and high costs of these techniques are expected to hamper growth of the market.

Global Diagnostic Radiopharmaceuticals and Contrast Media Market Trends:

Rise in number of clinical trials is a recent trend

Several clinical trials/studies are being conducted in the radiopharmaceuticals segment worldwide. Most of them are currently under development to be used for the purpose of cancer diagnosis and treatment, however, drug molecules for other diseases such as heart disease are also in the pipeline of major market players. Moreover, players in the market are focusing on developing or launching novel drug molecules in the market to meet increasing demand. This trend is expected to continue over the forecast period, driving the growth of the market.

Increasing patient awareness is another trend

Due to increasing patient awareness levels pertaining to cardiovascular diseases and oncology, the use of radiopharmaceuticals and contrast media is also increasing with the rapid pace worldwide. Moreover, with the increasing patient awareness, the demand for image-guided procedures as well as accurate diagnosis is also increasing rapidly. Thus, players in the market are launching advanced imaging and diagnostic tools in the market. This trend is also expected to continue over the forecast period, driving the growth of the market.