by The global Diagnostic Radiopharmaceuticals and Contrast Media Market is estimated to be valued at US$ 6,811.4 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diagnostic radiopharmaceuticals and contrast media play a crucial role in medical imaging procedures. Radiopharmaceuticals are radioactive compounds administered to the patient, to provide functional and molecular information via PET and SPECT imaging techniques. Contrast media are administered via injections or orally to improve visualization of internal organs during imaging procedures like X-ray, ultrasound, CT and MRI. Some key advantages of diagnostic radiopharmaceuticals and contrast media include precision in detecting diseases at an early stage, minimal invasiveness and ability to differentiate between healthy and diseased tissues for better diagnosis. Rapidly aging population globally along with rising prevalence of chronic diseases like cancer, cardiovascular conditions and neurological disorders is expected to fuel the demand for diagnostic imaging procedures, driving growth of this market over the forecast period.
Market key trends:
One of the key trends in the market is growing use of Positron Emission Tomography (PET) scans and Single Photon Emission Computed Tomography (SPECT) scans in oncology. PET-CT scans are increasingly preferred over conventional scans for accurate detection and staging of cancers like lung, breast and prostate cancers. Advancements in development of new contrast media and radiopharmaceuticals with improved specificity and sensitivity is also boosting the market growth. For instance, companies are developing fluorinated contrast agents and radioactive tracers with longer half-life and radioactive period for better diagnostic results during PET-MRI and PET-CT scans. Other trends include increasing investments by key players in R&D of targeted radiotracers for precision diagnosis and growing pipeline of targeted radiotracers for neurology and cardiology indications.
Porter’s Analysis
Threat of new entrants: High capital requirements for R&D and production facilities pose a barrier to entry. Stringent regulatory compliance also acts as a hurdle.
Bargaining power of buyers: Large consolidated healthcare providers and group purchasing organizations are able to negotiate lower prices from suppliers.
Bargaining power of suppliers: Key raw material suppliers of isotopes and active ingredients possess some bargaining power over manufacturers due to requirements of consistency and reliability of supply.
Threat of new substitutes: Technological advancements in medical imaging constantly introduce novel alternatives, therefore threat from substitutes is high.
Competitive rivalry: The diagnostic radiopharmaceuticals and contrast media market is highly competitive due to presence of major multinational companies. Price competition is intense.
Key Takeaways
The global Diagnostic Radiopharmaceuticals And Contrast Media Market Share size is expected to reach US$ 6,811.4 Mn in 2023 and expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period 2023 to 2030, due to increasing prevalence of chronic disorders and growing geriatric population.
Regional analysis: North America dominates the market currently owing to supportive healthcare infrastructure and increasing utilization of diagnostic imaging procedures in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising medical tourism, healthcare reforms and strengthening economic conditions.
Key players operating in the Diagnostic Radiopharmaceuticals And Contrast Media market are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. Growing consolidation in the industry has led to these major players accounting for over 70% of the global market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
