The Radioactive Tracer Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radioactive tracers are isotopes that emit radiation and are used in medical imaging techniques like positron emission tomography (PET) scans and single photon emission computed tomography (SPECT) scans. They help doctors evaluate organ functions, identify abnormal cell activities, detect and locate certain cancers. Some commonly used radioactive tracers are technetium-99m, fluorine-18, iodine-123, thallium-201, gallium-67 and indium-111. They are typically linked to biologically active molecules like glucose, fatty acids or drugs and then introduced into the body.
Market Dynamics:
Growing geriatric population that is more prone to various health conditions like cancer and cardiovascular diseases is a key driver of this market. As per WHO, the world’s population aged 65 years and above is expected to double from 703 million in 2019 to 1.5 billion by 2050. With age, risk of diseases increases driving the need for early and accurate diagnostic methods offered by radiotracers. Secondly, rising incidences of cancer worldwide is also fueling demand. According to WHO, cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. Radiotracer imaging plays a critical role in cancer screening, diagnosis and staging, thereby driving market growth.
Segment Analysis
Radioactive Tracer Market is broadly segmented into Nuclear Imaging Diagnostics, Oncological Diagnostics & Therapeutics. Nuclear Imaging Diagnostics segment accounts for more than 50% of the market share owing to widespread utilization of nuclear medical imaging technologies like PET and SPECT for diagnosis of cardiovascular diseases and cancer diagnosis.
PEST Analysis
Political: Regulations regarding safe handling and disposal of radioactive tracers are encouraging the use of radioisotopes in research that is driving market growth.
Economic: Growing healthcare spending coupled with rising prevalence of diseases like cancer is fueling demand for advanced diagnostics procedures involving radioactive tracers.
Social: Increasing awareness about early disease diagnosis is positively impacting the adoption of radioactive tracers for diagnostic purposes.
Technological: Advancements in radiotracer production techniques and imaging modalities like PET/CT and SPECT/CT scans are supporting market expansion.
Key Takeaways
The Global Radioactive Tracer Market Demand is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing prevalence of chronic diseases especially cancer. The market size for Radioactive Tracer Market is estimated to reach US$ 3.4 Bn by 2030. Regional analysis shows North America dominating with over 35% share due to rapid technological advancements and FDA approvals of novel radioactive tracers.
Regional analysis shows Asia Pacific registering fastest growth owing to rising healthcare spending, large disease population and expanding medical infrastructure in countries like China and India. Key players operating in the Radioactive Tracer Market are PerkinElmer, Cardinal Health, Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope, ANSTO, Nordion, Curium Pharma, IRE. Key players are focusing on new product launches, facility expansion as well as tie-ups with biopharma companies and hospitals to strengthen their market position.