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DESCRIPTION
The global radioactive trcaers market is estimated to be valued at ~ $3.5 Billion in 2023, and is expected to grow at a CAGR of ~7%. Diagnostics radioactive tracers segment held the largest share in 2023 due to increasing use of PET and SPECT, with oncology segment dominating the market share by application. Key driving factors of radioactive tracers include rising prevalence of chronic diseases, such as cancer, Alzheimer’s disease etc., growing adoption of nuclear medicines and advent of next generation technologies. Challenges include short half-life of radiopharmaceuticals and high costs associated with it.
RADIOACTIVE TRACERS MARKET DYNAMICS
Drivers: Rising adoption of nuclear medicine
The rising adoption of nuclear medicine is a pivotal driver for the growth of the radioactive tracers market, driven by its unique ability to offer precise, non-invasive diagnostics and effective, targeted treatments. Nuclear medicine techniques, such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography), utilize radioactive tracers to visualize biological processes in real time, enabling early detection of conditions like cancer, cardiovascular diseases, and neurological disorders.
In oncology, for instance, radioactive tracers are essential for staging tumors, monitoring treatment efficacy, and detecting metastasis, thereby playing a critical role in personalized medicine. In cardiology, they are used to assess myocardial perfusion and identify coronary artery disease, while in neurology, they aid in diagnosing conditions such as Alzheimer’s and epilepsy.
Opportunities: Emerging innovations in oncology
Emerging innovations in oncology present a significant market opportunity for radioactive tracers, driven by advancements in precision medicine and personalized therapies. Radioactive tracers are increasingly used in targeted radiotherapy, theranostics (combining therapy and diagnostics), and radioligand therapy, offering more precise cancer treatments. Novel radiopharmaceuticals targeting specific cancer biomarkers are improving tumor detection, staging, and treatment. Additionally, the integration of immuno-oncology with radioactive tracers and the use of AI in imaging are enhancing treatment planning and monitoring. These innovations are driving the growing demand for radioactive tracers in oncology, making it a key growth area.
Challenges: Shortage of trained professional
A significant challenge for the radioactive tracers market is the high cost associated with their production and use. The production of radioactive isotopes like technetium-99m and fluorine-18 requires specialized facilities, cyclotrons, and stringent safety protocols, leading to elevated manufacturing costs. The short half-lives of these isotopes necessitate rapid production and distribution, increasing logistical complexities and costs. For example, fluorodeoxyglucose (FDG), a commonly used tracer in PET scans, is expensive to produce and has a short shelf life, which can limit its availability.
Additionally, the need for specialized imaging equipment, such as PET and SPECT scanners, as well as trained medical professionals, further adds to the financial burden. Reimbursement issues from healthcare providers, especially for high-cost procedures, can also restrict broader adoption, particularly in developing regions or smaller healthcare institutions. These factors collectively contribute to the high costs and limit the widespread use of radioactive tracers..
GLOBAL RADIOACTIVE TRACERS MARKET, BY PRODUCT TYPE
Diagnostics radioactive tracers segment held the largest share in 2023
In 2023, the diagnostics radioactive tracers segment held the largest share of the market. This can be attributed to the growing demand for non-invasive diagnostic imaging techniques, such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography), which rely heavily on radioactive tracers for accurate disease detection. Radioactive tracers are essential for visualizing physiological processes, detecting tumors, assessing organ function, and diagnosing conditions like cancer, heart disease, and neurological disorders.
GLOBAL RADIOACTIVE TRACERS MARKET, BY APPLICATION
Oncology held the largest share in 2023
In 2023, oncology held the largest share of the radioactive tracers market. This is primarily due to the critical role radioactive tracers play in the early detection, staging, and monitoring of cancer. Technologies like PET and SPECT imaging, which rely on radioactive tracers such as fluorodeoxyglucose (FDG), have become essential for identifying tumors, assessing metastasis, and evaluating the effectiveness of cancer treatments. The growing incidence of cancer globally, along with advances in targeted therapies and radioligand therapies, has significantly increased the demand for radioactive tracers in oncology
GLOBAL RADIOACTIVE TRACERS MARKET, BY END USER
Significant market share held by Hospitals and critical care centres was observed in 2023
In 2023, hospitals and critical care centers held a significant market share in the radioactive tracers market. This dominance is driven by the widespread use of radioactive tracers in diagnostic imaging and therapeutic applications within these healthcare settings. Hospitals, particularly those with specialized departments such as nuclear medicine, oncology, and cardiology, are the primary users of tracers for procedures like PET and SPECT scans. These centers utilize tracers for early disease detection, staging, monitoring treatment progress, and providing targeted therapies, especially in cancer, cardiovascular diseases, and neurological conditions.
GLOBAL RADIOACTIVE TRACERS MARKET, BY REGION
North America held the largest market share in Radioactive Tracers market in the forecast period
Diagnostics imaging market research encompassed a comprehensive analysis of five key regions:
All regions were evaluated based on these following factors- healthcare infrastructure, regulatory landscape, technological adoption, and market dynamics. The research observed that North America held the largest share in the radioactive tracers domain during the forecast period, primarily due to its advanced healthcare systems, high adoption rates of new technologies, favorable reimbursement policies, and the presence of major market players driving innovation in this sector.
Recent Developments:
As per the historical and the base year of the report (2022 and 2023, respectively), key players in radioactive tracers were PerkinElmer Inc. (US), Bayer HealthCare Pharmaceuticals (Germany), Cardinal Health (US), Bracco (Italy), NTP Radioisotopes (South Africa), Nordion (Canada) Inc., Curium (France), NorthStar Medical Radioisotopes LLC (US), Lantheus Holdings, Inc. (US), Eckert & Ziegler (Germany), Siemens Healthineers (Germany), GE Healthcare (US), Mallinckrodt Nuclear Medicine LLC (Ireland).
Introduction
Market Definition
Radioactive tracers are substances containing radioisotopes used in medical imaging, industrial applications, and research to track the movement of materials. In medicine, they help visualize organs and detect abnormalities through techniques like PET and SPECT scans. The emitted radiation is detected to produce images or measure physiological processes. Common examples include technetium-99m and iodine-131.
FIGURE: RADIOACTIVE TRACERS MARKET SEGMENT
FIGURE: YEARS FRAMEWORK CONSIDERED IN THE STUDY
Key Stakeholders
Key objectives of the Study
Research Methodology
The objective of the study is to analyze the key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies. To track company developments such as product launches and approvals, expansions, and collaborations of the leading players, the competitive landscape of the radioactive tracers market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches will be used to estimate the market size. To estimate the market size of segments and sub segments the market breakdown and data triangulation will be used.
FIGURE: RESEARCH DESIGN
Research Approach
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases, annual reports, investor presentations, and SEC filings of companies. Secondary research will be used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the radioactive tracer’s market. A database of the key industry leaders will also be prepared using secondary research.
Collecting Primary Data
The primary research data will be conducted after acquiring knowledge about the radioactive tracers market scenario through secondary research. A significant number of primary interviews will be conducted with stakeholders from both the demand side and supply side (including various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing and product development teams, product manufacturers) across major countries of North America, Europe, Asia Pacific, and Rest of the World. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
FIGURE: BREAKDOWN OF PRIMARY INTERVIEWS FROM SUPPLY SIDE
FIGURE: BREAKDOWN OF PRIMARY INTERVIEWS FROM DEMAND SIDE
FIGURE: PROPOSED PRIMARY PARTICIPANTS FROM DEMAND AND SUPPLY SIDE
Market Size Estimation
All major manufacturers offering various radioactive tracers systems will be identified at the global/regional level. Revenue mapping will be done for the major players, which will further be extrapolated to arrive at the global market value of each type of segment. The market value of radioactive tracers market will also split into various segments and sub segments at the region level based on:
FIGURE: REVENUE MAPPING BY COMPANY (ILLUSTRATION)
FIGURE: REVENUE SHARE ANALYSIS OF KEY PLAYERS (SUPPLY SIDE)
FIGURE: MARKET SIZE ESTIMATION TOP-DOWN AND BOTTOM-UP APPROACH
FIGURE: ANALYSIS OF DROCS FOR GROWTH FORECAST
FIGURE: GROWTH FORECAST ANALYSIS UTILIZING MULTIPLE PARAMETERS
Research Design
After arriving at the overall market size-using the market size estimation processes-the market will be split into several segments and sub segment. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub segment, the data triangulation, and market breakdown procedures will be employed, wherever applicable. The data will be triangulated by studying various factors and trends from both the demand and supply sides in the radioactive tracers market industry.
1. Introduction
1.1 Key Objectives
1.2 Definitions
1.2.1 In Scope
1.2.2 Out of Scope
1.3 Scope of the Report
1.4 Scope Related Limitations
1.5 Key Stakeholders
2. Research Methodology
2.1 Research Approach
2.2 Research Methodology / Design
2.3 Market Sizing Approach
2.3.1 Secondary Research
2.3.2 Primary Research
3. Executive Summary & Premium Content
3.1 Global Market Outlook
3.2 Key Market Findings
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers/Opportunities
4.1.2 Restraints/Challenges
4.2 End User Perception
4.3 Need Gap
4.4 Supply Chain / Value Chain Analysis
4.5 Industry Trends
4.6 Porter’s Five Forces Analysis
5. Patent Analysis
5.1 Patents Related to Radioactive Tracers Technologies/Devices
5.2 Patent Landscape and Intellectual Property Trends
6. Radioactive Tracers Market, by Tracer Type (2023-2030, USD Million)
6.1 Technetium 99m and TC-97m
6.2 Iodine-131
6.3 Iron-59
6.4 Lutetium-171
6.5 Rubidium Chloride & Ammonia
6.6 Scandium-46
6.7 Seaborgium-269
6.8 Hassium-269
6.9 Gallium Citrate Ga 67
6.10 Prostate-Specific Membrane Antigen
6.11 FDDNP & FDOPA
6.12 Phosphorus-32 & Chromium-51
6.13 Thallium-201
6.14 F-18 FDG
6.15 F-18 FAPI
6.16 Ga-68 FAPI
6.17 F-18 PSMA
6.18 DOTATOC/DOTANOC/DOTATATE
6.19 Others
7. Radioactive Tracers Market, by Test Type (2023-2030, USD Million)
7.1 PET
7.2 SPECT
7.3 Others
8. Radioactive Tracers Market, by Application (2023-2030, USD Million)
8.1 Oncology
8.2 Cardiology
8.3 Endocrinology
8.4 Orthopedics & Muscoskeletal
8.5 Neurology & Spine
8.6 Pulmonary
8.7 Others
9. Radioactive Tracers Market, by End Users (2023-2030, USD Million)
9.1 Hospitals and critical care centres
9.2 Speciality clinics
9.3 Diagnostic centres
9.4 Ambulatory care centers
9.5 Others (academic and research institutions, etc.)
10. Radioactive Tracers Market, by Region (2023-2030, USD Million)
10.1 North America
10.1.1 USA
10.1.2 Canada
10.2 Europe
10.2.1 UK
10.2.2 France
10.2.3 Germany
10.2.4 Italy
10.2 5 Spain
10.2.6 Rest of Europe
10.3 Asia-Pacific
10.3.1 China
10.3.2 India
10.3.3 Japan
10.3.4 Australia and New Zealand
10.3.5 Rest of Asia-Pacific
10.4 Middle East and Africa
10.5 Latin America
11. Competitive Analysis
11.1 Key Players Footprint Analysis
11.2 Market Share Analysis
11.3 Key Brand Analysis
11.4 Regional Snapshot of Key Players
11.5 R&D Expenditure of Key Players
12. Company Profiles2
12.1 Cardinal Health
12.1.1 Business Overview
12.1.2 Product Portfolio
12.1.3 Financial Snapshot3
12.1.4 Recent Developments
12.1.5 SWOT Analysis
12.2 Bayer Healthcare Pharmaceuticals
12.3 Perkinelmer Inc.
12.4 Ge Healthcare
12.5 Siemens Healthineers
12.6 Bracco
12.7 Curium
12.8 Ntp Radioisotopes
12.9 Nordion Inc.
12.10 Telix Pharmaceuticals Limited
12.11 Northstar Medical Radioisotopes Llc
12.12 Lantheus Holdings Inc.
12.13 Eckert & Ziegler
13. Appendix
13.1 Industry Speak
13.2 Questionnaire
13.3 Available Custom Work
13.4 Adjacent Studies
13.5 Authors
Key Notes:
Note 1 – Contents in the ToC / market segments are tentative and might change as the research proceeds.
Note 2 – List of companies is not exhaustive and might change during the course of study.
Note 3 – Details on key financials might not be captured in case of unlisted companies.
Note 4 – SWOT analysis will be provided for top 3-5 companies.