The Global Radioactive Tracer Market Size is valued at USD 3.3 billion in 2023 and is predicted to reach USD 5.8 billion by the year 2031 at a 7.40% CAGR during the forecast period for 2024-2031.
The radioactive tracer is a chemical molecule in which one or more atoms have been replaced with a radionuclide. Radioactive tracers are utilized in imaging studies to assist in diagnosing internal health issues. These tracers emit particles that may be detected and reconstructed into an image, which can then be used to locate damage in tissues or organs. The radioactive tracer market is anticipated to develop due to increased diagnostic laboratories staffed by trained professionals and more cutting-edge radiology equipment.
In addition, key players' increased focus on new product development and strategic collaborations was influenced favorably by other variables, such as the improvement in tracer technology adoption and numerous technological breakthroughs, factors expected to augment the growth of the global radioactive tracer market. The need for more trained workers is also slowing the expansion of the radioactive tracer industry in the healthcare sector. Companies involved in the radioactive tracer market can anticipate substantial development prospects and increased spending on cutting-edge technology. It drives expansion globally and is expected to boost market expansion in the coming years.
However, the expensive instruments and the need for trained radiology hamper market growth. Many markets companies finance research and development to create cutting-edge machinery that can speed up the process at a higher price. Furthermore, increasing R&D activities and investments by prominent players are expected to create lucrative growth opportunities in revenue for players operating in the global radioactive tracer market over the forecast period.
Competitive Landscape
Some of The Radioactive Tracer Market Players Are:
- ABX Advanced Biological Compounds GmbH
- Rotem Industries Ltd
- Invicro LLC
- Cardinal Health Inc
- Newcastle University
- Novartis AG
- Curium
- Blue Earth Diagnostics Limited
- General Electric Co
- IBA Radiopharma Solutions
Market Segmentation:
The radioactive tracer market is segmented based on tracer type, test type, application, and end-users. Based on tracer type [Technetium-99m & Tc-97m, Iodine-131, Iron-59, Lutetium-171, Rubidium (Rb-82) Chloride & Ammonia (N-13), Thallium-201, F-18, DOTATOC/DOTANOC/DOTATATE (Ga-68), and others. The market is segmented by test type into PET, SPECT, and others.
The application segment includes oncology, pulmonary, neurology, cardiology, and others. End user segments the market into hospitals & clinics, diagnostic centres, academic & research institutes, and others.
Based On The Product Type, The PET Radioactive Tracer Devices Segment Is Accounted As A Major Contributor To The Radioactive Tracer Market
The PET radioactive tracer category is expected to hold a major global market share in 2022. It is attributed that a PET scan's value lies not in its ability to depict how you look but, in the information, it can provide about your bodily functions. Those with a confirmed case of cancer can use them to learn about the disease's prognosis and treatment efficacy. Also, a PET scan is a highly accurate nuclear medicine imaging tool to grow this segment growth.
Hospitals & Clinics Segment to Witness Growth At A Rapid Rate
The hospital & clinics segment is projected to grow rapidly in the global radioactive tracer market. The growing industry participants and hospitals are working more closely to improve neurologically sick patient care. Increased number of radiopharmaceuticals for treating cancer, cardiovascular illness and the need for healthcare body scan treatment, especially in countries like the US, Germany, the UK, China, and India.
The North American Radioactive Tracer Market Holds A Significant Revenue Share In The Region
The North American radioactive tracer market is expected to register the highest market share in revenue shortly. It can be attributed to the developments in healthcare infrastructure, growth in the number of diseases treated with fluorine-18 as the world's population ages and the number of established participants in the industry both rise and efforts to maximize patient comfort through technological innovations.
In addition, the presence of key market competitors and improvements in medical technology fuel expansion in the region's industries. In addition, Asia Pacific is projected to grow rapidly in the global radioactive tracer market because there has been an uptick in requests for cancer screening and diagnosis in the region, better radioactive tracer equipment, and growing financial support from the business and medical communities.
Radioactive Tracer Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 3.3 Bn |
|
Revenue Forecast In 2031 |
USD 5.8 Bn |
|
Growth Rate CAGR |
CAGR of 7.40% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Tracer Type, Test Type, Application, End User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
ABX Advanced Biological Compounds GmbH, Rotem Industries Ltd, Invicro LLC, Cardinal Health Inc, Newcastle University, Novartis AG, Curium, Blue Earth Diagnostics Limited, General Electric Co, and IBA Radiopharma Solutions |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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