Release Date: 14-Aug-2014
The increasing popularity and use of SPECT and PET scans, new and efficient technological equipment, increased awareness about radiopharmaceuticals among physicians and most importantly, the easy availability of radiopharmaceutical from cyclotrons are some of the major factors driving the global radiopharmaceutical market.
Inspite of the market for radiopharmaceuticals growing rapidly, there are many challenges, like high cost of devices using radioisotopes, short half-life, lack of good manufacturing practices, and stringent regulatory approvals. Additionally, there are also some obstacles with regards to the manufacturing of radioisotopes, which need to be addressed to tap the opportunities.
The global market for radiopharmaceuticals was estimated to be valued at approximately USD 5.3 billion in 2013. Owing to factors like the increasing adoption rates of PET and SPECT scanners, alpha radioimmunotherapy based targeted cancer treatment, and ready availability of radiopharmaceutical from cyclotrons, coupled with significant developments in research and technology, this market is expected to record a CAGR of close to 15% to reach approximately USD 10.6 billion by 2018.
“Global Radiopharmaceuticals Market Insight”Report Highlights
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