Radioactive isotopes have been a boon for several industries. They are a variation of a chemical substance with a different mass. They have an unstable nuclei which dissipates large amount of energy upon disintegration. This energy is used to detect or treat diseases. As a result, the first radioactive isotope iodine-131 was developed in 1950, and it paved way for new avenues in the pharmaceutical market. This led to the creation of a new market called global radiopharmaceutical market.
In the past few years, the global radiopharmaceutical market has experienced steady growth and is estimated to expand progressively in the future. Several aspects account for growth in the global radiopharmaceutical market.
Rise in Cases of Cancer to Stimulate Growth
According to the World Health Organization, one out every six people die due to cancer. The number of people suffering from the disease have increased drastically over the last two decades. While there are several methods to detect cancer, one of the efficient techniques is to use radioactive isotopes. They are highly efficient and require less time for diagnosis. This promotes growth in the global radiopharmaceutical market.
Further, radiation is a prominent treatment technique for cancer. In large number of cases, patients are subjected to radiation treatment to kill the cancer cells. With growing cases of cancer, the demand for products in the global radiopharmaceutical market to treat the disease will rise in the coming years.
Growing Instances of Cardiovascular Diseases to Steer Demand
Cardiovascular diseases are responsible for more than 17.9 million deaths across the world, accounting for nearly 31% of the total deaths, says the WHO. In the United Stated alone, 610,000 people die due to cardiovascular diseases every years. Radioactive isotopes are used to detect cardiovascular diseases and treat them. They are used in SPECT and PET scans to detect diseases. These aspects are expected to steer demand in the global radiopharmaceutical market.
Increase in Awareness Promotes Consumption of Diagnostic Tests
Over the years, people especially in the developed and developing nations have realized the need to diagnose diseases at an early stage. It helps in reducing treatment time and suffering by the patient. Hence a large number of people undergo periodical diagnosis to keep their health in check. This promotes demand in the global radiopharmaceutical market.
Demand for Technetium 99 to Aid Growth
Technetium 99 is one of the oldest radioactive isotopes used in the global radiopharmaceutical market. It has several applications and is widely used in numerous diagnostic tests. It is one of the most preferred radioactive isotope as its physical and biological half-life is very less, thus is eliminated from the body very quickly. The rising demand for technetium 99 is predicted to aid growth in the global radiopharmaceutical market.
North America to Emerge as a Prominent Region
It is a well-established fact that North America is highly developed when it comes to healthcare infrastructure. Further, the pharmaceutical market is also mature in the United States. These aspects are expected to keep North America at the helm of the global radiopharmaceutical market. Besides, a large of patients visiting United States for treatment of cancer is also considered to aid growth in the global radiopharmaceutical market. On the other hand, Europe is also a significant region for the global radiopharmaceutical market as the healthcare is prominent here.
Asia Pacific is predicted to emerge in the coming years due to the rising thrust from governments towards healthcare in countries like India and China. Further, the private sector is also developing in countries like India which is expected to fuel demand in the global radiopharmaceutical market.