According to a new report published by UnivDatos Markets Insights, the PET Radiotracer Market was valued at more than USD 1.2 million in 2020 and is expected to grow at a CAGR of around 8% from 2022-2028. The analysis has been segmented into Radiotracer Type (F-18 (FDG18), Ga-68 (FAPI), and Others); Application (Cancer, Heart Disease, Gastrointestinal, Endocrine, Neurological Disorders, and Others); End-User (Hospitals, Diagnostic Centers, and Others); and Region/Country.
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The PET Radiotracer Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the PET radiotracer market. The PET radiotracer market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the PET radiotracer market at the global and regional levels.
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Market Overview
The PET radiotracer market is expected to witness a CAGR of around 8% during the forecast period. An imaging test called positron emission tomography (PET) can help reveal the metabolic or biochemical function of tissues and organs. This technology improves diagnoses, prevents unnecessary medical procedures, improves treatment by providing detailed anatomical imaging, and is a cost-effective imaging technique. It is an essential diagnostics tool, especially for scanning bone, soft tissue, and blood vessels all at the same time. In addition, a radioactive tracer is used in the PET scan to show both normal and abnormal metabolic activity. The PET radiotracer market is anticipated to witness high growth during the forecast period which is due to the surge in the incidences of cancers globally. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed and 606,520 cancer deaths in the United States.
Some of the major players operating in the market include Pfizer Inc., Baxter International Inc., Myungmoon Pharm Co Ltd., Novartis AG, Perrigo Company PLC, Fine Chemicals Corporation, GSK plc, Alchem International Pvt. Ltd., Phytex Australia Pty Ltd., Caleb Pharmaceuticals Inc.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The PET radiotracer market has been significantly affected during these times owing to the delay in elective surgeries during the pandemic.
The global PET radiotracer market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· On the basis of application, the market is categorized into cancer, heart disease, gastrointestinal, endocrine, neurological disorders, and others. Among these, cancer to hold a significant share of the market in 2020. This is mainly due to the growing applications of PET radiotracers in the diagnosis of various types of cancers including lumps and tumors are the factors expected to drive the segment. The introduction of innovative technologies including computer-aided detection and computer-aided diagnosis of suspicious cancer nodules and assessing the risk of malignancy, especially in lung cancer, is expected to boost the growth of the market.
· Based on end-user, the PET radiotracer market has been classified into hospitals, diagnostic centers, and others. The hospital’s category is to witness higher adoption of PET radiotracer during the forecast period. This is mainly due to the rising number of emergency admissions in hospitals and the growing number of surgeries performed each year that has contributed to market growth. Moreover, a PET scan is an effective nuclear medicine imaging for accurate diagnosis of various diseases such as cancer and neurological diseases, to determine the effectiveness of the treatment.
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PET Radiotracer Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing presence of well-established market players in the region, advancements in Positron Emission Tomography (PET) radiotracer and related services, and the growing population with an increasing number of cancer cases. For instance, according to the American Cancer Society (CMS), in 2022, around 99,780 new melanomas will be diagnosed (about 57,180 in men and 42,600 in women). About 7,650 people are expected to die of melanoma in the U.S. Moreover, the availability of major key players and manufacturers progressively increases its capacity to meet the growing global demand for PET radiotracers. These factors also contribute to the growth of this market.
The major players targeting the market include
· ABX advanced biochemical compounds GmbH
· Blue Earth Diagnostics
· Cardinal Health
· Eli Lilly and Company
· GE Healthcare
· IBA Radiopharma Solutions
· Jubilant Pharma Limited
· Lantheus Holdings Inc.
· Yantai Dongcheng Pharmaceutical Group Co. Ltd
· Siemens Healthineers AG
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the PET Radiotracer Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the PET radiotracer market?
• Which factors are influencing the PET radiotracer market over the forecast period?
• What are the global challenges, threats, and risks in the PET radiotracer market?
• Which factors are propelling and restraining the PET radiotracer market?
• What are the demanding global regions of the PET radiotracer market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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