PET Radiotracer Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on 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
The global PET Radiotracer Market is expected to grow at a significant rate of around 8% during the forecast period. PET is a high-end technique, that has gained widespread adoption because of its excellent quality, accuracy, precision, and versatility in diagnosis. Also, this method is the only one that can find cancer, starting with changes in the size of the lymph nodes or abnormal masses. However, PET radiotracer can completely identify a functional anomaly in a lymph node of normal size. A better functional assessment of anatomical scan abnormalities and improved spatial localization of functional abnormalities are made possible by PET radiotracers. Furthermore, there are various types of radiotracers used in PET for metabolic studies, rising product development, and chronic diseases such as cancer & neurological diseases that will boost the growth of the market during the forecast period. For instance, according to the American Nuclear Society, more than 10,000 hospitals throughout the world use radioisotopes. Nearly 90% of these are used for the diagnosis of infectious diseases, cancer, neurological disorders, and other diagnostic applications.
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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst radiotracer type, cancer category to witness robust CAGR during the forecast period”
Based on radiotracer type, the market is segmented into F-18 (FDG18), Ga-68 (FAPI), and others. Among them, the F-18 (FDG18) category is to witness lucrative growth during the forecast period. Fludeoxyglucose F-18 injection is used to help diagnose cancer, heart disease, and epilepsy. It is used in a procedure called a positron emission tomography (PET) scan to help healthcare professionals see parts of the body, such as the heart or brain. Furthermore, GE Healthcare took over Zionexa, a leading innovator of in-vivo oncology and neurology biomarkers that assist to allow more personalized healthcare. In addition, the company would develop and commercialize pipeline biomarkers of Zionexa and newly FDA-approved imaging agent, Cerianna (fluoroestradiol F-18), which is utilized as an adjunct to biopsy for detecting estrogen receptor (ER) positive lesions in patients with recurrent or metastatic breast cancer to help advise treatment choices.
“Amongst end-user, the hospitals to hold a significant share in the market in 2020”
On the basis of end-user, the market is categorized into hospitals, diagnostic centers, and others. Among these, the hospitals to hold a significant share of the market in 2020. This is mainly due to the increasing prevalence of infectious and chronic diseases such as cancer and cardiovascular diseases globally, as well as the growing demand for effective & better diagnostic technologies that boost the growth of this segment. In addition, the growth of this segment is due to better treatment, availability of equipment and skilled professionals in the hospitals are the main reasons for the growth of this segment. In addition, the rising prevalence of cancer is across the world, especially in developed countries. For instance, according to the statistics by the World Health Organization (WHO), 2.26 new cases of breast cancer were recorded in 2020.
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the PET radiotracer market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period owing to the presence of well-established market players in the region, a large and growing geriatric population, and advancements in PET radiotracer and related services. Furthermore, the increasing prevalence of infectious and chronic diseases such as cancer, neurological diseases, and heart disease in the region drives the market growth during the forecast period. For instance, according to the World Health Organization (WHO) in 2018, around 2.09 million cases of lung cancer, 2.09 million cases of breast cancer, and 1.80 million cases of colorectal cancer were reported globally.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the PET Radiotracer Market|
|2.2.||Research Methodology of the PET Radiotracer Market|
|5||IMPACT OF COVID-19 ON THE PET RADIOTRACER MARKET|
|6||PET RADIOTRACER MARKET REVENUE, 2020-2028F|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||PET RADIOTRACER MARKET OPPORTUNITIES|
|13||PET RADIOTRACER MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Five Forces Analysis|
|17.1.||ABX advanced biochemical compounds GmbH|
|17.2.||Blue Earth Diagnostics|
|17.4.||Eli Lilly and Company|
|17.6.||IBA Radiopharma Solutions|
|17.7.||Jubilant Pharma Limited|
|17.8.||Lantheus Holdings Inc.|
|17.9.||Yantai Dongcheng Pharmaceutical Group Co. Ltd|
|17.10.||Siemens Healthineers AG|
Research Methodology for the PET Radiotracer Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global PET radiotracer market were the three major steps undertaken to create and analyze the adoption of PET radiotracers in major regions globally. Exhaustive secondary research was conducted to collect the historical market figures and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global PET radiotracer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the PET radiotracer market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the PET radiotracer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as radiotracer type, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the PET Radiotracer Market. Further, we conducted factor analysis using dependent and independent variables such as various radiotracer type, application, and end-users of all-terrain vehicles. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the PET radiotracer market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global PET radiotracer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the PET radiotracer market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global PET radiotracer market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global PET radiotracer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of radiotracer type, application, and end-user in the global PET radiotracer market.
The main objective of the Global PET Radiotracer Market Study
The current & future market trends of the global PET radiotracer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the PET radiotracer market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of radiotracer type, application, and end-user.
- Define and analysis of the regulatory framework for the PET radiotracer industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the PET radiotracer market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the PET Radiotracer Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry