Diagnostic Radiopharmaceuticals & Contrast Media Market: Introduction

  • Diagnostic radiopharmaceuticals are molecules containing a drug attached with a radioisotope targeted toward a certain tissue/organ for diagnosis as well as treatment of diseases such as cancer, cardiovascular diseases, and hyperthyroidism. Radiopharmaceuticals are being extensively used in a technique called molecular imaging as biomarkers for specific molecular procedures that determine the onset and/or growth of a disease.
  • Contrast media are used to improve the quality of medical imaging such as CT, PET/CT, MRI, and ultrasound. Their value has long been recognized by regular use in the radiology department across the world.

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Key Drivers and Restraints of Global Diagnostic Radiopharmaceuticals & Contrast Media Market

Technological advances leading to efficient workflow would increase acceptance of contrast media

  • Technological advances is one of the major drivers of contrast media. Over the years, contrast media injectors have evolved significantly, right from manual injection systems to automated versions. Majority of the market players focus on developing efficient injectors with enhanced capabilities such as control on the flow of contrast media, in-built patient safety, and cost reduction.
  • Other factors include increased use of data management systems and ensuring appropriate dosage in sync with fast medical imaging scanners. These features enable efficient workflows, which leads to increased acceptance of these contrast media. Some of the current trends in the design and performance of the contrast media injectors include switch from single to dual head injectors and prefilled & syringe less injectors.

Rise in awareness about accurate diagnosis 

  • Increase in incidence of cancer and cardiovascular diseases across the globe asserts the need of an efficient diagnostic procedure that is highly accurate as well as cost-effective. Molecular imaging procedures using radioisotopes are gaining popularity primarily due to the ease of administration and high accuracy.
  • Every day over 100,000 diagnostic procedures are performed globally using radiopharmaceuticals. The Australian Nuclear Science and Technology Organisation (ANSTO) estimated that over 60 million doses of technetium-based radiopharmaceuticals alone were required globally for nuclear imaging and therapy in 2016.

Strict regulatory guidelines for production, storage, and usage

  • Radioisotopes, by default, carry the stigma of radiation and its ill effects. The fear of radioactivity among patients as well as hospital authorities is likely to affect the rate of uptake of radiopharmaceuticals. Consequently, the regulatory guidelines for production, transport, and storage of these molecules are quite stringent, involving strict manufacturing guidelines, stern regulatory processes for FDA approvals, supply chain efficiency, and safety handling measures.
  • Additionally, the apprehensions involved with radiopharmaceutical exposure and overdose of radiation are the key factors restraining the market

Insulin Infusion Pumps Segment to Dominate Global Market

  • In terms of product type, the global diagnostic radiopharmaceuticals & contrast media market can be classified into technetium (Tc-99m), thallium (Tl-201), gallium (Ga-67), iodine (I-123), rhenium (Re-186), yttrium (Y-90), fluorine-18 (18F-FDG), rubidium (Rb-82), and others
  • Based on application, the global diagnostic radiopharmaceuticals & contrast media market can be categorized into radiology, interventional radiology, interventional cardiology, and others
  • In terms of procedure, the global diagnostic radiopharmaceuticals & contrast media market can be split into X-ray/CT, magnetic resonance imaging (MRI), ultrasound, and others
  • Based on end-user, the global diagnostic radiopharmaceuticals & contrast media market can be divided into hospitals, research & academic institutes, diagnostic imaging centers, and others

North America to Dominate Global Diagnostic Radiopharmaceuticals & Contrast Media Market

  • In terms of region, the global diagnostic radiopharmaceuticals & contrast media market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America accounted for the largest share of the global diagnostic radiopharmaceuticals & contrast media market in 2018. Consistent technological advances and rigorous research & development initiatives resulting in development of novel and effective diagnostic radiopharmaceuticals & contrast media drive the market in the region. Moreover, increase in preference for early diagnosis of several chronic ailments such as cardiac disorders and cancer contributed to the growth of the diagnostic radiopharmaceuticals & contrast media market in North America and Europe.
  • Asia Pacific is expected to be the fastest growing market due to increase in research & development activities, rise in patient population, and surge in health care expenditure 

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Leading Players Operating in Global Diagnostic Radiopharmaceuticals & Contrast Media Market

The global diagnostic radiopharmaceuticals & contrast media market was highly fragmented in 2018. Key players operating in the global diagnostic radiopharmaceuticals & contrast media market are:

  • NTP Radioisotopes SOC Ltd.
  • Nordion, Inc.
  • Lantheus Medical Imaging, Inc.
  • IBA Group a.s.
  • Medtronic
  • Eckert & Ziegler
  • Advanced Accelerator Applications
  • Medtron AG
  • Bayer
  • Mallinckrodt Pharmaceuticals
  • Bracco Imaging S.p.A.

Global Diagnostic Radiopharmaceuticals & Contrast Media Market: Research Scope

Global Diagnostic Radiopharmaceuticals & Contrast Media Market, by Product Type

  • Technetium (Tc-99m)
  • Thallium (Tl-201)
  • Gallium (Ga-67)
  • Iodine (I-123)
  • Rhenium (Re-186)
  • Yttrium (Y-90)
  • Fluorine-18 (18F-FDG)
  • Rubidium (Rb-82)
  • Others

Global Diagnostic Radiopharmaceuticals & Contrast Media Market, by Application

  • Radiology
  • Interventional Radiology
  • Interventional Cardiology
  • Others

Global Diagnostic Radiopharmaceuticals & Contrast Media Market, by Procedure

  • X-ray/CT
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
  • Others

Global Diagnostic Radiopharmaceuticals & Contrast Media Market, by End-user

  • Hospitals
  • Research & Academic Institutes
  • Diagnostic Imaging Centers
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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