Radioactive agents are the nucleus of an unstable atom which emits radiations such as alpha, beta, gamma and X-rays and loses its energy. Radioactive diagnostic agents are mainly used to detect abnormalities and malfunction of specific tissue or organ in a body. Diagnostic techniques include medicine which are combined with radiotracers, which emit gamma rays from radiotracers within the body. These tracers are generally short half-lives isotopes linked to chemical compounds which goes through specific physiological processes. Radioactive agents are important in the diagnosis as well as therapy of specific disease or defect in the body. Such radioactive agents are majorly used in cancer therapy. Moreover, number of biological studies are carried out with help of radioisotopes such as molecular biology, cell biology and structural biology. Radioactive agents are generally of two types: radioisotopes and radiotracers. Radioactive diagnostic agent are extremely helpful in the detection of internal organ complications. Radioisotopes are also widely used in scientific research laboratories, to determine metabolic processes in small animals as well as to study the pharmacokinetics of drugs.
Global radioactive diagnostic agent market has been segmented by product, applications, end users and geography. In terms of product, radioactive diagnostic agent has been categorized into radioisotopes and radiotracers. Based on the application, radioactive diagnostic agent market are segmented into single-photon emission computed tomography (SPECT) and Positron emission tomography (PET). Single-photon emission computed tomography is further sub-segmented into tumor imaging, Infection imaging, thyroid imaging, bone scintigraphy, internal organ functions, cardiac function and brain imaging. Positron emission tomography is also further sub-segmented into oncology, brain function, heart function, drug development, pharmacokinetics studies, Infectious diseases detection, neuroimaging and musculo-skeletal imaging. Moreover there are various other applications of the diagnostic agents which depends on the disease and illness of the patient. Majorly radioactive agents are used to detect tumor and cancerous cells and majorly used with positron emission tomography (PET). The end user for the radioactive diagnostic agent market include hospitals, nursing facilities, long term care centers, diagnostic imaging centers, pharmaceutical companies, research centers and many others.
Geographically, radioactive diagnostic agent market is classified into five regional markets, namely, North America (United States and Canada), Europe (Germany, France, United Kingdom, etc.) and Asia-Pacific (Australia, China, Japan, India, etc.), Latin America and rest of the world. North America was observed as the largest market, in terms of revenue for radioactive diagnostic agents. North America was followed by Europe and is expected to register higher growth. Emerging markets such as Asia Pacific, Latin America and the Middle East and Africa are expected to record robust growth during the forecast period 2016-2024 due to growing health care industry, and aging population which consequently would lead to increased patient population in these countries. India, China and Brazil are expected to drive strong growth among the emerging countries, owing to increasing investments by government bodies in order to enhance healthcare facilities.
In addition, there are a number of factors that would affect the growth of radioactive diagnostic agent market such as technological advancement, awareness about health in developing countries and increase in the number of cancer patients. The market is also witnessing certain restraints, such as stiff competition among existing radioactive diagnostics agent manufacturers, government regulations for reduction of overall healthcare cost and subsequent upswing in bulk purchasing through INHs and GPOs (Group Purchasing Organizations)
The major players operating in this market include GE healthcare, Cardinal Health, Mallinckrodt, Eli Lilly and Company, Zevacor Molecular, Navidea Biopharmaceuticals, Advanced Accelerator Applications, Blue Earth Diagnostics Limited, Bracco Diagnostic Inc., Lantheus Medical Imaging, Inc., Jazz Pharmaceuticals and many others significant players present worldwide.
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
- 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.