PET Radiotracer Market is segmented By Type (Ga-68 (FAPI), 18F-FDG (FDG), Others), By Application (Cancer, Heart Disease, Gastrointestinal, Infectious disease, Renal, Neurological Disorders, Others), By End User (Hospitals, Diagnostic Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.
PET radiotracer market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 7.62% during the forecast period (2023-2030).
A Positron Emission Tomography (PET) radiotracer (PET tracer) is a positron-emitting radiopharmaceutical used in PET. PET is a nuclear imaging modality used for diagnosis, staging and monitoring of cancer and other indications. Each tracer consists of a positron-emitting isotope bound with a targeting agent. In PET scans, radioactive tracer uses to show how an organ is functioning in the present time.
As per DataM Intelligence, PET Radiotracer Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global PET Radiotracer Market size, and growth, along with the latest trends, opportunities, and forecast till 2030 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. PET Radiotracer Market in the United States and Canada produces the utmost share. Whereas the European PET Radiotracer Market is projected to continue its presence globally during the period of 2023- 2030.
PET Radiotracer Market
| Metrics | Details |
| Market CAGR | 7.62% |
| Segments Covered | By Type, By Application, By End User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
The PET radiotracer market growth is driven by the rise in prevalence of different diseases such as cancer, neurological disorders such as alzheimer's disease, rising adoption of PET radiotracers for diagnosis of diseases, increase in the geriatric population, and research activities.
The rising prevalence of diseases is expected to drive the market growth
The increasing prevalence of diseases, including cardiovascular and cancer diseases, is anticipated to boost the market over the forecast period. As per World Health Organization, around 55 million people have dementia, with Alzheimer's disease, the most common cause of all dementia diagnoses across the globe. A PET scan is an effective solution to identify conditions such as cancer, brain disorders and heart disease. An injectable radioactive isotope detects diseased cells in the patient body. In addition, a combination of PET-CT scans creates 3D images for a more accurate diagnosis. Many cancer types can be detected on the PET scan, including breast, cervical, lung, skin, and many more. In heart disease, the PET radiotracers can show the areas of low blood flow in the heart. Also, the brain disorders it evaluates disorders, such as tumors, Alzheimer's disease and seizures.
Furthermore, launching advanced products in the market boosts market growth. For instance, in June 2021, IBA introduced its new high-energy and high-capacity cyclotron, the Cyclone IKON, which provides the high energy spectrum for PET and SPECT isotopes from 13 MeV to 30 MeV.
The due to allergic reaction of PET scan Radiotracres will hamper the growth of the market
However, PET scans are not suitable for everyone, such as pregnant women or breastfeeding not getting PET scans. The radiation of PET scans is harmful to the unborn baby and a transfer to an infant in breast milk. Additionally, some people face an allergic reaction to PET scan radioactive tracers. It is also difficult for diabetes patients because they are restricted from absorbing sugar, which is present in the radiotracer, which limits the market growth.
COVID-19 Impact Analysis
The appearance of COVID-19 considerably impacted the global PET radiotracer market. The COVID-19 situation varies from region to region. Healthcare sectors find it difficult to access regular treatment for the patient due to the pandemic. The research published in nature public health emergency collection, in the USA, around 46.4% decrease in cancer diagnosis. There is a 24.7% drop in diagnosed with new pancreatic cancers and a 51.8% drop in breast cancer. This decline directly reduces 94% of screening and monitoring procedures and biopsies. This decline impacted the PET radiotracer market. Not only cancer disease the other diseases such as heart disease and neurological disorders monitoring is impacted. Moreover, as the situation in recovering from COVID-19, most patients can access the proper monitoring and diagnosis. Therefore the PET radiotracers market is growing worldwide.
Segment Analysis
The cancer segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)
The cancer segment is expected to boost the market throughout the forecast. This is owing to the increased population of cancer disease globally, rising geriatric population and technological advancements. According to the WHO report, 30% population suffers from cancer in low and medium-income countries. Cancer is a term for a huge group of diseases that can affect any part of the human body. Various forms of cancer are available such as breast, lung, colon, prostate, skin, and more. Each cancer type has different stages, identifying the diagnostic solutions such as PET radiotracers, so the patient can get to know the present situation of that organ, take proper treatment for the same and manage the disease condition.
In addition, launching new solutions for cancer treatments drives the market worldwide. For instance, in May 2021, GE Healthcare collaborated with Zionexa to scale Zionexa’s FDA-approved PET imaging agent, Cerianna (fluoroestradiol F-18). This product is used as an adjunct to biopsy for detecting estrogen receptor (ER) positive lesions to help healthcare providers in treatment selection for patients with recurrent or metastatic breast cancer.
Geographical Analysis
North America region holds the largest market share of the global PET Radiotracer market
North America dominates the market for PET radiotracers and is expected to show a similar trend over the forecast period. It is expected to hold a remarkable market size over the forecast period (2022-2029) owing to the rising geriatric population, advanced healthcare infrastructure, and growing adoption of PET radio scanners to know the present stage of diseases such as cancer. According to the National Cancer Institute, in 2020, around 1,806,590 new cancer cases were anticipated to be diagnosed in the United States, and 606,520 people were predicted to die from the disease. As the cancer rate in the region increases, the demand for diagnosis for it increases. Results, increasing demand for PET radiotracers in the North American region.
Moreover, according to the American Nuclear Society, 90% of radioisotopes are used in gamma cameras or PET scan nuclear diagnostics. The remaining 10% are used in radioactive therapeutic drugs to treat diseases such as cancer, heart and gastrointestinal, endocrinal, and neurological disorders. All these factors drive the market in the North American region.
Competitive Landscape
The PET radiotracer market is a moderately competitive presence of local and global companies. Some of the key players which are contributing to the growth of the market are Blue Earth Diagnostics, ABX advanced biochemical compounds GmbH, Cardinal Health, IBA Radiopharma Solutions, Eli Lilly and Company, GE Healthcare, Jubilant Pharma Limited, Lantheus Holdings, Inc., Yantai Dongcheng Pharmaceutical Group Co., Ltd and Siemens Healthineers AG. The major players are adopting several growth strategies such as Treatment type launches, acquisitions, and collaborations, contributing to the growth of the PET radiotracer market globally.
For instance,
- In March 2021, the US FDA approved Siemens Healthineers’ Biograph Vision Quadra, a new PET/CT scanner with a large 106 cm axial field of view.
- In May 2021, FDA approved PYLARIFY, an F18-labeled PET imaging agent by Lantheus Holdings, Inc., for targeting prostate-specific membrane antigen (PSMA). PYLARIFY is a radiopharmaceutical oncology product.
Blue Earth Diagnostics
Overview:
Blue Earth Diagnostics is an international molecular imaging company that offers innovative diagnostic solutions for patient care. It was founded in 2014 and offers positron emission tomography (PET) radiopharmaceutical solutions.
Product Portfolio:
ENTRESTO: 18F-rhPSMA-7.3 is an investigational high-affinity radio hybrid (RH) Prostate-Specific Membrane Antigen-targeted PET imaging agent. It gives high reproducibility, particularly for extra-prostatic areas, which is clinically valuable, and these findings make easy patient management.
The Global PET Radiotracer Market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.
