Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) -- A radioactive tracer is a chemical compound in which one or more atoms have been replaced by a radioisotope. Through monitoring its radioactive decay, a radiotracer can be used to study chemical reactions. Through different technologies, they are also used to visualize flow, including Single Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET), and Computed Radioactive Particle Tracking (CARPT).
Radioactive Tracer Market in terms of revenue was estimated to be worth $14.67 billion in 2022 and is poised to reach $54.29 billion by 2030, growing at a CAGR of 17.8% from 2022 to 2030 according to a new report published by The Insight Partners.
The report highlights trends prevailing in the market and the factors driving and hindering the radioactive tracer market growth. The growth of the market is attributed to the need for radioactive tracer post-thoracic surgery and the advantages of radioactive tracer over analog thoracic drainage devices. However, the lack of skilled personnels hinders the market growth.
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Browse Comprehensive TOC on "Radioactive Tracer Market Size and Forecast to 2030 - COVID-19 Impact and Global Analysis by Tracer Type [Technetium-99m & Tc-97m, Iodine-131, Iron-59, Lutetium-171, Rubidium (Rb-82) Chloride & Ammonia (N-13), Scandium-46, Seaborgium-269, Hassium-269, Gallium Citrate Ga 67, Prostate-Specific Membrane Antigen (PSMA) (Ga-68), FDDNP (F-18) & FDOPA (F-18), Phosphorus-32 & Chromium-51, Thallium-201, F-18 FDG, F-18 FAPI, Ga-68 FAPI, F-18 PSMA, DOTATOC/DOTANOC/DOTATATE (Ga-68), and Others], Test Type (PET, SPECT, and Others), Application (Oncology, Pulmonary, Neurology, Cardiology, and Others) End User (Hospitals & Clinics, Diagnostic Centers, Academic & Research Institutes, And Others), and Geography"
List of Tables - 239
List of Figures - 113
No. of Pages: 78
Global Radioactive Tracer Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 14.67 Billion in 2022 |
| Market Size Value by | USD 54.29 Billion by 2030 |
| Growth rate | CAGR of 17.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Tracer Type, Test Type, Application, End User, and Geography |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
New Initiatives for Global Radioactive Tracer Market Growth During 2022-2030:
The European Union Committee has taken various initiatives to boost R&D activities in radioactive tracer and radioisotopes. The DOE Isotope Program (DOE IP) and its former organizations have been leading the development and production of radioactive and stable isotopes worldwide. Under the Atomic Energy Act of 1954, the DOE IP supplies isotope and related services to the US and has the exclusive authority within DOE to produce isotopes for distribution and sale. The mission of the DOE IP is to conduct R&D in order to develop transformative isotope production, separation, and enrichment technologies to allow academic, federal, and industrial innovation, research, and emerging technologies.
The Isotope Production and Distribution Program (IPDP) was established within the DOE's Office of Nuclear Energy to enhance the production and marketing of DOE-produced isotopes for research and commercial purposes. The IPDP was established on a condition that its operations were to be financially self-supporting.
PRISMAP is a European medical radionuclide program that was started to provide medical research access to novel radioisotopes of high purity grade. According to the data provided under this program, out of the ~3,000 different radioisotopes synthesized by scientists in laboratories under European Union, only a handful are used regularly for medical procedures, mostly for imaging. Many hospitals and research institutes focus on developing and using different radioactive tracer to diagnose chronic diseases. Massachusetts General Hospital (MGH) is focused on using a new PET tracer [18F]3F4AP to diagnose multiple sclerosis, Alzheimer's disease, mild cognitive impairment, and traumatic brain injury. According to the National Library of Medicine (ClinicalTrials.gov), [18F]3F4AP is used in Phase 1 clinical trial to diagnose multiple sclerosis, Alzheimer's disease, mild cognitive impairment, and traumatic brain injury. The ongoing research for discovering new radioactive tracer for diagnosing neurological disorders is anticipated to fuel the growth of the radioactive tracer market in the coming years.
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Global Radioactive Tracer Market - Key Industry Dynamics:
Drivers:
- Rising Prevalence of Chronic Diseases
- Increasing Use of Nuclear Imaging Techniques
Restraints:
- Short Shelf-Life of Radioactive Tracer
- Availability of Substitutes to Nuclear Diagnostic Imaging Procedures
Opportunities:
- New Initiatives for Radioactive Tracer R&D
Future Trends
- Use of Radioactive Tracer in Cancer Diagnosis
Key Market Players:
Some prominent players operating in the global radioactive tracer market are Rotem Industries Ltd, ABX advanced biochemical compounds GmbH, Invicro LLC, Cardinal Health Inc, Newcastle University, Novartis AG, Curium, Blue Earth Diagnostics Limited, General Electric Co, and IBA Radiopharma Solutions.
Recent Developments:
In November 2022, Curium resumed the supply molybdenum-99 (Mo-99) and technetium-99m (Tc-99m ) generators to its customers. Mo-99 is critically important for nearly 40 million patients a year who undergo Tc-99m-based SPECT scans to diagnose life-threatening diseases.
In June 2022, Telix Pharmaceuticals Limited partnered with Invicro LLC to develop an artificial intelligence (AI) platform to accompany Telix’s PSMA-PET imaging agent, Illuccix (kit for the preparation of gallium Ga 68 gozetotide) known as TelixAI™. TelixAI™ seeks to increase the efficiency and reproducibility of clinicians’ imaging assessments using advanced analysis capabilities with an initial focus on prostate cancer.
In May 2022, ImaginAb Inc. announced an agreement with Invicro LLC to supply clinical doses of ImaginAb’s investigational CD8 ImmunoPET agent for use in clinical trials as part of Invicro’s global core lab imaging service. The agreement also allows Invicro to produce zirconium Zr 89 crefmirlimab for its preclinical offerings.
In March 2022, the FDA approved Novartis Pluvicto as first targeted radioligand therapy for treating progressive, PSMA positive metastatic castration-resistant prostate cancer. FDA also approved a complementary diagnostic imaging agent, Locametz, after radiolabeling with gallium-68 to identify PSMA-positive lesions. The approval of Pluvicto is an important clinical advancement for people with progressing mCRPC, as it can significantly improve survival rates for those with limited treatment options.
In January 2022, IBA launched compact low-energy cyclotron, Cyclone KEY. The new machine will enable small- and medium-sized hospitals to produce their radiopharmaceutical products in-house, as well as provide more widespread global access to diagnostic solutions in oncology, neurology, and cardiology. The Cyclone® KEY is more compact, user-friendly, cost-effective, and easier to fit into existing hospital systems
Report Spotlights:
- Progressive industry trends in the radioactive tracer market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the radioactive tracer market from 2022 to 2030
- Estimation of global demand for radioactive tracer
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the radioactive tracer market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the radioactive tracer market size at various nodes
- Detailed overview and segmentation of the market, as well as the radioactive tracer industry dynamics
- Size of the radioactive tracer market in various regions with promising growth opportunities
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