by The global Radioactive Tracer Market is estimated to be valued at US$ 1.84 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Radioactive Tracer Market deals with diagnostic applications of radioactive isotopes or radioisotopes that are linked or conjugated to biomolecules to trace their passage and location in biological systems like humans or animals. These radioactive molecules are called radioactive tracers which are injected or inhaled into the body and can be detected by specialized imaging devices like PET, SPECT and scintigraphy. They provide valuable information about organ or tissue functions, disease presence and progression. Key applications are tumor diagnosis and cardiovascular diseases imaging. The isotope F-18 labeled FDG tracer is most commonly used which can detect changes in glucose metabolism associated with malignant tumors.
Market key trends:
One of the major trend gaining traction in the Radioactive Tracer Market is development of novel targeted radiotracers for improved disease diagnosis. Researchers are developing new tracers specifically designed for various cancers like prostate, lung, and breast cancer as well as neurological disorders. For example, radiotracers which bind to prostate specific membrane antigen have shown promise in prostate cancer detection. Positron labeled choline tracers are also being evaluated. Similarly, amyloid PET imaging radiotracers are aiding early Alzheimer’s diagnosis. Such targeted and specific tracer development will expand diagnostic capabilities and drive the radioactive tracer market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The radioactive tracer market requires high capital investments and strict regulatory compliance which creates entry barriers for new players.
Bargaining power of buyers: Individual consumers have low bargaining power as they are highly dependent on medical imaging diagnostics. However, large hospitals and diagnostic care centers have significant bargaining power.
Bargaining power of suppliers: The market has a concentration of few specialized suppliers for raw materials like radioisotopes which gives them strong bargaining power over manufacturers.
Threat of new substitutes: There exist limited substitute imaging modalities for various clinical applications of radioactive tracers. New substitutes require significant R&D investments and regulatory approvals.
Competitive rivalry: The radioactive tracer market has few large global players with extensive product portfolios. Intense competition exists in innovative product development and geographic expansion.
Key Takeaways
The Global Radioactive Tracer Market Demand is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing incidences of cancer and cardiac ailments. In 2023, the market size is estimated to reach US$ 1.84 Bn.
Regional analysis: North America dominates the radioactive tracer market attributed to advanced healthcare infrastructure and high healthcare spending. Asia Pacific is expected to be the fastest growing market owing to large patient population, rising medical tourism, and increasing focus of key players.
Key players: Key players operating in the radioactive tracer market are PerkinElmer, Cardinal Health, Lantheus Medical Imaging, Bracco Imaging, NTP Radioisotopes, JSC Isotope, ANSTO, Nordion, Curium Pharma, IRE. Manufacturers are focusing on new product launches catering to specific disease conditions and geographical expansion to strengthen their market position.
