Global PET Radiotracer Market - 2022-2029

Global PET Radiotracer Market - 2022-2029

Market Overview

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 (2022-2029).

A Positron Emission Tomography (PET) radiotracer (PET tracer) is a positron-emitting radiopharmaceutical used in PET. PET is nuclear imaging modality used for diagnosis, staging and monitoring of cancer and other indications. Each tracer consists of a positron-emitting isotope bound with targeting agent. In PET scans, radioactive tracer uses to show how an organ is functioning in present time.

Market Dynamics

The PET radiotracer market growth is driven by the rise in prevalence of different disease such as cancer, neurological disoders such as alzimers disease, rising adoption of PET radiotracers for diagnosis of diasease, increase in the geriatric population, and research activities.

The rising prevelence of diseases is expected to drive the market growth

The rising prevalence of different diseases such as cancer, crdiovasculaer diseases is expected to boost the market over the forecast period. As per World Health Organization, around 55 million people have dementia, with Alzheimer's disease which is most common cause for all demetia diagnosis across globe. A PET scan is an effective solution to identify of conditions such as cancer, brain disorders and geart disease. An injectable radioactive isotopes detects diasesd cells in the patient body. In addition, a combination of PET-CT scan creates 3D images foe more accurate diagnosis. Mant cancers types can be detected on the PET scan including breast cancer, cervical cancer, lung cancer, skin cancer and many more. In heart disease the PET raditracers can shoes the areas of low bllod flow in the heart. Also in brain disorders it evalutes disorders, such as tumors, Alzheimer's disease and seizures.

Furthermore, the lauching advanced products in the market boosts the market growth. For instance, in June 2020, IBA introduced its new 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 allerfic reaction of PET scan adiotracres will hamper the growth of the market

However, the PET scans not suitable for evryone such as woment who are pregnant or breastfeeding not get PET scans. The radition of PET scanc are harmful for unborn baby and an trasfer to infant in breast milk. Also, some people have allergic reaction to PET scan redioactive tracers. It also diificult for diabetes patient beacause they are restricted to absorb sugar, which is present in the radiotracer 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. For healthcare sectors it is difficult to access the regular treatment to the patient due to pandemic. The research published in nature public health emergency collection, in the USA, around 46.4% decrease in cancer diagnose. Thre 24.7% drop in diagnosed with new pancreatic cancers and 51.8% drop in breast cancer. This decline is direct reduction in 94% screening and monitoring the procedures and biopsies. This decline impacted on the PET radiotracer market. Not only cancer disease the other diasese such as heart disease and neurological disorders monitoring is impacted. Moreover as the situation in recovering form COVID-19 the most of 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 (2022-2029)

The cancer segment is expected to boost the market over the period of the forecast. This is owing to the increased population of cancer disease globally, rising geriatric population and technological advancements. According WHO report the 30% population is suffering from cancer in the low and medium income countries. Cancer is term for huge grgroup of disease that can affect any part of the human body. There are various form of cancer available such as breast cancer, lung cancer, colon cancer, prostate cancer, skin cancer and more. Each cancer type has different staeges which is identify the diagnostic solutions such as PET radiotracers, so patient can get to know the present situation of that organ, patient can take proper treatment for the same and manage the disease condition.

In addition, launching new solutions for the 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 the detection of estrogen receptor (ER) positive lesions to helps 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 radiotracer and is expected to show a similar trend over the forecast period. It is estimated to hold a significant market size over the forecast period (2022-2029) owing to rising geriatric population, advanced healthcare infrastructure, growing adoption of PET radioscaners to know the present time stage of the disease such as cancer. As per the National Cancer Institute, in 2020, around 1,806,590 new cases of cancer were anticipated to be diagnosed in the United States and 606,520 people were predicted to die from the disease. “The rate of incidence of cancer is 442.4 per 100,000 men and women per year (based on 2013–2017 cases)”, according to the National Cancer Institute report. As the cancer ase in the region is increased the increasing demand for diagnosis for it. Results, increasing demand for PET radiotracers in the North American region. Moreover, as per the American Nuclear Society, 90% of radioisotopes are utilized in gamma cameras or PET scan nuclear diagnostics. The remaining 10% are used in radioactive therapeutic drugs to treat diseases such as cancer and heart diseases, and gastrointestinal, endocrinal, and neurological disorders. All these factors are drives the market in the North American region.

Competitive Landscape

The PET radiotracer market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market are ABX advanced biochemical compounds GmbH, Blue Earth Diagnostics, Cardinal Health, Eli Lilly and Company, GE Healthcare, IBA Radiopharma Solutions, 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, which are 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, F18-labeled PET imaging agent by Lantheus Holdings, Inc. for the targeting prostate-specific membrane antigen (PSMA). PYLARIFY is a product in the radiopharmaceutical oncology product category.

Blue Earth Diagnostics

Overview:

Blue Earth Diagnostics, is an international molecular imaging company that is focused on offering innovative, diagnostic solutions for patient care. Founded in 2014, it offers positron emission tomography (PET) radiopharmaceuticals solutions.

Treatment type Portfolio:

ENTRESTO: 18F-rhPSMA-7.3 is an investigational high affinity radiohybrid (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 to 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.