Asia Pacific Radiopharmaceutical Market, By Source (Nuclear Reactors and Cyclotrons), By Radioisotope (Technetium-99, Gallium-67, Iodine-123, Iodine-125, 18F, Rubidium-82, Yttrium-90, Lutetium-177, and Others), By Application (Gastro-intestinal, Oncology (Brachytherapy and Others), Nephrology, Cardiology, Neurology, Inflammation, and Others), By Type (PET/CT, SPECT, and Therapeutics), By End-user (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, and Others)

APAC Radiopharmaceuticals market was valued at USD 2 billion in 2020 and is expected to be valued at USD 5.6 billion by 2030, witnessing an approximate CAGR of 10.9% over the forecast period.Radiopharmaceuticals are a group of pharmaceutical drugs that contains radioactive isotopes. They are also used as therapeutic and diagnostic agents. Radiopharmaceuticals are used for molecular imaging, involving in the use of these molecules as biomarkers for precise molecular processes that control the progress of a disease. The Asian radiopharmaceutical market is expected to grow rapidly due to increasing awareness among individuals and rising diagnostic rates. This will fuel the demand for SPECT and PET devices in this market. Another factor for its growth is the rise in the number of healthcare facilities and improvement in hospitality. Since most of the countries in this region are developing nations, and working towards the establishment of a stable and efficient healthcare system, it will be an excellent opportunity for the sale of radiopharmaceutical products.

Market Segmentation:

The market is segmented by source into nuclear reactors and cyclotrons. By radioisotope the market is divided into technetium-99, gallium-67, iodine-123, iodine-125, 18f, rubidium-82, yttrium-90, lutetium-177, and others. By application, the market is categorized into gastro-intestinal, oncology, nephrology, cardiology, neurology, inflammation, and others. Further oncology is subdivided into brachytherapy and others. By type, the market is divided into PET/CT, SPECT, and therapeutics. By end-user the market is segmented into hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutes, and others.

Market Dynamics and Factors:

Radiopharmaceutical diagnostic techniques offer a better insight into the disease than the conventionally used diagnostic devices, including x-ray, CT, ultrasound, and MRI. Since these diagnostic techniques are new to the developing countries, the scope for the growth is more. On the other hand, strict regulation of the radioactive elements, complex manufacturing processes, and comparatively high prices of the devices are the major restraints. High efficiency, ability to mix with other diagnostic techniques such as x-ray and growing awareness of this technique in the developing market are the major factors expected to fuel the growth of the diagnostic radiopharmaceuticals during the forecast period.

Geographic Analysis:

Japan, China, India, Australia, and South Korea, holds major shares of the market in the Asia Pacific due to the production of radioisotopes, out of which Japan is the major producer of the same. The market in Japan is expected to be prominent during the forecast period due to the activities of Sumitomo Corporation, which supplies radioactive raw material to radiopharmaceutical companies. After the introduction of a new accelerator system for the production of radioisotopes in Japan and Australia the radiopharmaceutical market is expected to grow at a higher pace. Some of the factors likely to boost the radiopharmaceutical market in the Asia Pacific are increasing in access to healthcare services, growth in per capita income, rise in demand for radiopharmaceuticals, the surge in the incidence of cancer and heart-related diseases, and speedy introduction of advanced technological systems such as PET/CT, SPECT.

Competitive Scenario:

The major players of the operating in the market are GE Healthcare, Lantheus Medical Imaging, Inc., Mallinckrodt, Siemens Healthiness, Advanced Accelerator Applications, Bayer AG, Eckert & Ziegler, IBA Radiopharma Solutions, Philips, and Jubilant Life Sciences Limited.

Asia Pacific Radiopharmaceutical Market Report Scope