Greater disease incidence, development of newer diagnostic agents, widespread awareness among practitioners and patients and continued breakthroughs in research and clinical applications areas will propel sales of radiopharmaceuticals in United States and European markets to $5.4 billion by 2015, according to a report from market research firm Global Industry Analyst (GIA).
The market for radiopharmaceuticals continues to gain momentum with heightened interest in therapeutic efficiency, acceptance and utilization of nuclear medicine equipment, as well as development of newer diagnostic and therapeutic agents, according to the report. Besides oncology applications, the nuclear medicine field is presently exploring the possibility of extending the scope and functionality of radiopharmaceuticals to other disease applications such as infection imaging, nephrology and neurology applications.
GIA predicted that growth in the radiopharmaceuticals market will be based on the development of new products, demand for cardiology procedures and sales of oncology products, in particular, FDG for PET imaging.
The therapeutic radiopharmaceuticals market in the United States will exhibit dynamic growth in response to rising efforts of companies in the development of their drug research pipeline, the report said. A surfeit of installations of PET and PET/CT diagnostic scanners is expected to boost the mature European radiopharmaceuticals market. Although regional markets offer scope for expansion, price sensitivity and unclear reimbursement policies act as a stumbling block for the European radiopharmaceuticals market.