April 17, 2024
Radioactive Tracer Market

Radioactive Tracer Market Is Driving Trends In Precision Diagnosis

The global radioactive tracer market overview describes an essential product segment that enables accurate disease diagnosis through non-invasive procedures. These medical tracers employ radioactivity principles to assess organ function, detect abnormalities, and monitor therapy response at molecular level. Being easily detectable, tracers help physicians visualize metabolic processes in real-time using imaging technologies like PET and SPECT scans. Key applications include cardiology, neurology, oncology, and orthopedics owing to benefits such as high sensitivity and specificity.

The Global Radioactive Tracer Market is estimated to be valued at US$ 2.12 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the radioactive tracer market are Zosano Pharma, Eli Lilly and Company, Lundbeck Seattle BioPharmaceutical, Winston Laboratories, GlaxoSmithKline plc., ElectroCore Medical LLC, Autonomic Technologies, Inc., AstraZeneca plc., Allergan plc., Bayer AG, F. Hoffmann-La Roche Ltd, Novartis AG, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Sanofi, and AbbVie Inc.
The growing prevalence of chronic and lifestyle diseases is expected to drive the demand for radioactive tracers. Various industry players are focusing on new product development and facility expansion to strengthen their presence in the market.
Increasing healthcare expenditure, rising awareness, and favorable reimbursement policies are encouraging the global expansion of the radioactive tracer market in developed as well as emerging economies.

Market key trends

The use of tracers in emerging therapeutic applications beyond oncology and cardiology is one of the key trends witnessed in the radioactive tracer market. Radioimmunotherapy employing radiolabeled antibodies holds potential for treating cancers and autoimmune disorders. Players are conducting extensive R&D to improve tracer design for precision targeting and minimize dose burden on patients.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants as the market does not have patents on isotope production, however research and development cost are high.

Bargaining power of buyers: Buyers have high bargaining power as there are many established players but differentiated products provide some customer lock-in.

Bargaining power of suppliers: Suppliers of key raw materials like radioactive isotopes have moderate bargaining power due to availability of substitutes and regulated nature of business.

Threat of new substitutes: Threat of substitution is low as radioactive tracers have limited substitutes for diagnosis and treatment monitoring in conditions like cancer.

Competitive rivalry: Intense competition due to large number of players and differentiated product offerings.

Geographical Regions:

North America accounted for the largest share of the global radioactive tracer market in terms of value in 2024 due to developed healthcare infrastructure and higher adoption of nuclear medicine procedures in the region.

Asia Pacific region is expected to witness the highest growth during the forecast period from 2024 to 2031 owing to increasing healthcare expenditure, rise in lifestyle diseases, growing geriatric population and developing nuclear medicine facilities in countries like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it