New technological developments and research are poised to nearly triple the size of the radiopharmaceutical market by 2018, according to a new report by Transparency Market Research.
The report predicted a compound annual growth rate of 18.3% between 2012 and 2018, with the global market valued at $3.8 billion in 2011 reaching $12.2 billion by 2018. North America is the largest market for radiopharmaceuticals, followed by Canada, the largest exporter of uranium and nuclear technology.
The market was evaluated based on end-user groups, medical isotopes, applications, and geography, according to the report, which concluded that most of the market will remain in diagnostic applications. However, the therapeutic radiopharmaceuticals segment is expected to claim the fastest growth rate between 2012 and 2018.
Technetium-99m is the most widely used radioisotope in medical applications; however, newer generators for molecules such as rubidium-82, gallium-67, and yttrium-90 are expected to enter the market in the next few years and achieve double-digit growth throughout the forecast period.
