Pune, India -- (SBWIRE) -- 09/13/2018 -- Radiopharmaceuticals are those radioisotopes when used for diagnosis or therapy, typically stimulate no physiological response from the patient. They are the unique medicinal formulations containing radioisotopes which can be used diagnosis and treatment of various chronic diseases. Radioisotopes play a very crucial part in the medical diagnostic procedures. In combination with imaging devices which record the gamma rays emitted from inside, healthcare professionals can study the dynamic processes taking place in various parts of the body.

Increasing prevalence of chronic diseases which indicates the growing need for early diagnosis and treatment is one of the major factors responsible for the growth of the market. Moreover, rising expenditure in oncology and growing emphasis on cancer management has also accelerated the market growth owing to the need for new diagnostic and treatment options for common as well as rare cancers.

The key players for the  Radiopharmaceutical market are Bayer AG, Cardinal Health Inc., General Electric Company, Lantheus Medical Imaging, Inc., Siemens, Avid Radiopharmaceuticals, IBA Dosimetry and Others.

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Both diagnostic & treatment characteristics of radiopharmaceutical driving the market growth. As per World Nuclear Association, in a quarter of the world population, about one person in 50 uses diagnostic nuclear medicine each year, and the frequency of therapy with radioisotopes is about one-tenth of this. Nuclear medicine uses radiation to provide diagnostic information about the functioning of a person's specific organs and used to treat some medical conditions, especially cancer, using radiation to weaken or destroy particular targeted cells.

The global radiopharmaceuticals market is expected to reach to the market value of USD 10,473.88 million by 2023 from USD 5,841.22 million in 2016 and have a CAGR of 8.7% during the forecast period, 2017–2023.

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Key Findings

-The major market players in the global Radiopharmaceutical market are F Bayer AG, Cardinal Health Inc., General Electric Company, Lantheus Medical Imaging, Inc., Siemens, Avid Radiopharmaceuticals, IBA Dosimetry and Others.

-Siemens accounted for more than 13.2% share of the global Radiopharmaceutical Market

-Based on type of tests, Bone Scan segment accounts the largest market share which is expected to reach USD 2,513.68 million by 2023 from USD 1,470.34 million in 2016

-Based on application, the market for oncology is expected to reach USD 4,747.76 million by 2023

-Based on route of administration, intravenous segment was the largest segment in the year 2017 and is expected to reach USD 7,316.86 million by 2023 from USD 3,995.90 million in 2016

-On the basis of region, Asia pacific region is projected to be the fastest growing region, at a CAGR of 9.3% during the forecast period.

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