Radiochemical Synthesizers Market: Market Outlook
Radiochemical synthesizers make chemical products which include small portions of radioisotopes by irradiating a selected target which are found inside a nuclear research reactor or in a particle accelerator. When such radioisotopes are produced, these are tagged on certain molecules based on biological capabilities which leads to Radiotherapy. Lie any other medical or pharmaceutical product, Radiochemical synthesizers are also needed to be produced under carefully controlled conditions which are cause to undergo rigorous tests for their quality before they are commercially available. Above 100 Radiochemical were developed, using theses radioisotopes which were either produced through nuclear reactors or particle accelerators. Radiochemical synthesizers are used to diagnose various medical problems like neurological conditions or cardiac anomalies and are also used to treat certain conditions of cancers.
The rising prevalence of cancer and cardiovascular diseases are the main factors driving the Radiochemical synthesizers market.
What are the Key Trends Impacting Growth of the Radiochemical synthesizers Market?
Primary factors that driving Radiochemical Synthesizers Market include effective guiding technology and growing need for safe technology at the time of diagnosis as well as prediction of various medical anomalies. Radiochemical synthesizers are administered to patients for treatment or diagnosis procedures. Radiochemical products are offered in the markets as solids and liquids. Then, these are supplied by the radio pharmacies which mainly dispense radioactive chemical products. Moreover, increasing use of radioisotopes in the healthcare industry, along with the requirement for accurate measures to diagnose cancerous diseases and cardiac neurological diseases. Also, the discovery of new Radiochemical synthesizers have attributed to growth in demand for Radiochemical synthesizers across all end users. Increasing the awareness within the people along with rising occurrences of numerous anomalies, as well as growing application in the industry are propelling the growth of the Radiochemical synthesizer market.
How is the Growing Incidence of Cancer Reshaping the Radiochemical Synthesizers Market?
The most widespread disease currently is cancer, which has increased the demand for radiotherapy. Rise in geriatric population and rise in cancer research are the key factors contributing towards the growth of radiotherapy. Since, chemotherapy drugs have oftentimes been associated with cardio toxicity, leading to life-threatening disease such as heart failure and even myocardial dysfunction. This leads to increase in demand for radiochemical synthesizers for cancer treatment.
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What are the Key Challenges that may Restrain Growth of the Radiochemical synthesizers Market?
Less awareness among the general population regarding treatment options available for neurological and cancer treatment is expected to hinder global radiochemical synthesizers market growth in the coming decade. Less diagnosis rate and treatment adoption due to poor economic conditions in regions like the Middle East & Africa challenges the growth of global radiochemical synthesizers market. Moreover, the major reason is short half-life of the Radiochemical synthesizers which limit the market growth over the projected period.
The high cost of radiochemical synthesizers for cancer treatment is anticipated to hamper the market growth over the forecast period. Further, unawareness towards the procedure in some developing countries is the factor limiting the growth of the global Radiochemical Synthesizer Market.
Some of the major players in the global Radiochemical Synthesizers Market are Mercurius Health, IBA, Elysia, IAEA, Advion, Inc, Advanced Cyclotron Systems, JSC Isotope, Lantheus Medical Imaging, Inc., BV Cyclotron VU, LabLogic Systems Ltd, NorthStar Medical Technologies Technological advancement in already marketed products, which is the major trend emerging in the global Radiochemical Synthesizer Market.
What strategies are the Key Players adopting for Increasing their Market Share in the Radiochemical synthesizers Market?
The global market for radiochemical synthesizers is highly consolidated with very few players operating in the global space. Combined approaches of using radiochemical synthesizers with various research and development companies to obtain accurate diagnosis and prognosis of conditions such as cancer treatment is increasing over the period, which is expected to create high demand for radiochemical synthesizers in diagnostic applications.
Rising healthcare industry in major countries in Asia will offer a decent opportunity for the key players to expand the market share. The new trend in the healthcare industry is the launch of new products and the expansion with a new product of the company's product range. For instance, in 2020, Lantheus Holdings published the acceptance and primary review of new drug application (NDA) for PyLTM (18F-DCFPyL), a PSMA-Targeted Prostate Cancer PET Imaging Agent. With booming medical technology, there is more innovation in radiotherapy, with main payers launching new products with advanced features. New research activities in the direction and discovery of novel therapeutics with improved efficacy would be the revolutionary for global players. Moreover, increasing mergers and acquisitions are boosting the market. For instance, in 2020, LabLogic collaborated with Swisstrace to avail preclinical imaging facilities. Growing reimbursement situation in almost every country is also growing the market.
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What are the Key Opportunities for Radiochemical synthesizers Manufacturers?
Rising investment towards research and development activities in regions like North America and Europe is expected to create a large number of opportunities for global radiochemical synthesizers market growth. The shift of lifestyle patterns towards unhealthy lifestyle is expected to increase patient suffering from various diseases arising from blood clots creating large customer based for global radiochemical synthesizers market.
The increasing number of domestic players in countries like India will lead to a rise in production capacity and growth for global radiochemical synthesizers market. Moreover, key companies are increasing their investments in research and development activities for the discovery of new products. There has also been an increase in the expenditure of government towards healthcare sector for the introduction of new Thrombosis Viscoelastic Testing Devices market.
The rise in the ageing population with various type of cancer and cardiovascular diseases also creating opportunities to the market players operating in the radiochemical synthesizers market to develop novel radioisotopes in order to fulfil an unmet need. Consequently, increasing life expectancy and healthcare expenditure in developed and developing countries also driving the demand for radiotherapy treatment.
Will the Market of U.S. is Larger than that of Asia?
The U.S. is holding largest share in the market attributing to the existence of a large population affected with chronic diseases like coronary disorders, cancer, unhealthy lifestyles, and increasing R&D for effective and reduced side effects treatment. As per the National Cancer Institute, in 2020, around 4.5 million cases of cancer were diagnosed in the US. The rise in the research & development (R&D) and the existence of the leading players in the market will boost the Radiochemical synthesizers market growth.
The Growing investment for research and the presence of a huge patient pool and the presence of developed economies such as Germany, the UK, and France are expected to drive the growth of the market. Europe is expected to be the second largest market after U.S.
Why emerging countries is anticipated as the fastest growing radiochemical synthesizers market in the forecast period?
Radiochemical synthesizers companies are expanding their operations in countries such as China, India, Singapore, and Russia, attributing to the cost effective treatment available in these regions. Moreover, Asia-Pacific contains large amount of old-age populations which require surgical procedures for the treatment of the rising cases of neurological diseases, cardiovascular diseases along with other diseases.
The Middle East & Africa hold the lowest share in the global radiochemical synthesizers market. Saudi Arabia is expected to hold the largest market share during the forecast period owing to the increasing awareness about radiochemical synthesizers.
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What is the Repercussion of the Pandemic on the Growth of the Radiochemical synthesizers Market?
The pandemic is throwing a huge adverse impact on the radiochemical synthesizers market. Biopharmaceutical and healthcare industries as a whole were hit by this pandemic challenge in 2020. The supply chain interruption and economic impact of the pandemic on the small, and medium-sized enterprises also adversely affected the radiochemical synthesizers market growth. As the importing was halted, this has adversely affected the finances of the majority of pharmaceutical companies. The shortage of manpower due to COVID19 pandemic also hamper in research and development as well as commercial production of biologics all over the world which is also the major factor have a huge impact on the radiochemical synthesizers market growth in 2020.
The health crisis has brought an unprecedented impact on businesses across all the industries. However, this is considered to be a short-term effect. The increasing support from governments and several companies can help in the battle against this coronavirus pandemic. There are some industries that are struggling and some are blooming. Overall, almost every sector is expected to be impacted by the pandemic. In the light of COVID-19 pandemic, there is a greater demand for various types of radiotherapy treatment for various cardiovascular and cancerous diseases. The rising demand for cancer treatment has led to rise in drug approvals in the U.S. These factors along with the use of advanced treatment will ultimately rise the need of these synthesizers and drive the global radiochemical synthesizers market.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2016 - 2020
- Market Size & Forecast 2021 to 2031
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
Regional analysis includes:
- North America
- Latin America Europe
- East Asia
- South Asia
- Oceania Middle East & Africa
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- Shifting Industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size recent industry trends
- Key Competition landscape
- Strategies for key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
Key Segments of Radiochemical synthesizers Market Covered in the Report
Based on Product, the global Radiochemical Synthesizers Market is segmented as:
- Nuclear Reactor
- Radionuclide generator
Based on indications, the global Radiochemical Synthesizers Market is segmented as:
- Cancer Treatment
Based on end user, the global Radiochemical Synthesizers Market is segmented as:
- Pharmaceutical Companies
- Academic and Research centres
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