Population growth, increasing life expectancy, population aging and improved diagnostic modalities are key factors in market growth for radiopharmaceuticals.
Radiopharmaceuticals, also known as radioactive drugs, are used as diagnostic agents and therapeutic agents for various diseases such as cardiac and neurological conditions and to treat several types of cancers.
Reportbuyer, an industry intelligence solution that provides all market research has made a BCC Research, with goal to provide an overview of the current and expected future characteristics of the global market for radiopharmaceuticals.
According to the report, the global market radiopharmaceuticals were valued at nearly $5.1 billion and $5.7 billion in 2014 and 2015, respectively. The researcher said that this market is expected to increase from nearly $6.5 billion in 2016 to $11.6 billion in 2021 at a compound annual growth rate (CAGR) of 12.4% for 2016-2021.
Furthermore, in the highlights of the report, the researcher said that North American radiopharmaceuticals market is expected to grow from $3.5 billion in 2016 to $6.1 billion in 2021 at a CAGR of 11.8% from 2016 through 2021.
On the other hand, European radiopharmaceuticals market is expected to grow from $1.7 billion in 2016 to $3.2 billion at a CAGR of 13.2% from 2016 through 2021.