High reliance on radiotherapy for cancer treatment is improving the demand for radiochemical synthesizers, prompting manufacturers to develop advanced products
High reliance on radiotherapy for cancer treatment is improving the demand for radiochemical synthesizers, prompting manufacturers to develop advanced products
Award winning market research company Fact.MR’s ongoing study on the global radiochemical synthesizers market anticipates a positive outlook for the forecast period of 2021 and 2031. Growing incidence of cancer is reshaping the radiochemical synthesizers market. Surging demand of radiotherapy for the treatment of various type of cancer is bolstering the growth. Despite a blip experienced during the peak of the pandemic crisis, the market is expected to post substantial gains in the upcoming decade.
According to Fact.MR, radiochemical synthesizers companies will likely witness lucrative growth opportunities across China, India, Singapore and Russia. Increasing geriatric population, growing burden of cancer, and rising cases of neurological and cardiovascular diseases are likely to widen growth prospects for the industry giants throughout the forecast period. According to the report of American Cancer Society, in 2020 around 1.8 million people were diagnosed with various type of cancer in United States. Also, according to National Cancer Registry Program, approximately 1,392,179 cancer cases were recorded in India. Chemotherapy drugs are associated with cardio toxicity along with the risk of life threatening diseases such as heart failure and myocardial dysfunction. Radiotherapy is gaining popularity for cancer treatment to avoid such risk. Thereby, improving the demand of radiochemical synthesizers.
“While radiotherapy has considerably improved survival rates in cancer patients in the recent past, high reliance on the same have increased concerns regarding possible long-term impacts on human health. This is creating attractive opportunities for key manufacturers, encouraging them to offer highly advanced treatment approaches,” remarks the Fact.MR analyst.
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Key Takeaways
- By indication, cancer treatment is expected to remain the primary application area
- Cyclotron radiochemical synthesizers is anticipated to remain the most preferred product type through 2021 and beyond
- By end-users, academic & research centers are expected to capture the majority share
- US is expected to hold the largest share of global radiochemical synthesizers market
- Increasing research & development and presence of high patient pool across UK and France will drive the Europe radiochemical synthesizers market
- Germany will open up new revenue ecosystems, attributed to high prostate cancer treatment procedures
- Heightened expenditure on prostate cancer treatment and research further growth prospects across India
Prominent Drivers
- High prevalence rates of prostate and various cancers is augmenting treatment procedures for the same, heightening growth prospects
- Increasing preference for radiotherapy for better outcomes is likely to enhance advanced radiochemical synthesizers adoption
- Governments worldwide are providing increasing assistance with regards to research funding to develop advanced products
Key Restraints
- Inadequate awareness regarding the benefits of radiochemical synthesizers is limiting adoption across several regions
- Sluggish healthcare infrastructure development in emerging economies is likely to restrict the research & development activities, hampering the demand
Discover more about the radiochemical synthesizers market with figures and data tables, along with the table of contents.
https://www.factmr.com/report/radiochemical-synthesizers-market
Competitive Landscape
Mercurius Health, Elysia, IAEA, IBA Advion, Inc, JSC Isotope, Lantheus Medical Imaging, Inc., BV Cyclotron VU, LabLogic Systems Ltd, Advanced Cyclotron Systems, and North Star Medical Technologies among others are some prominent radiochemical synthesizers providers profiled in Fact.MR’s extensive study.
The aforementioned market players rely on a slew of expansion strategies, including offering new products, collaborating with top companies, capacity expansion measures and strategic partnerships to enhance their market footprint across key regions. For instance, in January 2021, ARTMS and Telix Pharmaceuticals announced the successful production of PSMA-11, a prostate cancer imaging product using multi-Curie quantities of cyclotron produced Gallium-68.
Also, in November 2020, Mercurius Health and RTsafe announced the partnership to promote safe and auditable stereotactic radiosurgery and stereotactic body radio therapy (SBRT/SABR) treatments.
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More Insights on the Radiochemical Synthesizers Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global radiochemical synthesizers market, presenting historical demand data (2016-2020) and forecast statistics for the period, 2021-2031. The study divulges compelling insights on the radiochemical synthesizers market based on product (cyclotron, nuclear reactor, and radionuclide generator), indications (cancer treatment, neurology and cardiology), end-user (hospitals, pharmaceutical companies, and academic & research centers) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR