Fluorine-18 Market: Growing Use of Fluorine-18 for PET Imaging Drives Global Demand
According to the report, the global fluorine-18 market was valued over US$ 1.5 Bn in 2020 and is projected to expand at a CAGR of 7.5% from 2021 to 2031. Fluorine-18 is the most important radionuclide used in positron emission tomography (PET) today, largely due to its unique physical and nuclear characteristics. Agents such as the clinical oncology tracer FDG, the most widely used PET-radiopharmaceutical, have driven interest toward the chemistry of radiopharmaceuticals utilizing fluorine-18.
Rise in Preference for PET/CT and PET Scans to Drive Global Market
PET/CT and PET are modern systems used to detect and treat cancer, cardiovascular diseases, and other neurology related diseases. Molecular imaging with novel radiopharmaceuticals has been engineered to target specific subcellular processes and improve diagnostic accuracy using radioactive molecule as a tracer in PET/CT scan. Hence, the preference for PET/CT scan is rising, which is anticipated to drive the global fluorine-18 market.
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Lack of Availability and High Operating Expenses to Hamper Global Market
The limitations of FDG-PET are its lack of availability and high operating expenses. F-18 fluoride ion is created in a cyclotron, and then converted via an automated chemistry module into the F-18 FDG. The cost of establishing the PET/CT scan facility with cyclotron is around US$ 5 Mn to US$ 6 Mn.
FDG to Dominate Global Market
The global fluorine-18 market has been segmented based on product and end user. In terms of product, the global fluorine-18 market has been classified into FDG, NaF, and others. The FDG segment is expected to account for a major share of the global market by 2031, due to the increase in demand for PET/CT scan in oncology.
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Hospitals to be Major End User
In terms of end user, the global fluorine-18 market has been divided into hospitals, diagnostic centers, and others. The hospitals segment is likely to expand at a high CAGR during the forecast period, due to the increase in the demand for the installation of new PET-CT machines in the upcoming hospital projects across the globe, which drive the demand for F-18 isotopes.
North America to Dominate Global Market
The global fluorine-18 market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global fluorine-18 market in 2020, followed by Europe. The fluorine-18 market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2031. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by local players, especially in China and India, are anticipated to drive the fluorine-18 market in the region.
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The report also presents profiles of leading players in the global fluorine-18 market. These include Lantheus Holdings, Inc., Siemens Healthineers, Advanced Accelerator Applications (a Novartis AG Company), GE Healthcare (General Electric Company), Blue Earth Diagnostics (A Bracco Imaging Company), Jubilant Pharma Limited, China lsotope & Radiation Corporation, Eli Lilly and Company, Curium Pharma, and Yantai Dongcheng Pharmaceutical Group Co., Ltd.
The leading companies in the global fluorine-18 market focus on strengthening the distribution network and expanding product range to gain market share. For instance, in February 2018, Advanced Accelerator Applications signed an exclusive license agreement with the Cancer Targeted Technology to develop CTT1057, an F-18 labeled PSMA ligand for diagnostic applications in prostate cancer.
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