Europe Radioactive Tracers Market is expected to reach US$ 11,005.25 million by 2028

Publisher: The Insight Partners

PET Segment to Hold Largest Share of Europe Radioactive Tracers Market During 2022–2028

According to our latest study on “Europe Radioactive Tracers Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Test Type, End User, Tracer Type, and Application,” the market is expected to grow from US$ 4,175.25 million in 2022 to US$ 11,005.25 million by 2028; it is estimated to record a CAGR of 17.5% from 2023 to 2028. The report highlights key factors driving the Europe radioactive tracers market growth and prominent players with their developments in the market.

A radioactive tracer is a chemical compound in which one or more atoms are replaced by a radioisotope. Radiotracers can be used to study chemical reactions based on the monitoring of their radioactive decay. They are also used to visualize flow in techniques such as single photon emission computed tomography (SPECT), positron emission tomography (PET), and computed radioactive particle tracking (CARPT).

The Europe radioactive tracers market, based on product type, is segmented into PET, SPECT, and other test types. The PET segment held the largest market share in 2022, and the market for this segment is expected to grow at the fastest CAGR during the forecast period. PET provides quantitative information on the distribution of positron emitter-labeled radiopharmaceuticals (PET radiopharmaceuticals) in the body. The PET imaging procedure involves the use of several expensive equipment components, such as a cyclotron for radionuclide production, automated chemistry devices, purification instrumentation, and PET cameras. The advantages of PET over traditional radionuclide imaging techniques include higher spatial resolution and sensitivity, quantification of activity, and synthesizing physiologically useful tracers. PET uses small amounts of radioactive materials termed radiotracers, requiring a special camera and a computer to help evaluate the functioning of specific organs and tissues. By identifying bodily changes at the cellular level, PET may detect the early signs of disease before it is evident on other imaging tests. Nowadays, nearly all PET scans are performed in combination with CT scanners. The combined PET/CT scans provide images that locate the anatomic location of abnormal metabolic activity inside the body. The combined scans provide more accurate diagnoses than the two scans performed separately. Although the PET segment is expected to witness significant growth during the forecast period owing to several advantages, the high cost of PET scanners hinders their adoption in disease diagnosis.

The Europe radioactive tracers market, based on end user, is segmented into hospitals & clinics, diagnostic centers, academic & research institutes, and others. In 2022, the hospitals & clinics segment held the largest market share. Further, the academic & research institute segment is expected to register the highest CAGR during the forecast period. Hospitals utilize technologically advanced systems for the treatment of cardiac aneurysms, neurology aneurysms, oncology tumors, and other treatment procedures. The need for cardiovascular and cerebral aneurysm treatments has become the major factor for the growth of the radiopharmaceuticals market in the hospital segment. Several emergencies and treatment options require the investigation of various organs and tissues, which can be done accurately with the help of nuclear medicines. The growth of hospitals, along with reimbursement plans provided by government bodies, also contribute to the segmental growth. Thus, the rising prevalence of various diseases requiring hospitalization to be effectively diagnosed using radioactive tracers, the increasing number of hospitals, and the rapid growth in the number of surgical procedures are factors contributing to the growth of the radioactive tracer market for the hospitals and clinics segment.

Rotem Industries Ltd., ABX Advanced Biochemical Compounds GmbH, Invicro LLC., Cardinal Health, Newcastle University, Novartis, Curium, Blue Earth Diagnostics, IBA Radiopharma Solutions, and General Electric Company are among the leading companies operating in the Europe radioactive tracers market.

Impact of COVID-19 Pandemic on Europe Radioactive Tracers Market

The COVID-19 pandemic has led to profound changes in hospital operations, including nuclear medicine (NM) practice across Europe. A literature search on PubMed covered COVID-19 studies published up until January 2021. As per the findings, the pandemic posed significant challenges for NM departments, and a reduction in the workforce was experienced in every center in Europe in 2020. NM departments introduced restriction measures to limit COVID-19 transmission, including rescheduling non-high-priority procedures. Also, some of the departments experienced delays in radioactive tracers supply or technical assistance amid this crisis. As a result, the pandemic resulted in a significant reduction in diagnostic NM procedures and a reduced level of care for patients affected by diseases other than COVID-19, such as cancer or acute cardiovascular disease. According to the results of the British Nuclear Medicine Society’s (BNMS) COVID-19 survey, ~97% of NM departments introduced procedures to limit SARS-CoV-2 transmission; at 68% of sites, standardized operating procedures were developed for running departments in pandemic situations.

However, new findings supporting innovations in the methods for COVID-19 diagnosis are expected to accelerate the growth of the radioactive tracers market in Europe. As per the research study by Chentao Jin et al., published in the European Journal of Nuclear Medicine and Molecular Imaging in May 2021, PET is expected to offer pathophysiological alternations of COVID-19 and facilitate the clinical management of patients.

The report segments the Europe radioactive tracers market as follows:

The Europe radioactive tracers market, based on test type, is segmented into PET, SPECT, and others. The market, based on end user, is segmented into hospitals & clinics, diagnostic centers, academic & research institutes, and others. The Europe radioactive tracers market, by tracer type, is segmented into Technetium-99m and Tc-97m, Iodine-13, Iron-59, Lutetium-171, Rubidium (Rb-82) Chloride and Ammonia (N-13), Scandium-46, Seaborgium-269, Hassium-269, Gallium Citrate Ga 67, Prostate-Specific Membrane Antigen (PSMA) (Ga-68), FDDNP (F-18) and FDOPA (F-18), Phosphorus-32 and Chromium-51, Thallium-201, F-18 FDG, F-18 FAPI, Ga-68 FAPI, F-18 PSMA, DOTATOC/DOTANOC/DOTATATE (Ga-68), and others. The Europe radioactive tracers market, based on application, is segmented into oncology, pulmonary, neurology, cardiology, and others. Based on country, the Europe radioactive tracers market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe.

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