Global Diagnostic Radiopharmaceuticals and Contrast Media Market Size

Diagnostic Radiopharmaceuticals and Contrast Media Market Analysis

The Global Diagnostic Radiopharmaceuticals and Contrast Media Market size is estimated at USD 9.36 billion in 2024, and is expected to reach USD 13.01 billion by 2029, growing at a CAGR of 6.81% during the forecast period (2024-2029).

The COVID-19 pandemic is expected to have impacted the growth of the studied market. According to the research study published in the Journal of Nuclear Medicine, in July 2020, many countries were experiencing radiopharmaceutical supply issues, with lower-income regions suffering the worst. Furthermore, according to a survey conducted in the study 'Nuclear medicine volume plummets due to COVID-19' published in September 2020, the scheduled diagnostic and therapeutic nuclear imaging procedures were quantitatively reduced by 50% to 75% respectively in the United States during the pandemic. Thus, the studied market is expected to witness a short-term negative impact during the pandemic due to the aforementioned factors.

The diagnostic radiopharmaceuticals and contrast media market is expected to grow over the forecast period due to technological developments, increasing diagnostic applications in various diseases, growing government support, and rising cases of chronic diseases such as cancers and cardiovascular diseases globally. According to the Globocan 2020 fact sheet, an estimated 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths due to cancers globally. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. Hence, the growing burden of cancers is expected to drive the demand for diagnostics and effective treatment, which drives the growth of the studied market. Furthermore, the development of minimally invasive therapeutic procedures has encouraged the usage of imaging equipment. This increase in the demand for image guidance is expected to propel the market. Also, Government initiatives and funding for the development of new techniques are anticipated to drive the growth of the studied market. For instance, in July 2019, a new bill named the Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019 was passed by the government of the United States. The new bill aims to extend access to high-targeted and more precise diagnosis and treatment of severe neurological diseases by changing the way of making medicare payments for imaging services. However, a shorter half-life of radiopharmaceuticals, stringent regulatory framework, and high capital investments are expected to hinder market growth.