The fluorine-18 market is foreseen to surpass US$ 2.41 billion by 2030 | Study covers trends, and growth forecast by 2030
FDG Segment Expected to Hold Significant Share of Fluorine-18 Market During 2022–2030
According to our latest study on "Fluorine-18 Market Forecast to 2030 – Global Analysis – Product Type, Application, End User," the market value is expected to reach US$ 2.41billion by 2030 from US$ 1.72 billion in 2022; it is estimated to record a CAGR of 4.3% during 2022–2030. The report emphasizes the key factors driving the market and prominent players' developments. Factors such as the high prevalence of chronic diseases and the increasing use of nuclear imaging techniques propel the market growth. However, the short shelf-life of fluorine-18 impedes the market growth. Further, the use of radioactive tracers in cancer diagnosis is expected to bring new fluorine-18 market trends in the coming years.
The high prevalence of chronic diseases such as neurological disorders, cardiovascular diseases (CVDs), and cancer boosts the demand for positron emission tomography (PET) diagnostic procedures, fueling the fluorine-18 market growth. According to the American College of Cardiology Foundation, the CVD-related death count increased from 12.4 million in 1990 to 19.8 million in 2022. Ischemic heart disease is the leading cause of CVD mortality across the world. As per the International Agency for Research on Cancer (IARC), the number of cancer cases is estimated to rise from ~19.3 million in 2020 to ~30.2 million by 2040. An accurate medical examination is a must for the effective treatment of chronic diseases, and some medical imaging procedures also include nuclear substances Radiopharmaceuticals such as fluorine-18 and copper-64 are used in positron emission tomography (PET).
Fluorine-18 Market, by Geography, 2022 (%)
To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00038973
Source: The Insight Partners Analysis
The “fluorine-18 market analysis” has been carried out by considering the following segments: product type, application, and end user. By product type, the market is segmented into FDG, NaF, and others. The FDG segment held the largest fluorine-18 market share in 2022 and it is anticipated to register the highest CAGR during the forecast period. The market, by application, is divided into oncology, cardiology, neurology, and others. The oncology segment held the largest market share in 2022. It is further anticipated to register the highest CAGR during the forecast period. The market, by end user, is categorized into hospitals, diagnostic centers, and others. The hospitals segment held the largest market share in 2022. The same segment is anticipated to register the highest CAGR during the forecast period.
Fluorine-18 Market, by Geography:
The geographic scope of the fluorine-18 market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). Development of new biologics owing to the growing number of new molecular entities approved by regulatory authorities and efforts by several market players to offer new products contribute to the global market expansion.
In 2022, North America held the largest fluorine-18 market share. Nuclear medicine in the US has grown significantly owing to advancements in technologies such as hybrid imaging, the introduction of novel radiopharmaceuticals for diagnosis and treatment, and the development of molecular imaging techniques based on the tracer principle.
Access to advanced healthcare infrastructure, the rising incidence and prevalence of target conditions, and product innovations by key players further contribute to the fluorine-18 market growth in North America. According to the International Agency for Research on Cancer (IARC), the number of cancer cases in the US is expected to increase from 2.28 million cases in 2020 to 3.12 million cases in 2040. Additionally, the Centers for Medicare & Medicaid Services (CMS), the US has adopted standards associated with human laboratory research under the Clinical Laboratory Improvement Amendments (CLIA), which favors the fluorine-18 market progress.
Apart from factors driving the market, the fluorine-18 market report emphasizes key developments by prominent players. Siemens Healthineers, Lantheus Medical Imaging Inc, Novartis AG, Cardinal Health, GE HealthCare, Jubilant Radiopharma, Eli Lilly and Company, Nukleon Nuclear Technology Research Ind Co Ltd, Curium Pharma, and Blue Earth Diagnostics Inc are among the prominent players contributing to the fluorine-18 market size. These companies have been implementing various strategies that contribute to their growth and lead to various changes in the market. Organic strategies implemented by them include product launches, expansions, and product approvals, while inorganic strategies include collaborations and partnerships.
In October 2023, Blue Earth Diagnostics Ltd signed an exclusive strategic agreement with Sinotau Pharmaceutical Group for flotufolastat (18F) injection (formerly referred to as 18F-rhPSMA-7.3). Under the terms of the agreement, the companies became close strategic partners to join forces for technology and regulatory support for the distribution of flotufolastat (18F), a PET imaging agent, for Chinese men suffering from prostate cancer. This event marked an important phase in the Blue Earth Diagnostics’ strategy to make flotufolastat (18F) available to patients and clinicians globally.
In July 2023, the European Commission granted marketing authorization for Pylclari, an innovative 18F-PSMA PET tracer from Curium, indicated for the detection of PSMA-positive (i.e., prostate-specific membrane antigen) lesions with PET in adults suffering from prostate cancer in the clinical settings.
Contact Us
Contact Us: The Insight Partners
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.