At 18.4% CAGR, the Europe Radioactive Tracer Market is Projected to be worth US$ 16,098.93 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe radioactive tracer market was valued at US$ 4,175.25 million in 2022 and is expected to reach US$ 16,098.93 million by 2030, registering a CAGR of 18.4% from 2022 to 2030. Rising prevalence of chronic diseases and increasing use of nuclear imaging techniques are the critical factors attributed to the Europe radioactive tracer market expansion.             

The European Union Committee has taken various initiatives to boost R&D activities in the field of radioactive tracer and radioisotopes. The Isotope Production and Distribution Program (IPDP) was established within the DOE's Office of Nuclear Energy to enhance the production and marketing of DOE-produced isotopes for research and commercial purposes. The IPDP was established on a condition that its operations were to be financially self-supporting.

PRISMAP is a European medical radionuclide program that was started to provide access to novel radioisotopes of high purity grade for medical research. According to the data provided under this program, out of the ~3,000 different radioisotopes synthesized by scientists in laboratories under European Union, only a handful are used regularly for medical procedures, mostly for imaging. Such a rise in the number of initiatives for boosting the supply of radioactive tracer for research purposes, which is expected to fuel the growth of the radioactive tracer market. Many hospitals and research institutes focus on developing and using different radioactive tracer to diagnose chronic diseases.

On the contrary, short shelf-life of radioactive tracer hurdles the growth of Europe radioactive tracer market. 

Based on tracer type, the Europe radioactive tracer market is categorized into technetium-99m & Tc-97m, iodine-131, iron-59, lutetium-171, rubidium (Rb-82) chloride & ammonia (N-13), scandium-46, seaborgium-269, hassium-269, Gallium citrate Ga 67, Prostate-Specific Membrane Antigen (PSMA) (Ga-68), FDDNP (F-18) & FDOPA (F-18), phosphorus-32 & chromium-51, thallium-201, F-18 FDG, F-18 FAPI, Ga-68 FAPI, F-18 PSMA, DOTATOC/DOTANOC/DOTATATE (Ga-68), and others. The others segment held 66.0% market share in 2022, amassing US$ 2,755.25 million. It is projected to garner US$ 10,610.02 million by 2030 to expand at 18.4% CAGR during 2022–2030.

Based on test type, the Europe radioactive tracer market is categorized into PET, SPECT, and others. The SPECT segment held 44.7% share of Europe radioactive tracer market in 2022, amassing US$ 1,866.36 million. It is projected to garner US$ 7,170.37 million by 2030 to expand at 18.3% CAGR during 2022–2030.

Based on end user, the Europe radioactive tracer market is categorized into hospitals & clinics, diagnostic centers, academic & research institutes, and others. The hospitals & clinics segment held 70.0% share of Europe radioactive tracer market in 2022, amassing US$ 2,923.03 million. It is projected to garner US$ 11,260.14 million by 2030 to expand at 18.4% CAGR during 2022–2030.

Based on application, the Europe radioactive tracer market is categorized into oncology, pulmonary, neurology, cardiology, and others. The oncology segment held 62.7% share of Europe radioactive tracer market in 2022, amassing US$ 2,618.67 million. It is projected to garner US$ 9,828.90 million by 2030 to expand at 18.0% CAGR during 2022–2030.

Based on country, the Europe radioactive tracer market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 30.2% share of Europe radioactive tracer market in 2022. It was assessed at US$ 1,261.34 million in 2022 and is likely to hit US$ 4,850.61 million by 2030, exhibiting a CAGR of 18.3% during 2022–2030.            

Key players operating in the Europe radioactive tracer market are Rotem Industries Ltd, ABX advanced biochemical compounds GmbH, Invicro LLC, Cardinal Health Inc, Newcastle University, Novartis AG, Curium, Blue Earth Diagnostics Limited, General Electric Co, and IBA Radiopharma Solutions, among others.

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