Automated Radiosynthesis Module Market Overview 2030
The global automated radiosynthesis module market size was valued at $27.92 Million in 2020, and is projected to reach $ 45.93 Million by 2030, registering a CAGR of 5.1% from 2021 to 2030. Automated radiosynthesis modules can be defined as automated equipment that is used to formulate the radioactive isotope with a tracer molecule suitable for use in diagnostic and therapeutic processes. These techniques use diagnostic tools such as PET and SPECT that are widely adopted globally to reduce the rapidly increasing chronic diseases. This equipment uses PET radiopharmaceuticals with short life-time radioactive isotopes that are manufactured using fully automated radio synthesis process. The radiopharmaceuticals are incorporated in the PET/CT/SPECT scanners to improve the utility of tomographic imaging diagnostics methods that are available commercially.
Automated radiosynthesis module is expected to exhibit significant market growth during the forecast period, owing to rise in the incidence of chronic diseases. The key factors that drive growth of the market are need to enhance the flexibility of production of the wide variety of PET-tracers (>1800) and increased usage in diverse applications within diagnostic and therapeutic processes. However, high cost of installation and servicing of automated radiosynthesis module restricts the market growth. Conversely, funding and grants provided by government as well as private institutions encourage the adoption of automated radiosynthesis module for various applications that is expected to create immense market opportunities for the manufacturers.
The automated radiosynthesis module market is segmented on the basis ofregion. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Coronavirus (COVID-19) was discovered in December 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans.
After its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in patients, which range from common symptoms to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement. Furthermore, the virus has high potential of lethality in geriatric population. On March 11, 2020, the World Health Organization made an assessment that COVID-19 can be characterized as pandemic. In addition, only a few vaccines received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.
The overall impact of COVID-19 remained negative on the automated radiosynthesis module market owing to decline in number of patients in hospitals & clinics for surgery as well as for radiation therapy, as patients suffering from chronic diseases such as cancer are more vulnerable to COVID-19 infection, which lead to decline in demand of automated radiosynthesis module. However, owing to the travel restrictions and lockdown, the supply chain was severely impacted, since production was halted. Furthermore, due to the outbreak of COVID-19, most markets have experienced a decline in demand, especially in the automated radiosynthesis module market.
Region segment review
By region, the automated radiosynthesis module market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period owing to improved healthcare infrastructure along with rise in adoption rate of automated radiosynthesis module in various diagnostics and the therapeutic processes.
This report provides comprehensive competitive analysis and profiles of prominent market players such as key players operating in GE Healthcare, Siemens Healthcare, IBA Radiopharma Solutions, Optimized Radiochemical Applications, Synthra GmbH, Eckert& Ziegler Group, Sofie Biosciences, Trasis S.A, Scintomics GmbH, Raytest Isotopenmessgerte GmbH.
Global Automated Radiosynthesis module Market, by Region
Key Benefits For Stakeholders
- The study offers a detailed analysis along with automated radiosynthesis module market dynamics.
- A quantitative analysis of the current trends market and future estimations from 2021 to 2030 is provided, enabling all the stakeholders to capitalize the prevailing and emerging opportunities of the automated radiosynthesis module market.
- Key market players and their market share analysis in studied in the report.
- Strategic analysis of the key leaders and their business strategies within the automated radiosynthesis module market are provided, which assist stakeholders to make more informed business decisions.
- Porter’s five forces analysis examines the competitive structure of the global market and also provides a deeper understanding of the influence factors for market entry and market expansion.
Automated Radiosynthesis Module Market: Global Opportunity Analysis and Industry Forecast, 2021-2030 Report Highlights
By KEY PLAYERS
Automated radiosynthesis module can be defined as automated equipment that is used to formulate the radioactive isotope with a tracer molecule suitable for use in diagnostic and therapeutic processes including PET, SPECT, and radiation therapy.
According to the CXOs of key companies, the adoption of automated radiosynthesis equipment is anticipated to increase in the future, owing to rise in incidence of chronic diseases and surge in adoption of PET/SPECT imaging. Moreover, the supply of these products is anticipated to become streamlined and effective, owing to improved cGMP guideline from the FDA. Manufacturers are expected to gain additional income by diversifying their product offering to cater to the needs of new markets. Premium pricing is projected to remain a source of concern and limit the rate of adoption of these modules; however, the availability of funds and grants from the government is expected to drive growth of this market.
As per the perspective of CXOs, North America is expected to dominate the automated radiosynthesis module market during the forecast period, followed by Europe. In addition, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to the key players during the forecast period.