Synthesis Modules for Radiotracers Market Set to Surge to USD 2.27 Billion By 2032 | Report by SNS Insider

Pune, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Synthesis Modules for Radiotracers Market Size was valued at USD 1.20 Billion in 2023 and is expected to reach USD 2.27 Billion by 2032 and grow at a CAGR of 7.66% over the forecast period 2024-2032.”

Advancements in technology are driving significant growth in the market for synthesis modules for radiotracers. The latest data provided by the U.S. Department of Energy suggests that technological advancements, such as the design and production of advanced automated synthesis modules, have increased production efficiency by almost 40% over the past year. These technologies are revolutionizing industry production due to their ability to synthesize radiotracers with enhanced precision and in less time. The more accurate and rapid production has led to a demand for radiotracing standards with exceptionally tight specifications, resulting in the emergence of new technologies. The findings of the DOE suggest that by adopting state-of-the-art technologies, operational costs have declined by at least 25%, and the reliability of radiotracers as the agent used in medical diagnostics and research has grown by at least 30%. The expansion of the market for synthesis modules for radiotracers is anticipated as the healthcare industry expects more sophisticated, accurate, and efficient solutions for imaging and diagnostic applications.

Another factor leading to the rise of the market for synthesis modules for radiotracers is the effect of increased demand for personalized medicine. Data provided by the National Institutes of Health indicate that the growth of the personalized medicine field has led to a higher demand for radiotracers suitable for specific patient profiles and treatments. The use of such radiotracers in treatment practice has grown by at least 35% over the past year. Modern achievements in medical imaging and patient-specific molecular tests enable the implementation of such practices. Further growth of the personalized medicine field impacts the growth in the market for synthesis modules for radiotracers.

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Key Players:

• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Eckert & Ziegler
• IThemba LABS
• Trasis SA
• Advanced Cyclotron Systems Inc. (ACSI)
• MDS Nordion

Synthesis Modules for Radiotracers Market Report Scope:

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Segmentation Dynamics 

Oncology holds a 45% market share in 2023. The oncology segment will dominate the synthesis modules for radiotracers due to rapidly increasing prevalence coupled with driving factors such as early detection and personalized treatments of cancer. Furthermore, the American Cancer Society found that cancer cases in the United States have increased by an average of 20% over the past decade, with digital and molecular imaging contributing to almost half of the radiotracer applications. Synthesis modules in oncology ensure precise imaging of biopsies and diagnoses, allow for early detection through imaging and offer personalized treatment options. According to my findings, the inclusion of cutting-edge synthesis modules in the product has accelerated the manufacture of high-quality radiotracers for better imaging, offering patients high-quality diagnostic care. The use of radiotracers in oncology is ever-growing, and the market share is expected to grow for many years due to increased research findings in novel imaging technologies and developing drugs.

Regional Insights

In 2023, North America held a significant 40% share and led the synthesis modules for the radiotracers market. This leadership is due to the region's expanding healthcare infrastructure, substantial investments in the medical sector, and extensive use of advanced technologies. The United States' dominance in the market is attributed to the availability of synthesis modules in various research institutions, connected hospitals, and diagnostic centers.

According to the National Cancer Institute, the U.S. excels in integrating early disease detection with technology, solidifying its position as a leader in medical technology. The strong regulatory system and medical funding also contribute to the dominant nature of North America in this market. As a result, the region is expected to maintain its dominance in the future due to its significant contributions, similar to other sectors, and increasing government focus on radiotracer technologies.

Recent Developments

In June 2024, GE Healthcare introduced new technologies including the MINItrace Magni, a small footprint cyclotron for in-house production of commercial PET tracers and radiometals; Omni Legend 21 cm, a performance-focused PET/CT designed to meet the demands of a growing healthcare system; and Clarify DL, a new deep learning reconstruction technology aimed at providing clear, accurate, and effortless imaging. In addition to these new products, GE Healthcare also offers portable systems for remote populations, refurbished medical equipment for affordable and quality healthcare access, and MIM Software solutions.

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Key Takeaways:

• The growing demand for personalized medicine continues to drive market growth.
• The North American region maintains its leading position, supported by the accessibility of advanced healthcare equipment and substantial investments in research.

Table of Contents – Major Key Points

1. Introduction

• Market Definition
• Scope (Inclusion and Exclusions)
• Research Assumptions

2. Executive Summary

• Market Overview
• Regional Synopsis
• Competitive Summary

3. Research Methodology

• Top-Down Approach
• Bottom-up Approach
• Data Validation
• Primary Interviews

4. Market Dynamics Impact Analysis

• Market Driving Factors Analysis
• PESTLE Analysis
• Porter’s Five Forces Model

5. Statistical Insights and Trends Reporting

• Incidence and Prevalence (2023)
• Prescription Trends, (2023), by Region
• Device Volume: Type and usage volumes of pharmaceuticals.
• Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients

6. Competitive Landscape

• List of Major Companies, By Region
• Market Share Analysis, By Region
• Type Benchmarking
• Strategic Initiatives
• Technological Advancements
• Market Positioning and Branding

7. Synthesis Modules for Radiotracers Market Segmentation, by Type

8. Synthesis Modules for Radiotracers Market Segmentation, by Application

9. Synthesis Modules for Radiotracers Market Segmentation, by End-User

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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