Global radiopharmaceutical market experiencing significant growth

The worldwide market for radiopharmaceuticals is expected to round out at a compound annual growth rate of 18.39 percent every year from 2012 through 2016, according to a report announced March 26 by research firm TechNavio.  

The key driver for the growth of the global radiopharmaceutical industry is the aging demographic creating demand for nuclear medicine procedures. The logistical issues surrounding radiopharmaceuticals with a very short half-life continue to be one of the greatest challenges in the industry.

The global market for radiopharmaceuticals includes regional markets in Europe, the Middle East and Africa, Asia Pacific countries and the Americas. Top radiopharmaceutical companies noted were IBA Molecular, Lantheus, Covidien and Cardinal Health, but other notable vendors include Advanced Medical Isotope Corp., Advanced Accelerator Applications SA, Algeta ASA, Bio-Nucleonics Inc., GE Healthcare, Monrol Nuclear Products, Molecular Insight Pharmaceuticals, Nordion, Novelos Therapeutics, NTP Radioisotopes, Positron Corporation and Siemens Healthcare.