Europe Radioactive Tracers Market Drivers and Forecasts by 2028

The Europe radioactive tracers market size is expected to grow from US$ 4,175.25 million in 2022 to US$ 11,005.25 million by 2028; it is estimated to record a CAGR of 17.5% during 2023–2028.  

A radioactive tracer is a chemical compound in which one or more atoms are replaced by a radioisotope. Radiotracers can be used to study chemical reactions based on the monitoring of their radioactive decay. They are also used to visualize flow in techniques such as single photon emission computed tomography (SPECT), positron emission tomography (PET), and computed radioactive particle tracking (CARPT).

The Europe radioactive tracer market is segmented on the basis of tracer type, end user, test type, application, and geography. Based on country, the market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe. The report offers insights and in-depth analysis of the Europe radioactive tracers market, emphasizing on parameters such as market trends, technological advancements, and market dynamics, along with the competitive landscape analysis of the world's leading market players.

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Europe Radioactive Tracers Market: Strategic Insights

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Market Insights

New Initiatives for Radioactive Tracer R&D to Offer Opportunities for Europe Radioactive Tracers Market Growth During Forecast Period

The European Union Committee has taken various initiatives for boosting research & development activities in the field of radioactive tracers and radioisotopes. 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 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. Therefore, to increase the innovation and approval of these radioisotopes, the European Commission is planning to launch European Radioisotope Valley Initiative (ERVI) to maintain the region’s global leadership in the supply of medical radioisotopes and to help accelerate the development and introduction of new radioisotopes along with their production methods. Such a rise in the number of initiatives for boosting the supply of radioactive tracers for research purposes is expected to fuel the growth of the radioactive tracers market during the forecast period.

Many hospitals and research institutes focus on developing and using different radioactive tracers for the diagnosis of chronic diseases. Massachusetts General Hospital (MGH) is focused on using a new PET tracer [18F]3F4AP for the diagnosis of multiple sclerosis, Alzheimer’s disease, mild cognitive impairment, and traumatic brain injury. According to the National Library of Medicine (ClinicalTrials.gov), the use of [18F]3F4AP in the diagnosis of multiple sclerosis is in Phase 1 clinical trial, whereas the use of [18F]3F4AP for the diagnosis of Alzheimer’s disease, mild cognitive impairment, and traumatic brain injury is also in the Phase 1 trial. The ongoing research for the discovery of new radioactive tracers for the diagnosis of neurological disorders is anticipated to fuel the growth of the radioactive tracers market in the coming years.

Europe Radioactive Tracers Market-Test Type Insights

The Europe radioactive tracers market, based on test type, is segmented into PET, SPECT, and other test types. In 2022, the PET segment held the largest market share. The market for the same segment is expected to grow at the fastest CAGR in the coming years. PET provides quantitative information on the distribution of positron emitter-labeled radiopharmaceuticals (PET radiopharmaceuticals) in the body. PET imaging procedure involves the use of several expensive equipment, such as a cyclotron for radionuclide production, automated chemistry devices, purification instrumentation, and PET cameras. The advantages of PET over traditional radionuclide imaging techniques include higher spatial resolution and sensitivity, quantification of activity, and synthesizing physiologically useful tracers. PET uses small amounts of radioactive materials termed radiotracers, requiring a special camera and a computer to help evaluate the functioning of specific organs and tissues. By identifying bodily changes at the cellular level, PET may detect the early signs of disease before it is evident on other imaging tests. Nowadays, nearly all PET scans are performed in combination with CT scanners. The combined PET/CT scans provide images that locate the anatomic location of abnormal metabolic activity inside the body. The combined scans provide more accurate diagnoses than the two scans performed separately. Although the PET segment is expected to witness significant growth during the forecast period owing to several advantages, the high cost of PET scanners hinders its adoption in scanning diseases.  Therefore, the Europe radioactive tracers market for the PET segment is expected to experience significant growth during the forecast period.

Europe Radioactive Tracers Market, by Test Type – 2022 and 2028

Impact of COVID-19 on Europe Radioactive Tracers Market

The COVID-19 pandemic has led to profound changes in hospital operations, including nuclear medicine (NM) practice across Europe. A literature search on PubMed covered COVID-19 studies published up until January 2021. As per the findings, the pandemic posed significant challenges for NM departments, and a reduction in the workforce was experienced in every center in Europe in 2020. NM departments introduced restriction measures to limit COVID-19 transmission, including rescheduling non-high-priority procedures. Also, some of the departments experienced delays in radioactive tracers supply or technical assistance amid this crisis. As a result, the pandemic resulted in a significant reduction in diagnostic NM procedures and a reduced level of care for patients affected by diseases other than COVID-19, such as cancer or acute cardiovascular disease. According to the results of the British Nuclear Medicine Society’s (BNMS) COVID-19 survey, ~97% of NM departments introduced procedures to limit SARS-CoV-2 transmission; at 68% of sites, standardized operating procedures were developed for running departments in pandemic situations.

However, new findings supporting innovations in the methods for COVID-19 diagnosis are expected to accelerate the growth of the radioactive tracers market in Europe. As per the research study by Chentao Jin et al., published in the European Journal of Nuclear Medicine and Molecular Imaging in May 2021, PET is expected to offer pathophysiological alternations of COVID-19 and facilitate the clinical management of patients.

Europe Radioactive Tracers Market – Market Segmentation

The Europe radioactive tracers market, based on test type, is segmented into PET, SPECT, and others. By end user, the market is segmented into hospitals & clinics, diagnostic centers, academic & research institutes, and others. The Europe radioactive tracers market, by tracer type, is segmented into Technetium-99m and Tc-97m, Iodine-13, Iron-59, Lutetium-171, Rubidium (Rb-82) Chloride and Ammonia (N-13), Scandium-46, Seaborgium-269, Hassium-269, Gallium Citrate Ga 67, Prostate-Specific Membrane Antigen (PSMA) (Ga-68), FDDNP (F-18) and FDOPA (F-18), Phosphorus-32 and chromium-51, Thallium-201, F-18 FDG, F-18 FAPI, Ga-68 FAPI, F-18 PSMA, DOTATOC/DOTANOC/DOTATATE (Ga-68), and others. The Europe radioactive tracers market, by application, is segmented into oncology, pulmonary, neurology, cardiology, and others. Based on country, the Europe radioactive tracers market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe.

Europe Radioactive Tracers Market – Company Profiles

• Rotem Industries Ltd.
• ABX Advanced Biochemical Compounds GmbH
• Invicro LLC.
• Cardinal Health
• Newcastle University
• Novartis
• Curium
• Blue Earth Diagnostics
• IBA Radiopharma Solutions
• General Electric Company

Europe Radioactive Tracers Market Regional Insights

The regional trends and factors influencing the Europe Radioactive Tracers Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Europe Radioactive Tracers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Europe Radioactive Tracers Market Report Scope

Europe Radioactive Tracers Market Players Density: Understanding Its Impact on Business Dynamics

The Europe Radioactive Tracers Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.