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Released August 27, 2024 | NEW DELHI
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Researched by Industrial Info Resources (Sugar Land, Texas)--The market for radioactive diagnostic substances is witnessing significant expansion in Europe owing to advancements in nuclear medicine, growing incidences of chronic illnesses and rising demand for high-accuracy diagnostic tools. As the healthcare industry continues to evolve, radioactive diagnostic substances are being increasingly used as a vital medical tool in early detection and effective treatment of the diseases.
According to International Atomic Energy Agency, radioactive diagnostic substances (also known as radiopharmaceuticals) are drugs that contain radioactive isotopes, such as technetium-99m-MDP and iodine-131, that are used to diagnose and treat diseases based on the type of radiation that these radioisotopes can emit. For instance, the technetium-99m-MDP (methylene diphosphonate) isotope is mainly used to detect bone metastasis associated with cancer, while the iodine-131 isotope is used in thyroid scans to detect and monitor thyroid conditions, as well as in the treatment of thyroid cancer.
The rising prevalence of several diseases such as cancer, cardiovascular and neurological disorders is driving the demand for radioactive diagnostic substances across Europe. According to the World Health Organization (WHO), the second-leading cause of death and morbidity in Europe is cancer, with more than 3.7 million new cases and 1.9 million deaths annually, further underscoring the growing need for increased production of these substances for precise cancer diagnostics.
The market is further bolstered by technological advancements in imaging techniques with the advent of hybrid imaging systems such as positron emission tomography (PET/CT) and single-photon emission computed tomography (SPECT/CT). These imaging devices involve application of radioactive diagnostic substances to enhance diagnostic precision for timely diagnosis and management of the disease.
Industrial Info is tracking 13 related active capital spending projects, worth more than US$2.5 billion, in Europe. Of this, the majority of the spending is geared for replacement projects, while the rest is aimed at grassroot and equipment addition projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharmaceutical & Biotech Project Database can click here for a list of detailed project reports.
The European market features several prominent players involved in the production of radioactive diagnostic substances. Some of the dominant investors include ECN, Shine Medical Technologies LLC, Novartis Group AG, Full Life Technology BE, and Pallas, together accounting for a significant share of 97%.
ECN is the leading investor with spending worth US$1.91 billion across two projects. One of the projects with a related investment of US$1.87 billion is geared at the Petten Medical Radio-Isotopes High Flux Reactor Replacement Phase 1 project, a significant initiative aimed at modernizing and expanding the production capabilities of the Pallas Reactor in Petten, the Netherlands. The Pallas Reactor is a research reactor that produces medical isotopes, which are used in various diagnostic and therapeutic applications in healthcare. This high probability project is currently under construction and is scheduled for completion by the end of this year. Subscribers can click here for the project report.
SHINE Medical Technologies LLC (Janesville, Wisconsin) is investing about US$220 million to set up a grassroot medical isotopes plant to produce molybdenum-99, a diagnostic isotope, for use in oncology diagnostics and neurological and cardiac treatment. With a medium probability of moving forward, the project is currently in the initial planning stage and is scheduled for completion in the year 2026. Subscribers can click here for the project report.
While the regulatory landscape of Europe is streamlined for approval processes to facilitate quicker access to these medicines, the market still faces hurdles related to the short half-life of radioisotopes, which require a well-coordinated supply chain along with efficient logistics. Since these are time-sensitive materials, production facilities must be near medical imaging centers and hospitals for timely delivery. The high costs of these substances and the need for specialized infrastructure for their handling also pose challenges.
Subscribers can click here for the project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
According to International Atomic Energy Agency, radioactive diagnostic substances (also known as radiopharmaceuticals) are drugs that contain radioactive isotopes, such as technetium-99m-MDP and iodine-131, that are used to diagnose and treat diseases based on the type of radiation that these radioisotopes can emit. For instance, the technetium-99m-MDP (methylene diphosphonate) isotope is mainly used to detect bone metastasis associated with cancer, while the iodine-131 isotope is used in thyroid scans to detect and monitor thyroid conditions, as well as in the treatment of thyroid cancer.
The rising prevalence of several diseases such as cancer, cardiovascular and neurological disorders is driving the demand for radioactive diagnostic substances across Europe. According to the World Health Organization (WHO), the second-leading cause of death and morbidity in Europe is cancer, with more than 3.7 million new cases and 1.9 million deaths annually, further underscoring the growing need for increased production of these substances for precise cancer diagnostics.
The market is further bolstered by technological advancements in imaging techniques with the advent of hybrid imaging systems such as positron emission tomography (PET/CT) and single-photon emission computed tomography (SPECT/CT). These imaging devices involve application of radioactive diagnostic substances to enhance diagnostic precision for timely diagnosis and management of the disease.
Industrial Info is tracking 13 related active capital spending projects, worth more than US$2.5 billion, in Europe. Of this, the majority of the spending is geared for replacement projects, while the rest is aimed at grassroot and equipment addition projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharmaceutical & Biotech Project Database can click here for a list of detailed project reports.
The European market features several prominent players involved in the production of radioactive diagnostic substances. Some of the dominant investors include ECN, Shine Medical Technologies LLC, Novartis Group AG, Full Life Technology BE, and Pallas, together accounting for a significant share of 97%.
ECN is the leading investor with spending worth US$1.91 billion across two projects. One of the projects with a related investment of US$1.87 billion is geared at the Petten Medical Radio-Isotopes High Flux Reactor Replacement Phase 1 project, a significant initiative aimed at modernizing and expanding the production capabilities of the Pallas Reactor in Petten, the Netherlands. The Pallas Reactor is a research reactor that produces medical isotopes, which are used in various diagnostic and therapeutic applications in healthcare. This high probability project is currently under construction and is scheduled for completion by the end of this year. Subscribers can click here for the project report.
SHINE Medical Technologies LLC (Janesville, Wisconsin) is investing about US$220 million to set up a grassroot medical isotopes plant to produce molybdenum-99, a diagnostic isotope, for use in oncology diagnostics and neurological and cardiac treatment. With a medium probability of moving forward, the project is currently in the initial planning stage and is scheduled for completion in the year 2026. Subscribers can click here for the project report.
While the regulatory landscape of Europe is streamlined for approval processes to facilitate quicker access to these medicines, the market still faces hurdles related to the short half-life of radioisotopes, which require a well-coordinated supply chain along with efficient logistics. Since these are time-sensitive materials, production facilities must be near medical imaging centers and hospitals for timely delivery. The high costs of these substances and the need for specialized infrastructure for their handling also pose challenges.
Subscribers can click here for the project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
