Automated Radiosynthesis Module Market Expected to Reach $ 45.93 million by 2030

According to a new report published by Allied Market Research, titled, “Automated Radiosynthesis Module Market: Global Opportunity Analysis and Industry Forecast, 2021-2030,”The 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.

Radiosynthesis modules are pieces of automated equipment that are used in the production of radiopharmaceuticals and molecular labelling. It is employed in the development and manufacturing of radiotracers. Radioactive tracers are chemical compounds in which radioisotopes replace atoms, and the radioactive decay mechanism is utilized to trace the path that radioisotope takes to generate a product. Radioisotopes are mostly produced in radiopharmaceutical facilities and laboratories. The half-life of radiotracers is restricted, which reduces their diagnostic and therapeutic performance. With the increase in time interval for the radiotracer to reach the end user, the scope of customization of radiotracer manufacturing decreases. Radiosynthesis modules are simple to set up and use, with the ability to customize radiotracers.

Increased adoption of PET imaging machines across the world, rise in demand for varied radiopharmaceuticals for diverse applications in diagnostic as well as therapeutic procedures, and surge in the incidence of chronic diseasesare expected to drive the market growth. However, high cost of installation and servicing of automated radiosynthesis module impede the growth of automated radiosynthesis module market. Conversely, funding and grants provided by government as well as private institution encourage the adoption of automated radiosynthesis module for various applications that are anticipated to create immense market opportunities for the manufacturers.

North America accounted for more than 4.7% of the global automated radiosynthesis module market share in 2020, and is expected to remain dominant 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 are expected to boost the automated radiosynthesis module market growth. Asia-Pacific is projected to register the highest CAGR of 6.4% during the forecast period. Improved healthcare infrastructure, rise in geriatric population, and significant economic development in the region are the key reasons that boost the growth of this automated radiosynthesis module market.

The major companies profiled in the report include 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.

Key Findings Of The Study

• Region-wise, North America is expected to experience growth at the highest rate, registering a CAGR of 4.7% during the forecast period.
• Asia-Pacific is projected to register the highest CAGR of 6.4% during the forecast period.