At 16.6% CAGR, the South & Central America Radioactive Tracer Market is Projected to be worth US$ 1,634.33 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the South & Central America radioactive tracer market was valued at US$ 476.96 million in 2022 and is expected to reach US$ 1,634.33 million by 2030, registering a CAGR of 16.6% from 2022 to 2030. Rising prevalence of chronic diseases and increasing use of nuclear imaging techniques are the critical factors attributed to the South & Central America radioactive tracer market expansion.             

Increasing aging population, changing social behavior, rising adoption of a sedentary lifestyle, and accelerating urbanization are the key factors boosting the prevalence of obesity and other chronic diseases such as diabetes. Further, studies have long established that genes can cause chronic conditions such as cardiovascular disease (CVD), diabetes, obesity, Alzheimer's disease (AD), and depression. CVDs, such as atherosclerosis, angina pectoris, and acute myocardial infarction, caused due to hectic lifestyles have become significant causes of mortality worldwide. As per the data provided by the WHO, CVDs are the predominant cause of death worldwide, recording estimated 17.9 million deaths each year. Diabetes is a life-threatening chronic disease with no functional cure. Diabetes of all types can lead to various complications in different body parts and increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are among the major complications associated with diabetes. The disease prevalence will likely increase by nearly 35% during the forecast period. Thus, an effective examination is a must for properly treating chronic diseases; hence, nuclear substances are used for diagnosis and examination purposes. These nuclear substances are used in diagnostic tests such as positron emission tomography (PET) and single-photon emission computerized tomography (SPECT) to diagnose chronic diseases such as neurological, cardiovascular, chronic lung, and chronic kidney diseases. the availability of several radiotracer across the globe makes it selection easy depending on the type of disease and its prognosis. Thus, the increasing incidences of chronic diseases are surging the demand for radioactive tracer, positively favoring market expansion.    

On the contrary, short shelf-life of radioactive tracer hurdles the growth of South & Central America radioactive tracer market. 

Based on tracer type, the South & Central America radioactive tracer market is categorized into technetium-99m & Tc-97m, iodine-131, iron-59, lutetium-171, rubidium (Rb-82) chloride & ammonia (N-13), scandium-46, seaborgium-269, hassium-269, Gallium citrate Ga 67, Prostate-Specific Membrane Antigen (PSMA) (Ga-68), FDDNP (F-18) & FDOPA (F-18), phosphorus-32 & chromium-51, thallium-201, F-18 FDG, F-18 FAPI, Ga-68 FAPI, F-18 PSMA, DOTATOC/DOTANOC/DOTATATE (Ga-68), and others. The others segment held 59.9% market share in 2022, amassing US$ 285.57 million. It is projected to garner US$ 919.64 million by 2030 to expand at 15.7% CAGR during 2022–2030.

Based on test type, the South & Central America radioactive tracer market is categorized into PET, SPECT, and others. The PET segment held 45.6% share of South & Central America radioactive tracer market in 2022, amassing US$ 217.59 million. It is projected to garner US$ 765.15 million by 2030 to expand at 17.0% CAGR during 2022–2030.

Based on end user, the South & Central America radioactive tracer market is categorized into hospitals & clinics, diagnostic centers, academic & research institutes, and others. The hospitals & clinics segment held 70.2% share of South & Central America radioactive tracer market in 2022, amassing US$ 334.75 million. It is projected to garner US$ 1,148.35 million by 2030 to expand at 16.7% CAGR during 2022–2030.

Based on application, the South & Central America radioactive tracer market is categorized into oncology, pulmonary, neurology, cardiology, and others. The oncology segment held 61.1% share of South & Central America radioactive tracer market in 2022, amassing US$ 291.52 million. It is projected to garner US$ 971.53 million by 2030 to expand at 16.2% CAGR during 2022–2030.

Based on country, the South & Central America radioactive tracer market has been categorized into Brazil, Argentina, and the Rest of South & Central America.  Our regional analysis states that the Rest of South & Central America captured 38.0% share of South & Central America radioactive tracer market in 2022. It was assessed at US$ 181.39 million in 2022 and is likely to hit US$ 605.84 million by 2030, exhibiting a CAGR of 16.3% during 2022–2030.

Key players operating in the South & Central America radioactive tracer market are Rotem Industries Ltd, Invicro LLC, Cardinal Health Inc, Newcastle University, Novartis AG, Curium, General Electric Co, and IBA Radiopharma Solutions, among others.

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