Market Drivers of the Fluorine-18 Market
The rising incidence of chronic illnesses, including neurological disorders, cardiovascular diseases (CVDs), and various forms of cancer, significantly drives the demand for positron emission tomography (PET) diagnostic procedures, thereby propelling the growth of the fluorine-18 market. According to the American College of Cardiology Foundation, the number of deaths attributed to CVD surged from 12.4 million in 1990 to 19.8 million in 2022, with ischemic heart disease being the foremost cause of CVD-related fatalities globally. Furthermore, the International Agency for Research on Cancer (IARC) projects that cancer cases will escalate from approximately 19.3 million in 2020 to around 30.2 million by 2040. Accurate medical assessments are crucial for the effective management of chronic diseases, and many imaging techniques incorporate nuclear substances. Radiopharmaceuticals, including fluorine-18 and copper-64, are integral to PET imaging.
Restraints of the Fluorine-18 Market
The viability of radiopharmaceuticals is primarily influenced by the half-life and radiochemical stability of the radioisotopes, as well as the presence of radionuclide impurities in the formulations. Most radiopharmaceuticals utilize isotopes with very brief half-lives. For instance, fluorine-18 must be utilized within approximately 110 minutes post-preparation. The shelf-life of a multidose radiopharmaceutical after the initial dose is contingent on microbiological factors. Due to the short half-life of certain radionuclides, diagnostic radiopharmaceuticals are typically produced in hospital radiopharmacy departments just prior to patient administration. The half-life of fluorine-18 is 109.8 minutes, and after 12 hours, only about 1% of the original preparation remains viable, which is significantly shorter than other radiopharmaceuticals like technetium-99m, which has a half-life of 6 hours. Consequently, the limitations associated with short-lived radiopharmaceuticals pose challenges for long-term applications, which is a critical factor hindering the growth of the fluorine-18 market.
Opportunities in the Fluorine-18 Market
There is a growing emphasis on the research and development of radioactive tracers, which presents significant opportunities for the fluorine-18 market. The European Union Committee has initiated various programs to enhance R&D efforts in the domain of radioactive tracers and radioisotopes. The Department of Energy Isotope Program (DOE IP) and its predecessor organizations have been at the forefront of developing and producing both radioactive and stable isotopes globally. Under the Atomic Energy Act of 1954, the DOE IP is responsible for supplying isotopes and related services within the United States, holding exclusive authority to produce isotopes for distribution and sale. The mission of the DOE IP encompasses conducting R&D to innovate isotope production, separation, and enrichment technologies, thereby fostering academic, federal, and industrial advancements. Additionally, numerous hospitals and research institutions are dedicated to the development and application of various radioactive tracers for chronic disease diagnosis. For instance, Massachusetts General Hospital (MGH) is exploring a new PET tracer, [18F]3F4AP, for diagnosing conditions such as multiple sclerosis, Alzheimer's disease, mild cognitive impairment, and traumatic brain injury. According to the National Library of Medicine, [18F]3F4AP is currently undergoing Phase 1 clinical trials for these applications. Thus, the ongoing research aimed at discovering new radioactive tracers for diagnosing neurological disorders is expected to further stimulate the growth of the fluorine-18 market in the forthcoming years.
Fluorine-18 Market: Segmental Overview
The fluorine-18 market is categorized by product type into FDG, NaF, and others. The FDG segment dominated the fluorine-18 market in 2022 and is projected to exhibit the highest CAGR throughout the forecast period.
In terms of application, the fluorine-18 market is divided into oncology, cardiology, neurology, and others. The oncology segment accounted for a significant market share in 2022 and is expected to show a higher CAGR during the forecast period.
By end users, the fluorine-18 market is segmented into hospitals, diagnostic centers, and others. The hospitals segment held the largest market share in 2022 and is anticipated to achieve the highest CAGR in the coming years.
Fluorine-18 Market: Geographical Overview
The Asia Pacific region is projected to experience the highest CAGR from 2022 to 2030. Countries like India and China present substantial growth potential for the fluorine-18 market. In 2022, North America held the largest market share. The field of nuclear medicine in the United States has advanced significantly due to innovations in technologies such as hybrid imaging, the introduction of new radiopharmaceuticals for diagnosis and treatment, and the evolution of molecular imaging techniques based on tracer principles. Access to advanced healthcare infrastructure, coupled with the increasing incidence and prevalence of target diseases and product innovations by key players, further enhances the fluorine-18 market's growth in North America. The IARC forecasts that cancer cases in the US will rise from 2.28 million in 2020 to 3.12 million by 2040. Additionally, the Centers for Medicare & Medicaid Services (CMS) in the US have implemented standards related to human laboratory research under the Clinical Laboratory Improvement Amendments (CLIA), which supports the advancement of the fluorine-18 market.
Sources
Key primary and secondary sources utilized in the preparation of the report on the fluorine-18 market include the World Bank Data, National Health Service (NHS), FDA (Food and Drug Administration), EMA (European Medicines Agency), and WHO (World Health Organization).