Technetium-99m Market: Advancements in Imaging Techniques and Soaring Demand for Radiotherapy to Aid Market Growth
Technetium-99m Market: Introduction
Transparency Market Research has published a new report titled, “Technetium-99m Market”. According to the report, the global Technetium-99m market was valued at US$ 2.7 Bn in 2019 and is projected to expand at a CAGR of 3.5% from 2020 to 2030. Some of the factors driving the Technetium-99m market are expansion activities of key radiopharma players; applications in clinical trials; and increase in aging population; pipeline assessment of new drugs; and disease indication mortality. Shutdown of some of the nuclear reactors has led to the development of Technetium-99m generator as an alternate source of production of radioisotopes. Increase in the number of diagnostic procedures conducted using Technetium-99m based modality for various diseases is likely to further drive the uptake of Technetium-99m. Ongoing advances in SPECT/CT are diverse. For instance, whole-body SPECT/CT imaging in which series of images are acquired from multiple bed positions, similar to PET/CT, is gaining traction. Technetium-99m has been successful in treating persistent diseases with low toxic side effects. This has increased global Technetium-99m production for usage in medical imaging and nuclear medicine.
According to the World Nuclear Association, over 10,000 hospitals across the world use radioisotopes in medicine and 90% of the procedures are used for diagnosis of infectious diseases, cancer, and neurological disorders. Based on end user, the hospital segments accounted for major share of the global Technetium-99m market in terms of revenue in 2018. The segment is expected to expand at a moderate CAGR during the forecast period. Hospitals are major end users of Technetium-99m products, which are used in the treatment of diseases such as cardiovascular heart diseases, neurological disorders, and diabetes. Hospitals are an important channel for the usage of radioisotopes as nuclear medicine. According to government healthcare facilities, hospitals have reimbursement plans and advanced technology systems for disease treatment.
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According to the Nuclear Energy Agency, the current global irradiation and processing capacity is insufficient to cater future demand for 99Mo/Technetium-99m. Worldwide, only ~9 reactors are used for the target irradiation and ~6 major processing plants. The cessation of any of the reactors or processing plants can significantly disrupt the Molybdenum supply and impact medical facilities. Moreover, processing facilities should be located close to the reactor. The further away processing facilities are located from reactors, the more complicated the transportation logistics and regulatory requirements. Thus, proper integration of supply chain becomes paramount to reduce waste due to decay in transit.
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Technetium-99m Market: Prominent Regions
North America held the largest share of the global Technetium-99m market in 2018. The demand for medical devices and services continues to be high in the U.S. It is anticipated to increase in the future due to rapidly increasing aging population. Additionally, demand for advanced medical products and technologies is increasing. This is expected to augment the Technetium-99m market in North America. Asia Pacific accounted for significant share of the global Technetium-99m market in 2018. The market in the region is expected to grow at a rapid pace during the forecast period. Governments in Asia Pacific and the Middle East are making substantial investments to develop the healthcare sector. They are focusing on opening more specialized care centers and increasing the number of medical and research institutes. Also, an increase in the total healthcare expenditures per capita has been observed in some countries.
Providing access to population to healthcare clinicians, facilities, and treatments is still not robust in several countries in Asia Pacific and the Middle East. Thus, a huge potential can be observed for the development of the healthcare facilities in these regions, which would create the demand for better imaging techniques.
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Technetium-99ms Market: Key Players
Key players are expanding their footprint to strengthen their positions in the global Technetium-99m market. These players are collaborating with other companies to secure and strengthen their positions in the Technetium-99m market. Leading players in the global Technetium-99m market include GE Healthcare, Curium, Lantheus Medical Imaging, Inc., Mallinckrodt, Siemens Healthineers, Advanced Accelerator Applications, Bayer AG, Eckert & Ziegler, Advanced Cyclotron Systems, Inc., Sumitomo Heavy Industries, Ltd., Philips, and Jubilant Life Sciences Limited.
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