The analysis of the technetium-99m market reveals that several key factors are propelling its growth, including the rising incidence of chronic diseases and innovations in nuclear imaging technologies. However, the limited shelf-life of radiopharmaceuticals poses a significant challenge to the expansion of the technetium-99m market.
Market Drivers of the Technetium-99m Market
The adoption of nuclear medicine techniques is on the rise, primarily due to the increasing use of Single Photon Emission Computed Tomography (SPECT) for precise disease identification, localization, and characterization. SPECT is recognized as one of the most sophisticated imaging modalities in nuclear medicine, effectively illustrating blood circulation and identifying areas in the brain or bones that may be affected by cancer. According to the World Nuclear Association, approximately 40 million nuclear medicine procedures utilizing technetium-99 (Tc-99m) are performed globally for disease diagnosis and targeted therapies. These techniques are applied across various medical fields, including immunology, gastroenterology, cardiology, oncology, neurology, and psychiatry. The advancements in nuclear medicine and contemporary imaging technologies empower healthcare professionals to diagnose conditions with greater accuracy and speed. Additionally, the ongoing development of new radiopharmaceuticals for SPECT/CT platforms, particularly in emerging clinical applications such as neurology and orthopedics, along with enhanced tumor staging methods, are contributing to the growth of the technetium-99m market.
Restraints of the Technetium-99m Market
Despite the positive growth drivers, the short shelf-life of radiopharmaceuticals remains a significant barrier to market expansion. The shelf-life is largely determined by the half-life of the radioisotopes, their radiochemical stability, and the levels of radionuclide impurities present in the preparation. Many radiopharmaceuticals are based on radioisotopes with very brief half-lives. For instance, technetium-based and SPECT preparations must be utilized within six hours post-preparation. The longevity of a multidose radiopharmaceutical after the first dose is withdrawn is influenced by microbiological factors. Due to the short half-life of radionuclides, diagnostic radiopharmaceuticals are typically produced in hospital radiopharmacy departments immediately before patient administration. For example, technetium-99m has a half-life of just six hours, meaning it does not remain in the body for extended periods. Consequently, the short-lived nature of these radiopharmaceuticals poses challenges for long-term procedures, significantly restraining the growth of the technetium-99m market.
Opportunities in the Technetium-99m Market
Emerging markets such as India, China, Argentina, Brazil, the UAE, and South Africa are anticipated to present substantial growth opportunities for industry stakeholders, driven by an expanding patient base, increased research and development activities, enhanced healthcare infrastructure, and heightened disease awareness. The World Economic Forum reported that as of 2022, countries like Russia, Brazil, China, India, and South Africa accounted for one-third of global health expenditures. The World Bank noted that health spending in India and China rose by 3.01% and 5.35%, respectively, from 2018 to 2019.
Moreover, the rising prevalence of cardiovascular diseases (CVDs) in developing nations is largely attributed to lifestyle changes and the adoption of modern facilities. The modernization of residential, corporate, and commercial spaces has led to decreased physical activity and increased obesity rates, heightening the risk of CVDs. This trend underscores the growing importance of imaging techniques, including nuclear imaging. Research institutions in developing countries are actively working on advanced diagnostic systems, including cost-effective and high-performance SPECT systems, aimed at reaching remote areas with limited access to advanced medical technologies. Countries like China, Japan, and Brazil are investing heavily in the development of SPECT machines to reduce costs and improve access for hospitals and medical organizations. Furthermore, the competitive landscape in mature markets is prompting technetium-99m manufacturers to focus on developing regions, which is likely to create additional growth opportunities for the market.
Technetium-99m Market: Segmental Overview
The market is categorized by application into cardiovascular, bone scan, respiratory, tumor imaging, and others. The cardiovascular segment dominated the technetium-99m market in 2022, while the bone scan segment is expected to exhibit the highest CAGR from 2022 to 2030.
In terms of end users, the market is divided into hospitals, diagnostic and imaging centers, and others. The diagnostic and imaging centers segment held the largest market share in 2022, while the hospitals segment is projected to experience the highest CAGR during the forecast period.
Technetium-99m Market: Geographical Overview
The Asia Pacific region is anticipated to witness the highest CAGR from 2022 to 2030. Countries like India and China present significant growth potential for the technetium-99m market, driven by improving healthcare infrastructure, rising healthcare expenditures, and a growing emphasis on adopting advanced medical technologies.
In 2022, North America held the largest share of the global market. Factors such as advanced healthcare infrastructure, the presence of leading market players, increasing incidence rates of target conditions, and innovative product developments by key players are expected to shape new trends in the technetium-99m market in the coming years. The International Agency for Research on Cancer (IARC) projects that cancer cases in the US will rise from 2.28 million in 2020 to 3.12 million by 2040. This increase in chronic diseases, particularly cancer, will drive demand for medical imaging, thereby enhancing market growth. Additionally, the US Centers for Medicare & Medicaid Services (CMS) has implemented standards related to human laboratory research under the Clinical Laboratory Improvement Amendments (CLIA), positively impacting the performance of the technetium-99m market.
Key sources referenced in the preparation of this report on the technetium-99m market include the World Bank Data, National Health Service (NHS), FDA (Food and Drug Administration), EMA (European Medicines Agency), and WHO (World Health Organization).