Technetium-99m Market (Isotopic Application: Gamma Camera and Single Photon Emission Computed Tomography [SPECT]; and End User: Hospitals, Diagnostic Centers, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Description

Advancements in Imaging Techniques and Soaring Demand for Radiotherapy to Aid Market Growth

Technological advancements and scientific studies have played an imperative role in the development of the modern healthcare and pharmaceutical industry. With increasing knowledge pertaining to the benefits of using different materials and elements in the medical field, the adoption of radioactive isotopes, including Molybdenum-99/Technetium-99 has witnessed consistent growth over the past couple of decades. The consistent demand for Technetium-99 within the healthcare sector, particularly in the nuclear medicine space is one of the leading factors that is expected to drive the Technetium-99 market during the forecast period. Although human exposure to radiation is deemed unsafe, the adoption of radioisotopes in the treatment and diagnosis is projected to show no signs of slowing down during the assessment period.

Noteworthy advancements in the imaging techniques, including positron emission tomography (PET) and single-photon emission computed tomography (SPECT) is another major factor that is expected to fuel the growth of the Technetium-99 market in the upcoming years. Radioisotopes are increasingly being used to perform radiotherapy– a common treatment for cancer. The adoption of radioisotope in radiotherapy and nuclear medicine has advanced at an impressive pace ever since artificial radioisotope was discovered. Research and development activities within the Technetium-99 market continue to investigate potential applications of artificial isotopes for nuclear medicine. While new technologies and innovations are expected to develop at a steady pace over the upcoming years, the Technetium-99 market is set to surpass the market value of ~US$ 4 Bn by the end of 2030.

Soaring Demand from the U.S. to Propel Technetium-99 Market Growth

Within the global Technetium-99 market, the U.S. has remained the primary consumer and the trend is expected to continue over the forecast period. Within North America, particularly in the U.S., the adoption of Technetium-99 for myocardial perfusion imaging is critical due to the rising prevalence of coronary artery disease. Another application wherein Technetium-99 is predominantly being used is for full-body imaging to detect bone metastases and in some cases, detection of benign bone diseases, including inflammation. Some of the other secondary applications wherein Technetium-99 is increasingly being used include sentinel node imaging prior to the surgery for breast cancer, lung, renal, and thyroid imaging.

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Although the consumption of Technetium-99 is witnessing a slump in recent years due to multiple factors such as evolving reimbursement policies, gradual shift toward competing for imaging modalities, mounting concerns circling around radiation exposure, etc. According to the analysts at the growth of the global Technetium-99 market is likely to hinge its hopes on advancements in new camera systems that are expected to play a key role in improving the resolution of Technetium-99 images, along with advanced software for data analytics– factors that have immense potential in improving the prospects of the global Technetium-99 market. Within the current market landscape, research and development activities are largely focusing on PET imaging agents due to easier quantification of PET signals and high sensitivity. While the demand for Technetium-99 is expected to remain sluggish in developed regions, including North America and Europe in the forthcoming decade, pouring investments to develop nuclear medicine programs across developing regions of Asia Pacific, including China, are some of the major factors that are likely to accelerate the growth of the market for Technetium-99 in this region.

COVID-19 Pandemic Likely to Create Distribution and Transportation Bottlenecks

The advent of the COVID-19 pandemic is expected to dent the growth of the Technetium-99 market in the upcoming months. While manufacturers continue the production of medical radioisotopes amidst the COVID-19 pandemic, bottlenecks within the supply and logistics chain are anticipated to cause shortage across hospitals as per the International Atomic Energy Agency (IAEA). Although governments across the world have deemed radioisotopes as essentials, players operating in the current market landscape are expected to focus on supply chain continuity and address the same at the earliest. Cross-border distribution challenges, cancellation of flights, and scaled-down production of radioisotopes could largely affect the supply of Technetium-99 in the next few months until the COVID-19 pandemic subsides. Leading companies in the current market landscape are exploring the option of using charter flights to cater to the growing demand amidst the ongoing health crisis.global technetium 99m market segmentation

Analysts’ Viewpoint

The global Technetium-99 market is expected to grow at a steady CAGR of 3.5% during the forecast period. The market growth can be primarily attributed to a host of factors of which, advancements in nuclear medicine and medical imaging techniques are critical. In addition, the high prevalence of coronary artery diseases across the world is another major factor that is expected to propel the demand for Technetium-99 during the forecast period. Players operating in the current market landscape are likely to focus on streamlining their supply chain and addressing the shortage across hospitals worldwide. While the Technetium-99 market is projected to witness sluggish growth in North America and Europe, Asia Pacific is expected to remain the key area for development.

Technetium-99m Market: Introduction

According to Transparency Market Research’s latest market report on the global Technetium-99m market for the historical period 2018–2019 and forecast period 2020–2030, factors such as increase in per-capita healthcare expenditure; rise in nuclear imaging and healthcare infrastructure such as cardiac institute & hospitals; and rapid urbanization in developing countries such as in Asia is expected to increase the influx of emigrant population, which requires sufficient healthcare services to cater to the unmet medical needs, are anticipated to drive the global 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

Increase in Purchasing Power of Hospitals and Technological Advancements: Key Drivers in Technetium-99m Market

Rise in disposable income of people in emerging economies is expected to enable them to avail better healthcare facilities. Hence, availability of better imaging techniques are likely to prompt healthcare service providers to make significant investments in advanced medical automation technologies in order to meet patient needs, improve operational efficiency, and save both service costs and time. This is anticipated to drive the global Technetium-99m market.

Radionuclide medicine is primarily used in hospitals, owing to high usage of Technetium-99m in treatment. According to the World Nuclear Association, 95% of the radioisotopes in the form of nuclear medicine are utilized by hospitals. The trend of development of technetium-99m has come into existence due to the introduction of SPECT and gamma camera systems for cardiac diagnosis and imaging techniques. Introduction of SPECT systems regionally has driven the production of photon emitting radioisotopes (Technetium-99m), which fuels the global Technetium-99m market.

Major Shift from SPECT to SPECT/CT

The field of nuclear medicine is conquered by applications related to single-photon emission computerized tomography (SPECT). Increase in applications of SPECT technology in respiratory & renal, cardiac, and neurological disorders is anticipated to drive the Technetium-99m market. Various SPECT procedures are performed in cardiology and pulmonary. Orthopedics, renal, and central nervous system imaging are developing areas that can also benefit these procedures which augment the Technetium-99m market.

Hybrid imaging modalities in the field of nuclear medicine is an emerging trend in the diagnostic imaging industry. Hybrid SPECT/CT machines have largely contributed toward better and early diagnosis and recurrence of cardiovascular diseases. This is anticipated to propel the global Technetium-99m market in the next few years.

Launch of such value-based SPECT with high diagnostic accuracy, strong prognostic power, and low radiation dose have resulted in increase in adoption of SPECT/CT machines in hospitals and diagnostic centers. This is likely to fuel the growth of the global Technetium-99m market.

Stringent Regulatory Guidelines and Supply Shortage of Technetium-99m to Hamper Global Market

Production, storage, and usage of radioisotopes require proper precautions, as radioisotopes generate radiation, which can affect mass population and the environment. Approval from the Food and Drug Administration and Medicines and Healthcare Products Regulatory Agency is mandatory for any usage, storage, or production of radioisotopes.

According to the Nuclear Regulatory Commission, approximately 6,000 licenses are maintained for the use of radioactive materials; violation of agreement leads to enforcement actions, including loss of license

Supply of Technetium-99m is unstable globally and is expected to reduce in the near future due to shut down of major reactors (Canada and the Netherlands), which is likely to hamper the global technetium-99m market. According to the Nuclear Energy Agency (NEA), supply of radioisotopes started deflating from 2016, not simply from reactors, but due to processing limitations such as transport, demand management, and communications, which is likely to hamper the global Technetium-99m market.

Technetium-99m Market: Competition Landscape

This report profiles major players in the global Technetium-99m market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments in Technetium-99m market

The global Technetium-99m market is highly consolidated, with the presence of small number of players

Leading players in the global Technetium-99m market include GE Healthcare, Lantheus Medical Imaging, Inc., Curium, Siemens Healthineers, Advanced Accelerator Applications, Bayer AG, Eckert & Ziegler, Philips, and Jubilant Life Sciences Limited

Technetium-99m Market: Key Developments

Key players in the global Technetium-99m market are engaged in regulatory approvals, introduction of technologically advanced products, acquisitions, and collaborative agreements with other companies. Major developments by key players are likely to fuel the global Technetium-99m market.

In April 2017, IBA Molecular and Mallinckrodt Nuclear Medicine LLC collaborated to create a new radiopharmaceutical company, Curium

The report on the global Technetium-99m market discussed individual strategies, followed by company profiles of manufacturers of Technetium-99m products. The competition landscape section has been included in the Technetium-99m market report to provide readers with a dashboard view and a company market share analysis of key players operating in the global Technetium-99m market.

Key Questions Answered in Technetium-99m Market Report

  • What is the scope of growth of TC-99 in the Technetium-99m market?
  • What will be the Y-o-Y growth of the Technetium-99m market between 2020 and 2030?
  • What is the influence of changing trends in SPECT/CT on the global Technetium-99m market?
  • Will North America continue to remain the most profitable regional market for Technetium-99m providers?
  • Which factors are anticipated to impede the growth of the global Technetium-99m market during the forecast period?
  • Which are the leading companies in the global Technetium-99m market?

Technetium-99m Market - Segmentation

Isotopic Application

  • Gamma Camera
  • Single Photon Emission Computed Tomography (SPECT)

End User

  • Hospitals
  • Diagnostic Centers
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

TABLE OF CONTENT

1. Preface

    1.1. Market Definition and Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

    1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary: Global Technetium-99m Market

4. Market Overview

    4.1. Introduction

        4.1.1. Type Definition

        4.1.2. Industry Evolution / Developments

    4.2. Overview

    4.3. Market Dynamics

        4.3.1. Drivers

        4.3.2. Restraints

        4.3.3. Opportunities

    4.4. Global Technetium-99m Market Analysis and Forecast, 2018–2030

        4.4.1. Market Revenue Projections (US$ Mn)

    4.5. Porter’s Five Force Analysis

5. Key Insights

    5.1. Health Care Industry Overview

    5.2. SPECT Scanner, by Continent

    5.3. Mo-99 Producers and Production Capacity

    5.4. Volume of Nuclear Medicine Isotopic Applications, by Region

    5.5. FDA Approved Technitium-99m Based Radiopharmaceuticals Products

    5.6. Radiation Protection Guidelines

    5.7. General Waste Management

    5.8. Radioactive Material Transport Guidelines

    5.9. Cost Analysis of Single Photon Emission Computed Tomography (SPECT) Facility

    5.10. Health Care Industry Overview

    5.11. Product Price Analysis

6. Global Technetium-99m Market Analysis and Forecast, by Isotopic Application 

    6.1. Introduction & Definition

        6.1.1. Key Findings / Developments

    6.2. Global Technetium-99m Market Value Forecast, by Isotopic Application, 2018–2030

        6.2.1. Gamma Camera

        6.2.2. Single Photon Emission Computed Tomography (SPECT) 

    6.3. Global Technetium-99m Market Attractiveness, by Isotopic Application  

7. Global Technetium-99m Market Analysis and Forecast, by End-user 

    7.1. Introduction & Definition

        7.1.1. Key Findings / Developments

    7.2. Global Technetium-99m Market Value Forecast, by End-user, 2018–2030

        7.2.1. Hospitals

        7.2.2. Diagnostic Centers

        7.2.3. Others

    7.3. Global Technetium-99m Market Attractiveness, by End-user

8. Global Technetium-99m Market Analysis and Forecast, by Region

    8.1. Key Findings

    8.2. Global Technetium-99m Market Value Forecast, by Region

        8.2.1. North America 

        8.2.2. Europe 

        8.2.3. Asia Pacific 

        8.2.4. Latin America 

        8.2.5. Middle East & Africa 

    8.3. North America Technetium-99m Market Attractiveness, by Region

9. North America Technetium-99m Market Analysis and Forecast

    9.1. Introduction

        9.1.1. Key Findings 

    9.2. North America Technetium-99m Market Value (US$ Mn) Forecast, by Isotopic Application, 2018–2030

        9.2.1. Gamma Camera

        9.2.2. Single Photon Emission Computed Tomography (SPECT)  

    9.3. North America Technetium-99m Market Value (US$ Mn) Forecast, by End-user, 2018–2030

        9.3.1. Hospitals

        9.3.2. Diagnostic Centers

        9.3.3. Others

    9.4. North America Technetium-99m Market Value (US$ Mn) Forecast, by Country, 2018–2030

        9.4.1. U.S.

        9.4.2. Canada

    9.5. North America Technetium-99m Market Attractiveness Analysis 

        9.5.1. By Isotopic Application 

        9.5.2. By End-user

        9.5.3. By Country

10. Europe Technetium-99m Market Analysis and Forecast 

    10.1. Europe Technetium-99m Market Value (US$ Mn) Forecast, by Isotopic Application, 2018–2030

        10.1.1. Gamma Camera

        10.1.2. Single Photon Emission Computed Tomography (SPECT)  

    10.2. Europe Technetium-99m Market Value (US$ Mn) Forecast, by End-user, 2018–2030

        10.2.1. Hospitals

        10.2.2. Diagnostic Centers

        10.2.3. Others 

    10.3. Europe Technetium-99m Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030

        10.3.1. Germany

        10.3.2. U.K.

        10.3.3. France

        10.3.4. Spain

        10.3.5. Italy

        10.3.6. Rest of Europe 

    10.4. Europe Technetium-99m Market Attractiveness Analysis 

        10.4.1. By Isotopic Application 

        10.4.2. By End-user

        10.4.3. By Country/Sub-region

11. Asia Pacific Technetium-99m Market Analysis and Forecast 

    11.1. Asia Pacific Technetium-99m Market Value (US$ Mn) Forecast, by Isotopic Application, 2018–2030

        11.1.1. Gamma Camera

        11.1.2. Single Photon Emission Computed Tomography (SPECT)  

    11.2. Asia Pacific Technetium-99m Market Value (US$ Mn) Forecast, by End-user, 2018–2030

        11.2.1. Hospitals

        11.2.2. Diagnostic Centers

        11.2.3. Others 

    11.3. Asia Pacific Technetium-99m Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030

        11.3.1. China

        11.3.2. Japan

        11.3.3. India

        11.3.4. Australia & New Zealand

        11.3.5. Rest of Asia Pacific 

    11.4. Asia Pacific Technetium-99m Market Attractiveness Analysis 

        11.4.1. By Isotopic Application 

        11.4.2. By End-user

        11.4.3. By Country/Sub-region

12. Latin America Technetium-99m Market Analysis and Forecast 

    12.1. Latin America Technetium-99m Market Value (US$ Mn) Forecast, by Isotopic Application, 2018–2030

        12.1.1. Gamma Camera

        12.1.2. Single Photon Emission Computed Tomography (SPECT) 

    12.2. Latin America Technetium-99m Market Value (US$ Mn) Forecast, by End-user, 2018–2030

        12.2.1. Hospitals

        12.2.2. Diagnostic Centers

        12.2.3. Others 

    12.3. Latin America Technetium-99m Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030

        12.3.1. Brazil

        12.3.2. Mexico

        12.3.3. Rest of Latin America Latin America 

    12.4. Latin America Technetium-99m Market Attractiveness Analysis 

        12.4.1. By Isotopic Application 

        12.4.2. By End-user

        12.4.3. By Country/Sub-region

13. Middle East & Africa Technetium-99m Market Analysis and Forecast

        13.1.1.  

    13.2. Middle East & Africa Technetium-99m Market Value (US$ Mn) Forecast, by Isotopic Application, 2018–2030

        13.2.1. Gamma Camera

        13.2.2. Single Photon Emission Computed Tomography (SPECT) 

    13.3. Middle East & Africa Technetium-99m Market Value (US$ Mn) Forecast, by End-user, 2018–2030

        13.3.1. Hospitals

        13.3.2. Diagnostic Centers

        13.3.3. Others 

    13.4. Middle East & Africa Technetium-99m Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2030

        13.4.1. GCC Countries

        13.4.2. South Africa

        13.4.3. Rest of Middle East & Africa 

    13.5. Middle East & Africa Technetium-99m Market Attractiveness Analysis 

        13.5.1. By Isotopic Application 

        13.5.2. By End-user

        13.5.3. By Country/Sub-region

14. Competition Landscape

    14.1. Market Player - Competition Matrix (by Tier and Size of companies)

    14.2. Market Share / Position Analysis, by Company (2018)

    14.3. Competitive Business Strategies

    14.4. Company Profiles

        14.4.1. Advanced Cyclotron Systems, Inc.

            14.4.1.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.1.2. Growth Strategies

            14.4.1.3. SWOT Analysis

        14.4.2. Sumitomo Heavy Industries, Ltd.

            14.4.2.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.2.2. Growth Strategies

            14.4.2.3. SWOT Analysis

        14.4.3. Siemens Healthineers

            14.4.3.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.3.2. Growth Strategies

            14.4.3.3. SWOT Analysis

        14.4.4. GE Healthcare

            14.4.4.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.4.2. Growth Strategies

            14.4.4.3. SWOT Analysis

        14.4.5. Lantheus Holdings, Inc.

            14.4.5.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.5.2. Growth Strategies

            14.4.5.3. SWOT Analysis

        14.4.6. Bayer AG

            14.4.6.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.6.2. Growth Strategies

            14.4.6.3. SWOT Analysis

        14.4.7. IBA Radiopharma Solutions

            14.4.7.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.7.2. Growth Strategies

            14.4.7.3. SWOT Analysis

        14.4.8. Philips Healthcare (Koninklijke Philips N.V.) 

            14.4.8.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.8.2. Growth Strategies

            14.4.8.3. SWOT Analysis 

        14.4.9. Advanced Accelerator Applications

            14.4.9.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.9.2. Growth Strategies

            14.4.9.3. SWOT Analysis

        14.4.10. Nordion, Inc.

            14.4.10.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.10.2. Growth Strategies

            14.4.10.3. SWOT Analysis

        14.4.11. Eckert & Ziegler

            14.4.11.1. Company Overview (HQ, Business Segments, Employee Strength)

            14.4.11.2. Growth Strategies

            14.4.11.3. SWOT Analysis

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