Technetium-99m Market is expanding at a CAGR of 8.1% from 2016 - 2024
Global companies are increasingly focusing on growing market economies (GME) and Latin America and the Middle East and Africa appear to be bright spots in the overall technetium-99m market. Key features in these regions include a largely underserved population, especially in central Africa and the Middle East, and the advent of favorable policies toward the growth of radio-diagnosis and radiotherapy. Moreover, the changing disease profile in the Middle East has led to an increased focus on cancer studies.
The opportunity in the Middle East and Africa technetium-99m market was pegged at US$273.3 mn in 2015 and is projected to be worth US$636.1 mn by 2026, expanding at a CAGR of 8.1% therein.
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In terms of isotopic application, the technetium-99m market has been divided into SPECT and gamma camera. Gamma camera is expected to be the most attractive isotopic application segment in terms of incremental opportunity. However, the segment is projected to lose market share by 2024, to account for 54.5% by the end of the forecast period.
The hospitals end-user segment accounted for the major share in the MEA technetium-99m market in 2015. Hospitals are the most preferred settings for medical imaging in countries in the Middle East due to the availability of a large number of facilities as compared to other segments such as diagnostic centers. However, the hospitals end-user segment is expected to lose a significant market share to the diagnostic centers segment during the forecast period.
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On the basis of geography, Turkey accounted for a 20.5% share in the MEA technetium-99m market in 2015. Turkey is expected to retain its dominance throughout the course of the forecast period owing to the presence of a large population pool affected by cancer. These patients have been availing several diagnostic solutions and this is expected to drive the technetium-99m market in the country.
Egypt is also a key market for technetium-99m in the Middle East and Africa. The growth of the market in the country can be attributed to the presence of world-class healthcare facilities, research organizations, and government institutes focused on making quality diagnosis available for every individual suffering from cancer and tumors. Egypt also has a large population base, which serves as a key factor driving the technetium-99m market.
Developing countries such as Saudi Arabia, Lebanon, and Iran represent a significant underserved market.
General Electric Company, Sumitomo Heavy Industries, Ltd., Siemens Healthineers, Advanced Cyclotron Systems, Inc., and IBA are some of the key players operating in the MEA technetium-99m market.
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