Technetium-99m Market is Projected to Witness a Staggering Growth During 2016-2024

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.

Some of the leading companies operating in the Middle East and Africa technetium-99m market are General Electric Company, Sumitomo Heavy Industries, Ltd., Siemens Healthineers, Advanced Cyclotron Systems, Inc., and IBA. Transparency Market Research finds that most companies in this avenue are focused on presenting a diverse and technologically advanced product portfolio to maintain a strong foothold in the technetium-99m market. Establishing a strong distribution channel and making the most of their innovation capabilities also form a part of the players’ competitive strategy.

By isotopic application, gamma cameras held the leading share in the technetium-99m market in MEA, creating an incremental opportunity of US$164.7 mn over the course of the forecast period. The SPECT segment, on the other hand, is projected to register a 9.0% CAGR from 2016 to 2026, higher than any other application segment. While hospitals formed the leading end-user segment of the technetium-99m market, diagnostic centers are currently the most attractive segment in terms of CAGR. Geographically, Turkey formed the leading regional segment in 2015 and is projected to value US$151.1 mn by 2024, expanding at a 9.6% CAGR from 2016 to 2026.

Advancement in Imaging Technologies a Key Contributor

“The prevalence of non-communicable and chronic diseases, such as cancer and cardiac disorders, is much higher in the developing economies of MEA than communicable diseases and this is mainly attributed to the rise in life expectancy, changes in lifestyle, and the growing percentage of geriatrics,” the author of the study notes. These factors have resulted in the increased demand for diagnostic equipment and imaging procedures, thereby driving the demand for technetium-99m. In addition, the advancement in imaging technologies, such as SPECT/CT, are fueling the demand for technetium-99m in various radiopharmaceutical applications.

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Reactor Outages Limiting Production of Mo-99 in MEA

TMR notes that the frequency of planned or unplanned reactor outages has been limiting the production of Mo-99, which restricts the growth of the technetium-99m market in MEA. Other factors acting as deterrents include the rising adoption of alternative imaging modalities and the shortage of technicians, radiologists, and medical professionals in the MEA.

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On the bright side, the rising adoption of dual modality imaging techniques and hybrid imaging is projected to drive the use of technetium-99m in the Middle East. “Diagnostic imaging procedures are likely to be revolutionized by the use of multimodality imaging techniques because of their applicability in the development of personalized treatment plans,” the lead analyst predicts. This will lead to the growing adoption of technetium-99m.

Several countries around the world have begun focusing on non-reactor-based production of Mo-99 without the use of highly enriched uranium and this method holds immense promise for the technetium-99m market in MEA.

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About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.