Global Medical Isotope Market Will Grow Steadily, Driven By Increasing Demand For Nuclear Medicine Procedures

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Global Medical Isotope Market Will Grow Steadily, Driven By Increasing Demand For Nuclear Medicine Procedures Image
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According to SNS Insider, the Canada Medical Isotopes Market is expected to grow at a CAGR of 11.8% over the forecast period of 2024 -2031, the valuation estimated to hit $2223.99 Mn by 2031.

Medical isotopes, radioactive materials with specific applications in medicine, are playing an increasingly crucial role in modern healthcare. These versatile tools are utilized for both diagnostic imaging and targeted therapies, offering a non-invasive window into the human body and a potent weapon against various diseases.

What are the driving factors worth focusing on for incumbents and new entrants?

  • One of the primary drivers of this market is the rising prevalence of chronic diseases like cancer and cardiovascular ailments. Chronic diseases are expected to grow by 5% by looking at the current trend, the numbers are specifically associated with the people aged above 60 years. This, in turn, will fuel the demand for advanced diagnostic techniques, propelling the use of medical isotopes in procedures like PET scans and bone scans for early disease detection and improved treatment outcomes.
  • The continuous development of novel radioisotopes with enhanced properties presents exciting opportunities for market expansion. These next-generation isotopes boast features like improved imaging resolution, reduced radiation exposure, and targeted therapeutic capabilities. For instance, the radiopharmaceutical Lutetium-177 (Lu-177) has emerged as a promising treatment for neuroendocrine tumors, demonstrating superior efficacy compared to conventional therapies. The adoption of such innovative solutions by healthcare providers will undoubtedly contribute to market growth.
  • The expanding field of personalized medicine, which tailor's treatments based on individual patient characteristics, is another significant factor influencing the medical isotope market. As the concept of personalized medicine gains traction, the demand for specialized medical isotopes is anticipated to rise concurrently.

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List of Medical Isotope Companies Profiled in Report:

  • Nippon Sanso
  • Cambridge Isotope Laboratories
  • Centre of molecular research
  • LANL
  • ORNL
  • HISO
  • NHTC
  • 3M
  • Nordion
  • Wosotop
  • Urenco
  • IRE
  • Curium Pharma
  • NRG
  • Eckert Ziegler Strahlen

Global Medical Isotope Market Will Grow Steadily, Driven By Increasing Demand For Nuclear Medicine Procedures Image

Medical Isotope Market

Challenges faced by the key players

However, the medical isotope market does face certain challenges. The most significant concerns are the potential disruption in the supply chain due to unexpected circumstances. The production of many critical isotopes relies on aging research reactors, and any downtime at these facilities can lead to shortages and price fluctuations. For instance, in the past, the market witnessed supply constraints for Technetium-99m (Tc-99m), the most widely used medical isotope globally, highlighting the need for diversification and redundancy in production capabilities.

Medical Isotope Industry Segmentation as Follows:

By Type

  • Stable Isotopes
  • Radioisotope

By Application

  • Medical
  • Scientific Research
  • Industrial
  • Others

Segment Analysis:

The medical isotope market thrives on a foundation of two distinct types of isotopes: stable and radioactive. Stable isotopes, accounting for roughly 20% of the market share, play a crucial role in research and diagnostics due to their predictable properties. In contrast, radioisotopes, commanding the remaining 80% share, are the workhorses of nuclear medicine. Here, specific radioisotopes with targeted decay properties are incorporated into radiopharmaceuticals. These radiopharmaceuticals are then used in medical imaging techniques like PET scans to diagnose diseases or in targeted radiotherapy treatments for cancers.

Beyond the medical province, both stable and radioactive isotopes find application in scientific research 15% share for tasks like age dating and protein analysis. Industrial uses holding 10% share leverage isotopes for non-destructive testing in welds or for process control in manufacturing. A small“Others” segment 5% share encompasses applications like food irradiation and smoke detector ionization.

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Regional Analysis:

North America holds the massive share of the medical isotope market, accounting for roughly 47% in 2023 as estimated by SNS Insider. This dominance stems from their well-developed healthcare infrastructure, high disposable income allowing for advanced medical technologies, and a strong focus on research and development in this field. However, the APAC region is assured for a push, with the fastest projected growth rate in the coming years. This acceleration is attributed to several factors, including a rapidly expanding patient population, rising healthcare expenditure, and increasing government initiatives in developing economies to improve access to quality healthcare.

Recent Developments:

  • Prominent players like Siemens Healthineers (Germany), GE Healthcare (US), and Mallinckrodt Pharmaceuticals (US) are actively engaged in research and development to create innovative radiopharmaceuticals and enhance production capabilities.
  • For instance, in 2023, Nordion (Canada), a subsidiary of IBA (Belgium), announced the expansion of its radioisotope production facility in Canada, aiming to meet the growing demand for medical isotopes in North America. Such strategic investments by key players highlight the confidence in the future potential of this market.

Key Takeaways:

  • The medical isotope market stands at an important juncture, propelled by the growing need for advanced diagnostics and targeted therapies.
  • Innovation in isotope development, the rise of personalized medicine, and an aging population are all contributing to its expansion. While supply chain vulnerabilities and economic fluctuations pose challenges, the long-term outlook for the medical isotope market remains remarkably bright.
  • As advancements continue and healthcare priorities evolve, these powerful tools are poised to play an even more significant role in revolutionizing modern medical practices.

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Table of Content

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Medical Isotope Market Dynamics

Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)

Chapter 5 Value Chain Analysis

Chapter 6 Porter's 5 forces model

Chapter 7 PEST Analysis

Chapter 8 Medical Isotope Market Segmentation, By Type

Chapter 9 Medical Isotope Market Segmentation, By Application

Chapter 10 Regional Analysis

Chapter 11 Company profile

Chapter 12 Competitive Landscape

Chapter 13 Use Case and Best Practices

Chapter 14 Conclusion


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About US:

SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.

We assist our clients to anticipate industrial, economic, and consumer trends to drive disruptive change by fusing global experience with local information from experts throughout the world. We bring context to strategic and tactical data by bridging approaches based on data science and field research, assisting you in addressing your most pressing problems and spotting possibilities.

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