Cardiovascular Segment, by Application Area, to Dominate Technetium-99m Market During 2022–2030
According to our new research study on "Technetium-99m Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis," the market is expected to grow from US$ 4,268.15 million in 2022 to US$ 6,072.86 million by 2030; it is anticipated to record a CAGR of 4.5% from 2022 to 2030. Key factors driving the market are the high prevalence of chronic diseases and advancements in nuclear imaging techniques. However, the short shelf-life of radiopharmaceuticals hinders the market growth.
The use of nuclear medical techniques is rapidly expanding owing to the adoption of SPECT for accurate disease detection, localization, and characterization. SPECT is one of the most advanced nuclear medicine imaging procedures used in clinical settings as it efficiently shows blood flow and areas of the brain or parts of bone affected by cancer. The World Nuclear Association estimates that around 40 million nuclear medicine procedures use technetium-99 (Tc-99m) to diagnose diseases and provide targeted treatment worldwide. These approaches have also been used in various fields, including immunology, infection, gastroenterology, cardiology, cancer, neurology, and psychiatry, for medical diagnosis. Advanced nuclear medicine and modern imaging technologies enable physicians to diagnose diseases more accurately and quickly. Furthermore, the continuous development of new radiopharmaceuticals for the SPECT/CT platforms used in novel clinical applications such as neurology and orthopedics and the increasing accuracy of different tumor staging methods further contribute to the increase in technetium-99m market size.
Technetium-99m Market, by Geography, 2022 (%)
Technetium-99m Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application Area (Cardiovascular, Bone Scan, Respiratory, Tumor Imaging, and Others), End User (Hospitals, Diagnostic and Imaging Centers, and Others), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa)
Technetium-99m Market Trends, Growth, Size, Share by 2030
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Source: The Insight Partners Analysis
However, the short shelf-life of radiopharmaceuticals hamper the market growth. The shelf-life of radiopharmaceuticals depends mainly on the radioisotopes' half-life, radiochemical stability, and the radionuclide impurities' content in the preparation. Most radiopharmaceutical preparations contain radioisotopes with very short half-lives. For example, technetium-based and SPECT preparations must be used within 6 hours or a few minutes of preparation. The shelf-life of a multidose radiopharmaceutical preparation after aseptic withdrawal of the first dose depends on microbiological considerations. In case of a short half-life of radionuclides, the diagnostic radiopharmaceuticals are usually prepared in the hospital radiopharmacy departments just before the administration to patients. For example, the half-life of technetium-99m is 6 hours, and does not remain in the body for long. Therefore, short-lived radiopharmaceuticals are becoming a matter of concern in long-term procedures, which is a major factor restraining the technetium-99m market growth.
The technetium-99m market forecast can help stakeholders plan their growth strategies. Lantheus Medical Imaging Inc, Curium, Jubilant Pharma Company, NorthStar Medical Radioisotopes LLC, Sun Pharmaceutical Industries Inc, Advancing Nuclear Medicine, NTP Radioisotopes SOC Ltd, Northwest Medical Isotopes LLC, SHINE Technologies LLC, and Cardinal Health are among the key companies utilizing organic strategies (such as launches, expansion, and product approvals) and inorganic strategies (such as collaborations and partnerships) to stay competitive in the market.
For instance, in November 2023, the International Atomic Energy Agency (IAEA) announced a new coordinated research project (CRP) to create a global network of producers and researchers to develop a new generation of technetium-99m kits and radiopharmaceuticals. The CRP is anticipated to create standard processes and guidelines for the manufacturing, quality control, and preclinical testing of innovative technetium-99m radiopharmaceuticals. The CRP will also concentrate on the most therapeutically relevant supplies in demand and the implementation of innovative radiolabeling strategies.
Similarly, in February 2023, BWXT Medical completed the key Tc-99m generator program milestone with Laurentis. Laurentis Energy Partners and BWXT Medical Ltd. have installed and commissioned an innovative isotope system at Ontario Power Generation's (OPG) Darlington Nuclear Generating Station, enabling them to generate molybdenum-99 (Mo-99) isotopes. Mo-99 is used to generate Technetium-99 metastable (Tc-99m), one of the most often used diagnostic imaging agents in nuclear medicine, which aids in detecting conditions such as cancer and heart disease. Darlington will be the first commercial power reactor to produce Mo-99.
The technetium-99m market report provides information on company positioning and concentration to evaluate the performance of competitors in the market.
In 2022, North America held the largest technetium-99m market share. Factors such as the availability of advanced healthcare infrastructure, the presence of major market players, the rising incidence and prevalence of target conditions, and product innovations introduced by key players fuel the market growth. According to the International Agency for Research on Cancer (IARC), the number of cancer cases in the US is expected to increase from 2.28 million cases in 2020 to 3.12 million cases in 2040. Therefore, an increase in chronic diseases, including cancer, will fuel the demand for medical imaging, boosting the market growth. Additionally, the Centers for Medicare & Medicaid Services (CMS) in the US has adopted standards associated with human laboratory research under the Clinical Laboratory Improvement Amendments (CLIA), which has favorably improved the technetium-99m market.
The technetium-99m market analysis has been carried out by considering the following segments: application area and end user.
Based on application area, the market is segmented into cardiovascular, bone scan, respiratory, tumor imaging, and others. The cardiovascular segment held the largest technetium-99m market share in 2022. The bone scan segment is anticipated to register the highest CAGR during 2022–2030.
Based on end user, the market is segmented into hospitals, diagnostic and imaging centers, and others. In 2022, the diagnostic and imaging centers segment held the largest market share. The hospitals segment is anticipated to register the highest CAGR during 2022–2030.
The scope of the technetium-99m market report entails North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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