Argentina Nuclear Imaging Market Size (2024 - 2029)

Argentina Nuclear Imaging Market Analysis

The Argentina Nuclear Imaging Market size is estimated at USD 95.95 million in 2024, and is expected to reach USD 108.82 million by 2029, growing at a CAGR of 2.55% during the forecast period (2024-2029).

As per the report from the Economic Commission for Latin America and the Caribbean (ECLAC), in 2020, Argentina's economy shrank owing to the impact of the crisis caused by the COVID-19 pandemic, which hit private consumption, investment, and exports hard. According to the Preliminary Overview of the Economies of Latin America and the Caribbean 2021, GDP is expected to have contracted by 10.5% by the end of 2020. However, in 2021, the economy is expected to recover by 4.9%, due to the improvement in labor incomes and boost in private consumption, and increasing international export demand. After the COVID-19 pandemic, the market for nuclear imaging is recovering in the country as most elective procedures are being prioritized and medical tourism is also restarted in Argentina which is accelerating the movement of foreign patients to Argentina. Hence, with the above-mentioned factors, it is observed that COVID-19 had a significant impact on the market studied. 

Technological improvements, expanding diagnostic applications in various diseases such as cancer and cardiovascular diseases, government assistance, and the transition from standalone to hybrid modalities are all factors driving the market's growth in Argentina. per the World Aging Report 2021, the number of people aged 65 years and above in Argentina will increase by almost 17.3% compared to that of the year 2020. The hike in the aged population will contribute to the growth of the nuclear imaging market in Argentina as older people are more prone to chronic diseases for which diagnostic imaging becomes necessary at times.

In the nuclear imaging market, many players are concentrating on bringing advanced and innovative equipment. As per the report published by International Atomic Energy Agency in April 2020, the most common medical radioisotope, technetium-99m (Tc-99m) accounts for about 80% of all nuclear medicine procedures and 85% of diagnostic scans in nuclear medicine worldwide. Argentina is one of the countries whose research reactor is used to produce molybdenum-99 isotope and is also exported to other countries. Therefore, making Argentina is one of the major producers of radioisotopes in the world.

Argentina Nuclear Imaging Industry Segmentation

As per the scope of this report, nuclear medicine imaging procedures are non-invasive, with the exception of intravenous injections, and are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers. These radiopharmaceuticals are used in diagnosis and therapeutics. Argentina's Nuclear Imaging Market is segmented by Product (Equipment, Diagnostic Radioisotopes), and Application (SPECT Applications, PET Applications). The report offers the value (in USD million) for the above segments.