Market Trends of Nuclear Imaging Industry
Oncology is Expected to Hold the Significant Market Share in PET Applications over the Forecast Period
Radiopharmaceuticals have been heavily used in the imaging of cancer in recent times. According to the REDECAN Report published in November 2022, breast cancer is the most frequent cancer and the primary cause of cancer-related death in women in Spain, with an estimated 34,750 women diagnosed with the disease in 2022. Additionally, as per the same source, there were estimated to be 30,948 new cases of lung cancer diagnosed in Spain in 2022. In 2022, 22,316 men and 8,632 women were estimated to be diagnosed with lung cancer. Thus, the growing prevalence of cancer and the need for early diagnostics are expected to increase, supporting the segment's expansion over the forecast period.
In oncology, PET (positron emission tomography) uses FDG (18 fluorine-2-fluoro-2-deoxy-d-glucose) as the radiopharmaceutical, as it demonstrates the increased metabolism by malignant cells when compared to that of normal cells. This technique can be used for the imaging of lung cancer, lymphoma, head and neck tumors, breast cancer, esophageal cancer, colorectal cancer, and urinary tract tumors. Furthermore, increased research and development in the field of nuclear medicine are anticipated to boost the market's growth. For instance, as per the press release published in 2022 by the Society of Nuclear Medicine and Molecular Imaging, according to new research presented at the Society of Nuclear Medicine and Molecular Imaging 2022 Annual Meeting, a newly developed small-molecular radiopharmaceutical pair has successfully visualized and treated melanoma in a preclinical study.
Furthermore, new product launches are expected to aid the growth of the segment during the forecast period. In March 2022, the United States Food and Drug Administration (FDA) approved Novartis' complementary diagnostic imaging agent, Locametz. Locametz, after radiolabeling with gallium-68, is used for the identification of prostate-specific membrane antigen (PSMA)-positive lesions. The FDA also approved Novartis's Pluvicto in March 2022 for the imaging of adult patients with a specific type of advanced cancer called prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC) that will spread to other parts of the body. Additionally, in February 2022, Monrol signed an agreement with Curium Netherlands to license its good manufacturing practice (GMP)-grade medical radioisotope, no-carrier-added 177Lu, and cutting-edge production technology LuMagic. Hence, due to the factors mentioned above, such as the growing burden of cancer and product launches, this market segment is expected to witness growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do the Same in the Forecast Period
North America is projected to account for the largest share of the market due to the advancements in technology, including hybrid imaging, the introduction of new radiopharmaceuticals for diagnosis, and the development of molecular imaging.
The robust growth of the healthcare sector in the United States, the increasing incidences of cancer, the growing geriatric population, and the increase in product launches account for the growth of the market. According to statistics published in November 2021 by the Government of Canada, an estimated 229,200 Canadians were diagnosed with cancer in 2021, and 84,600 died from it. Lung, breast, colorectal, and prostate cancers are expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2021. According to the survey, breast cancer affects one out of every eight women at some point in their lives. As the number of incidences of cancer increases, the urge for early detection also rises, propelling demand for nuclear imaging over the forecast period. Similarly, the CDC reported in September 2021 that approximately 6.5 million people in the United States aged 40 and older had peripheral arterial disease in 2021. Thus, the high burden of cardiovascular diseases is expected to drive the demand for effective diagnoses such as nuclear imaging and fuel the growth of the market in the country over the forecast period.
The presence of competitors, collaborations, and research initiatives boost the market's growth. For instance, in 2021, the Canadian Nuclear Safety Commission (CNSC) amended Ontario Power Generation's (OPG) operating license for its Darlington nuclear power station near Clarington, Ontario, allowing the company to produce the medical radioisotope molybdenum-99 using Darlington's Unit 2 CANDU reactor. A precursor to technetium-99m, molybdenum-99 (Mo-99) is used in more than 40 million procedures a year to detect cancer and diagnose various medical conditions. With the use of Tc-99m in radiopharmaceuticals, the market is expected to grow at a tremendous rate in Canada.
The number of launches in the North American region by market players is expected to increase the demand for nuclear imaging. For instance, in October 2022, Spectrum Dynamics introduced its newest development, the capability to image high-energy isotopes using solid-state detector technology in a CZT-based, wide-bore SPECT/CT configuration. This functionality is available in the new VERITRON-CT 400 series digital SPECT/CT scanners, enabling full-body imaging applications. Thus, owing to the factors mentioned above, such as the growing prevalence of cancer and cardiac diseases coupled with product launches, North America is expected to register a significant growth rate for the market studied over the forecast period.
