Market Trends of Nuclear Medicine Radioisotopes Industry
The Cardiology Segment is Expected to Witness Significant Growth Over the Forecast Period
The cardiology segment includes the diagnosis of coronary artery disease and cardiomyopathy which is diseases of the heart muscle, using nuclear isotopes such as technetium-99m (Tc-99m), Rubidium 82, and others.
The high prevalence of cardiovascular disorders and the vast applications of nuclear isotopes in diagnosing cardiac issues are promoting the growth of the segment. Cardiovascular disorders include coronary artery disease (CAD), strokes, and atrial fibrillation, necessitating an efficient diagnosis through SPECT. According to the data published by the Canadian Institute for Health Information (CIHI) in June 2022, over 2.4 million Canadians were estimated to have cardiac disease., and it was the second dominating cause of death in Canada. Further as per the data published by the Heart and Stroke Foundation of Canada in February 2022, over 750,000 Canadians were living with heart failure and over 100,000 Canadians get diagnosed with this incurable condition every year.
In additon, several research studies have highlighted the vast usage of nuclear isotopes and advancements in the diagnosis of cardiac diseases which are expected to boost the growth of the market. For instance, a study published in the Journal Diagnostics in May 2021, highlighted the increasingly high usage of 99mTc-PYP/Tl-201 SPECT (Single-Photon Emission Computerized Tomography) for the diagnosis of cardiac amyloidosis and also for the assessment of the response to the treatment.
Further, a study published in the International Journal of Molecular Sciences in December 2022 have highlighted the diverse applications of radiotracer-based imaging for the assessment and diagnosis of cardiac diseases including angiogenesis, atherosclerosis, microcalcification imaging with [18F]-NaF monitoring the immune cells within the atherosclerotic plaques, arteriosclerosis monitoring with gallium-68 based radio-compounds, imaging inflammation of the cardiac system with [18F]-FDG and others.
Therefore, the cardiology segment is expected to witness significant growth over the forecast period due to the abovementioned factors, including its vast usage in cardiac disease diagnosis and the high prevalence of cardiac diseases.
North America is Expected to Witness Significant Growth Over the Forecast Period
In North America, the nuclear medicine radioisotopes market is projected to witness growth with advancements in technology, including hybrid imaging, the introduction of new radioisotopes for diagnosis, the development of imaging techniques, and the presence of key market players.
The increasing burden of chronic diseases is further contributing to the market's growth. For instance, as per 2022 Alzheimer's Disease Facts and Figures, an estimated 6.7 million individuals aged 65 years and above, are living with Alzheimer in 2023, in the United States. As nuclear medicine play an essential role in the clinical diagnosis of individuals with cognitive impairment, the demand for nuclear medicine radioisotopes is expected to increase with the growing burden of chronic diseases.
The cases of cancer are also on the rise in the region which is also boosting the demand for nuclear medicine radioisotopes for cancer diagnosis. According to the American Cancer Society in 2023, over 18 million Americans were reported to have a history of cancer in the year 2022. It has been estimated that over 1.9 million new cancer cases would be diagnosed in the United States in the year 2023.
The market players are adopting various strategies such as product launches, collaborations, partnerships, mergers, and acquisitions to increase market share. For instance, in August 2021, Curium submitted an investigational new drug application to the US Food and Drug Administration for a radiopharmaceutical Cu-64 PSMA I&T. It is used in PET in localizing and detecting metastatic prostate cancer.
Further, in March 2021, NorthStar Medical Radioisotopes, LLC, announced its organizational changes to increase the focus on the growth of its therapeutic and specialized SPECT (single photon emission computed tomography) radioisotopes business. The new organizational structure changes would enable the company to improve its radioisotope development and commercialization as well as expansion of its ongoing expansion programs for increased molybdenum-99 (Mo-99) capacity and production in the United States.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
