Mexico Nuclear Imaging Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 182.67 Million |
| Market Size (2029) | USD 208.95 Million |
| CAGR (2024 - 2029) | 2.68 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Mexico Nuclear Imaging Market Analysis
The Mexico Nuclear Imaging Market size is estimated at USD 182.67 million in 2024, and is expected to reach USD 208.95 million by 2029, growing at a CAGR of 2.68% during the forecast period (2024-2029).
- COVID-19 had a significant impact on the market studied in Mexico. As stated by the report from the National Institute of Health published in January 2022, the past two years, i.e., 2020 and 2021, have witnessed a considerable decrease in the overall number of nuclear medicine procedures. For instance, according to the National Center for Biotechnology Information (NCBI) study published in 2022, the normal scheduling procedure for the radiopharmacy laboratory was reduced by more than half (65%) in Latin America.
- Hence, it is observed that the utilization of positron emission tomography (PET) and single-photon emission computerized tomography (SPECT) in the country was reduced drastically during the pandemic, which affected the market studied significantly. However, after the COVID-19 pandemic came into control, the market is gaining pace rapidly as people who had planned their diagnostic or therapeutic procedures are visiting hospitals, which is expected to augment the demand for nuclear imaging procedures in the upcoming years.
- Major factors contributing to the market growth include the rising prevalence of chronic diseases and the increasing adoption of nuclear imaging techniques in the country. Several chronic conditions, such as cancer, neurological disorders, cardiovascular issues, and a rising geriatric population, are on the rise in Mexico, accelerating the demand for nuclear imaging procedures across the country.
- For instance, According to the World Population Ageing 2021 report, the Mexican population aged 65 years and older is projected to reach 9.31 million by 2030. Since the aging population is more prone to chronic diseases, the increasing geriatric population is contributing to the high burden of chronic diseases. For instance, as per a journal published in December 2021, three-fifths of people aged 60-69 were diagnosed with at least one chronic illness, and it also stated that prevalence increases with age. SPECT and PET offer high precision and accuracy in detecting chronic diseases. For instance, the PECT/CT is becoming the reference diagnostic tool for identifying cardiac disease, as arterial stenosis can be accurately identified by CT equipment and the associated ischemic area, as per the Science Direct study published in February 2023. Thus, considerable market growth is expected over the forecast period due to such factors.
- The increasingly favorable initiatives related to nuclear imaging are also anticipated to impact the market growth positively. For instance, an article published by NCBI in June 2022 indicated that Mexico produces radionuclide copper-64 (Cu-64) and radioiodine (I-123 and I-124). Cu-64 is used in molecular radiotherapy and PET scanning. I-123, a radioactive isotope, is used mostly in single-photon emission computed tomography scanning.
- Similarly, In April 2022, the Mexican National Council of Science and Technology (Spanish: Consejo Nacional de Ciencia y Tecnología (CONACyT)) funded a research study that was published in the Journal of Molecules. The study focused on the preparation of a targeted 225Ac-delivering nanosystem by encapsulating the radionuclide into rHDL nanoparticles. The prepared 225Ac-rHDL system was identified as a potential targeted radiotherapeutic agent. Such research studies focusing on the production of diagnostic radioisotopes and the abundant availability of radioisotopes are expected to boost market growth in Mexico.
- However, stringent regulations in Mexico may restrain the market growth over the forecast period.
Mexico Nuclear Imaging Market Trends
Cardiology Segment is Expected to Witness a Steady Growth Over the Forecast Period
- There has been an increasing burden of cardiac diseases in Mexico, one of the significant factors fueling the market growth. Atherosclerotic cardiovascular disease (ASCVD), a buildup of fats, cholesterol, and other substances inside and on their walls, can narrow the arteries and obstruct blood flow.
- As per the data from the American Heart Association 2022, in Mexico, 56.1% of adults have high levels of low-density lipoprotein-cholesterol (LDL-C), or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. In June 2022, with financing from Novartis, the American Heart Association (AHA) implemented a new science program in Mexico to enhance care for patients with ASCVD, often known as atherosclerosis. With such an initiative, cardiology care in the country will increase in prevention and treatment, ultimately boosting the demand for nuclear imaging equipment, as diagnosis is an integral part of cardiac care.
- Additionally, Mexico has several cardiology-related associations that work to improve cardiac care. For instance, the Mexican Society of Cardiology is dedicated to creating awareness about the risk factors associated with cardiac diseases and the treatments for heart failure. With such awareness, the general population can understand the importance of diagnostic imaging in cardiovascular diseases, ultimately increasing the number of people going for diagnostic imaging procedures in the country.
- Additionally, smoking is one of the leading risk factors for cardiovascular diseases. As per the World Population Review Report 2022, around 13.9% of the Mexican population smokes tobacco. This considerable number of smokers in the country also adds to the overall burden of cardiovascular diseases. Therefore, owing to the abovementioned factors, the segment is expected to witness steady growth in Mexico's nuclear imaging market.
PET Radioisotopes Segment is Expected to Witness a Considerable Growth Over the Forecast Period
- Positron emission tomography (PET) scans use small amounts of radioactive materials called radioactive substances or radiopharmaceuticals, a special camera, and a computer to evaluate organ and tissue function. PET is a noninvasive nuclear imaging modality that is used, amongst many indications, for diagnosis, staging, and treatment monitoring of cancer. PET imaging is performed by administering, usually intravenously, a positron-tagged radiopharmaceutical to a patient. Most PET scans are performed using fluorodeoxyglucose, the gold standard of PET radiopharmaceuticals.
- The increasing prevalence of diseases requiring PET scans and the high burden of underlying conditions such as hypertension and dyslipidemia triggering chronic diseases are the major drivers for the segment. For instance, according to the report published by the Ministry of Health in June 2022, one in four Mexicans suffer from high blood pressure, and around 46.0% are unaware of it.
- Similarly, according to the National Institute of Statistics and Geography (Spanish: Instituto Nacional de Estadística y Geografía (INEGI)) published in 2022, 30.0 million Mexicans suffer from high blood pressure, representing about 24.9% and 26.1% of the male and female population, respectively. High blood pressure and dyslipidemia are critical risk factors for cardiovascular disorders and mortality.
- Thus, the increasing burden of these underlying conditions is expected to increase the prevalence of cardiovascular diseases. Since PET scans are mostly preferred for the detection of cardiovascular diseases, the increasing burden of cardiovascular diseases is anticipated to impact the segment growth positively.
Mexico Nuclear Imaging Industry Overview
The nuclear imaging market is moderately competitive and consists of a few major players. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares and are well known, like Bracco Imaging SpA, Canon Medical Systems, Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers, among others, hold a substantial share of the market.
Mexico Nuclear Imaging Market Leaders
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Bracco Imaging Spa
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GE Healthcare
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Siemens AG
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Koninklijke Philips N.V
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Canon Medical System
*Disclaimer: Major Players sorted in no particular order
Mexico Nuclear Imaging Market News
- August 2022: Simon Hegele Healthcare Solutions launched a new magnetic resonance imaging (MRI) cryo farm service in Mexico, which will be a beneficial move for the shipping and storing of MRI machines in the country.
- January 2022: Positron Corporation announced that the company entered into a strategic business relationship with Neusoft Medical Systems. This partnership encompasses the manufacturing, distribution, and ongoing research and development efforts for Positron's novel positron emission tomography/computed tomography (PET/CT) nuclear imaging device in North American countries.
Mexico Nuclear Imaging Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Prevalence of Cancer and Cardiac Disorders
- 4.2.2 Technological Advancements in Nuclear Imaging
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4.3 Market Restraints
- 4.3.1 Stringent Regulations
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Product
- 5.1.1 Equipment
- 5.1.2 Diagnostic Radioisotope
- 5.1.2.1 SPECT Radioisotopes
- 5.1.2.2 PET Radioisotopes
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5.2 By Application
- 5.2.1 SPECT Applications
- 5.2.1.1 Cardiology
- 5.2.1.2 Neurology
- 5.2.1.3 Thyroid
- 5.2.1.4 Other SPECT Applications
- 5.2.2 PET Applications
- 5.2.2.1 Oncology
- 5.2.2.2 Cardiology
- 5.2.2.3 Neurology
- 5.2.2.4 Other PET Applications
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Canon Medical Systems Corporation
- 6.1.2 Fujifilm Holdings Corporation
- 6.1.3 GE Healthcare
- 6.1.4 Koninklijke Philips NV
- 6.1.5 Siemens Healthineers
- 6.1.6 Curium
- 6.1.7 Mediso Ltd
- 6.1.8 Bracco Group
- 6.1.9 Novartis AG (Advanced Accelerator Applications)
- 6.1.10 Bayer AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mexico Nuclear Imaging Industry Segmentation
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.
Mexico's nuclear imaging market is segmented by product (equipment and diagnostic radioisotope) and application (SPECT application and PET application).
The report offers the value (in USD) for the above segments.
| By Product | Equipment | |
| Diagnostic Radioisotope | SPECT Radioisotopes | |
| PET Radioisotopes | ||
| By Application | SPECT Applications | Cardiology |
| Neurology | ||
| Thyroid | ||
| Other SPECT Applications | ||
| By Application | PET Applications | Oncology |
| Cardiology | ||
| Neurology | ||
| Other PET Applications |
Mexico Nuclear Imaging Market Research FAQs
How big is the Mexico Nuclear Imaging Market?
The Mexico Nuclear Imaging Market size is expected to reach USD 182.67 million in 2024 and grow at a CAGR of 2.68% to reach USD 208.95 million by 2029.
What is the current Mexico Nuclear Imaging Market size?
In 2024, the Mexico Nuclear Imaging Market size is expected to reach USD 182.67 million.
Who are the key players in Mexico Nuclear Imaging Market?
Bracco Imaging Spa, GE Healthcare, Siemens AG, Koninklijke Philips N.V and Canon Medical System are the major companies operating in the Mexico Nuclear Imaging Market.
What years does this Mexico Nuclear Imaging Market cover, and what was the market size in 2023?
In 2023, the Mexico Nuclear Imaging Market size was estimated at USD 177.77 million. The report covers the Mexico Nuclear Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Nuclear Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Nuclear Imaging Industry Report
Statistics for the 2024 Mexico Nuclear Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Nuclear Imaging analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
