MEA TECHNETIUM 99M MARKET ANALYSIS

Market Challenges And Opportunities

MEA Technetium 99m Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 767,984,989 confirmed cases infected by COVID-19 worldwide as of June 2023.

During the peak of the COVID-19 pandemic in 2020, many countries in the Middle East, like other parts of the world, experienced disruptions in healthcare services due to the overwhelming demand for COVID-19 testing and treatment. Non-urgent medical procedures, including diagnostic imaging procedures that utilize Technetium 99m, were often postponed or delayed to prioritize resources for COVID-19 patients.

Hospitals and healthcare facilities had to implement strict infection control measures and limit patient visits to minimize the risk of virus transmission. This led to a decrease in the number of routine diagnostic imaging procedures, which impacted the demand for technetium 99m and other radiopharmaceuticals used in nuclear medicine. Furthermore, supply chain disruptions and transportation restrictions caused challenges in the distribution and availability of Technetium 99m. The international movement of radioactive materials faced delays and logistical issues, affecting the timely delivery of Technetium 99m generators to healthcare facilities in the Middle East.

MEA Technetium 99m Market- Drivers

Expansion Of Nuclear Medicine Facilities And Advancements In Diagnostic Imaging

Increasing demand for Technetium 99m due to the expansion of nuclear medicine facilities and advancements in diagnostic imaging is expected to drive the MEA Technetium 99m Market growth by 2030. For instance, in 2019, Hamad Medical Corporation (HMC), the principal public healthcare provider in the State of Qatar, announced the opening of a radiopharmaceutical lab in Qatar. The new laboratory, located at HMC’s National Center for Cancer Care and Research (NCCCR), will provide cancer patients with diagnostic and therapeutic care locally, saving these patients the need to travel abroad for this type of care.

Increasing Adoption Of Inorganic Growth Strategies Such As Partnership

Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in March 2020, NorthStar Medical Technologies, LLC, a commercialized nuclear medicine company, partnered with Capella Imaging, LLC, a BioGenerator company, under which NorthStar has licensed exclusive rights to FibroScint (Tc-99m F4A), a fibrin-targeted diagnostic imaging agent for cardiac imaging.

MEA Technetium 99m Market: Restraint

Shutting Down of Major Producing Reactors And Adoption of Alternative Imaging Modalities

Availability of 99mTc depends on the production of Mo-99 from the small number of nuclear reactors worldwide. The major producing reactors have already aged and are on the verge of shutting down. This creates an issue related to production disruption assuming the need for extended shutdowns for planned or unplanned maintenance work, which is expected to hinder the growth of the MEA technetium-99m market.

Adoption of alternative imaging modalities is also expected to limit the growth of the market. The expected shortage of Tc-99m in the near future has led to an increase in the adoption of PET or other imaging modalities.

MEA Technetium 99m Market- Drivers

Expansion Of Nuclear Medicine Facilities And Advancements In Diagnostic Imaging

Increasing demand for Technetium 99m due to the expansion of nuclear medicine facilities and advancements in diagnostic imaging is expected to drive the MEA Technetium 99m Market growth by 2030. For instance, in 2019, Hamad Medical Corporation (HMC), the principal public healthcare provider in the State of Qatar, announced the opening of a radiopharmaceutical lab in Qatar. The new laboratory, located at HMC’s National Center for Cancer Care and Research (NCCCR), will provide cancer patients with diagnostic and therapeutic care locally, saving these patients the need to travel abroad for this type of care.