MEA Technetium 99m Market, By Isotopic Application (Gamma Camera and SPECT), By End User (Hospitals and Diagnostic Center), and By country (Saudi Arabia, Algeria, Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Mauritania, Oman, Palestine, Qatar, Syria, Tunisia, Turkey and Yemen), is estimated to be valued at US$ 536.9 Million in 2023, exhibiting a CAGR of 8.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing adoption of inorganic strategies such as agreement by the market players and government authorities is expected to drive the MEA technetium 99m market growth over the forecast period. For instance, in 2021, the Dubai Health Authority (DHA) signed an agreement with a Canadian company to establish a radiopharmaceutical production facility in Dubai. The facility aimed to produce Technetium 99m and other radiopharmaceuticals to support healthcare services in the region.
MEA Technetium 99m Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and consequent lockdowns in various countries across the globe impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. Private healthcare is one such sector that has been significantly impacted by the COVID-19 pandemic.
Moreover, the COVID-19 pandemic has had a significant impact on the global healthcare industry as a whole. Many medical device markets, including the orthopedic and spine sectors, experienced disruptions due to the pandemic. The focus of healthcare systems shifted towards managing and treating COVID-19 patients, leading to delays in elective surgeries and non-essential procedures.
The COVID-19 pandemic disrupted the MEA Technetium 99m market by causing delays and reductions in diagnostic imaging procedures. However, as the situation evolved, efforts were made to mitigate the impact and resume essential healthcare services, including the utilization of Technetium 99m for diagnostic imaging.
MEA Technetium 99m Market- Key Developments
In 2020, the Saudi Food and Drug Authority (SFDA) granted approval for a local company to manufacture Technetium 99m generators in the country. This approval aimed to enhance the availability of Technetium 99m and reduce dependence on imported generators.
In 2020, the Gulf Cooperation Council (GCC) launched a collaborative initiative to establish a radiopharmaceutical production facility in Bahrain. The facility aimed to produce Technetium 99m and other isotopes to meet the diagnostic needs of the GCC member states.
In 2020, the UAE's Ministry of Health and Prevention organized "Nuclear Medicine Week," featuring workshops and educational sessions on various aspects of nuclear medicine, including Technetium 99m imaging. The event aimed to promote awareness and knowledge among healthcare professionals.
In 2020, Kuwait's Ministry of Health inaugurated the first dedicated nuclear medicine center in the country, equipped with advanced imaging technologies, including Technetium 99m-based SPECT/CT scanners. The center aimed to enhance diagnostic capabilities and patient care.
Browse 27 Market Data Tables and 21 Figures spread through 154 Pages and in-depth TOC on “MEA Technetium 99m Market”- Forecast to 2030, MEA Technetium 99m Market, By Isotopic Application (Gamma Camera and SPECT), By End User (Hospitals and Diagnostic Center), and By country (Saudi Arabia, Algeria, Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Mauritania, Oman, Palestine, Qatar, Syria, Tunisia, Turkey and Yemen)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mea-technetium-99m-market-3874
Opening of a new nuclear medicine center is expected to drive the MEA technetium 99m market growth over the forecast period. For instance, in 2019, Oman's Ministry of Health inaugurated the country's first nuclear medicine center in Muscat. The center offered various diagnostic imaging services, including Technetium 99m-based procedures, to cater to the growing healthcare needs of the Omani population.
Key Takeaways of the MEA Technetium 99m Market:
- MEA technetium 99m market is expected to exhibit a CAGR of 8.4% during the forecast period, due, the conversion of a sliver of enriched uranium into material that is used for cancer detection. For Instance, in March 2022, International Atomic Energy Agency announced that it has used 2.1 kilograms (4.6 pounds) of its 60% enriched uranium to produce so-called “highly enriched uranium targets” at a facility in Isfahan. Those “targets” will be irradiated at the Tehran Research Reactor and later used to produce molybdenum-99 Molybdenum-99 decays within days into a form of an isotope called technetium-99m, which is used in scans that can detect cancer and assess the blood supply to the heart.
- Among Isotopic application, the SPECT segment is estimated to hold a dominant position in the MEA technetium 99m market over the forecast period. For instance, in June 2022, Lantheus Holdings, Inc., a company focused on manufacturing diagnostics, radiotherapeutics, and artificial intelligence solutions announced the preliminary results of the PD-L1 Expression in Cancer (PECan) study at the Society of Nuclear Medicine and Molecular Imaging Annual Meeting. The findings indicate that NM-01, a proprietary technetium 99m SPECT/CT imaging agent currently being developed to evaluate PD-L1 expression in cancer cells, may be able to identify patients who will respond to checkpoint inhibitor therapies and track early response in non-small cell lung cancer (NSCLC), pending further and ongoing research.
- Major players operating in the MEA technetium 99m market include GE Healthcare, IBA, Sumitomo Corporation, BWX Technologies, Inc., Advanced Cyclotron Systems, Inc., Navidea Biopharmaceuticals, Inc., BEST Cyclotron Systems Inc., NorthStar Medical Radioisotopes, and Siemens Healthineers., and other prominent players.
