Presence of Large Unmet Medical Needs and Rising Awareness Regarding Cancer to Boost Demand for Technetium-99m in MEA
Global players are increasingly focusing on emerging market economies and the Middle East and Africa (MEA) region appears to be a lucrative spot in the overall technetium-99m market. Transparency Market Research (TMR) finds that players in the MEA technetium-99m market are capitalizing on the presence of a large underserved population and the advent of conducive policies towards the growth of radiotherapy and radio diagnosis.
The improving healthcare infrastructure, the increasing demand for gamma cameras, and the rising awareness about cancer are some of the key factors fuelling the growth of the market. With all these factors, the opportunities in the MEA technetium-99m market were valued at US$273.3 mn in 2015 and are estimated to reach US$636.1 mn by 2026, rising at a CAGR of 8.1% from 2016 to 2026.
How are nuclear treaties encouraging the growth of the MEA technetium-99m market?
There is a strong demand for technetium-99m in the healthcare sector. Moreover, the healthcare industry in several countries appears to be benefitting from nuclear treaties and deals. A case in the point is the Iran Nuclear Deal signed between Iran and a group of six world powers in July 2015. The Iranian healthcare sector already uses technetium-99m to detect various types of cancer and with this treaty, the country has plans to expand its nuclear sector, and thus its nuclear medicine program. As more countries are expected to jump on the bandwagon, the market is anticipated to tread along a healthy track in the near future. Furthermore, the increasing adoption of hybrid imaging and dual modality imaging techniques is likely to drive the demand for technetium-99m in the region.
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On the basis of end-user industry, hospitals represented the leading share of revenue pie in 2015. Owing to changing disease profile and availability of a large number of facilities as compared to other diagnostic centers, hospitals are the most preferred settings for medical imaging in the majority of countries in the region. However, the segment is projected to lose its shares to diagnostic centers during the same period.
What are the competitive strategies used by leading companies to stay relevant in the MEA technetium-99m market?
The leading companies in the market, including Advanced Cyclotron Systems Inc., General Electric Company, IBA, Siemens Healthineers, and Sumitomo Heavy Industries Ltd., are focusing on addressing unmet medical needs through novel techniques. To maintain a strong foothold in the market, they are pouring sizeable funds in research and development to add technologically advanced and cutting-edge products to their portfolio. Establishing a strong distribution channel is also a part of their key strategies. Moreover, with the advancements in imaging technologies including SPECT, players in the market are emphasizing on the development of compact and automated cyclotrons.