The technetium-99m market size is expected to grow from US$ 4.268 billion in 2022 to US$ 6.072 billion by 2030; it is anticipated to record a CAGR of 4.5% from 2022 to 2030.

Based on the technetium-99m market analysis, key factors driving the market are the high prevalence of chronic diseases and advancements in nuclear imaging techniques. However, the short shelf-life of radiopharmaceuticals hinders the technetium-99m market growth.

Market Drivers of the Technetium-99m Market

The use of nuclear medical techniques is rapidly expanding owing to the adoption of SPECT for accurate disease detection, localization, and characterization. SPECT is one of the most advanced nuclear medicine imaging procedures used in clinical settings as it efficiently shows blood flow and areas of the brain or parts of bone affected by cancer. The World Nuclear Association estimates that around 40 million nuclear medicine procedures use technetium-99 (Tc-99m) to diagnose diseases and provide targeted treatment worldwide. These approaches have also been used in various fields, including immunology, gastroenterology, cardiology, cancer, neurology, and psychiatry, for medical diagnosis. Advanced nuclear medicine and modern imaging technologies enable physicians to diagnose diseases more accurately and quickly. Furthermore, the continuous development of new radiopharmaceuticals for the SPECT/CT platforms used in novel clinical applications such as neurology and orthopedics and the increasing accuracy of different tumor staging methods contribute to the technetium-99m market growth.

Restraint of the Technetium-99m Market

The short shelf-life of radiopharmaceuticals hampers the market growth. The shelf-life of radiopharmaceuticals depends mainly on the radioisotopes' half-life, radiochemical stability, and the concentration of radionuclide impurities in the preparation. Most radiopharmaceutical preparations contain radioisotopes with very short half-lives. For example, technetium-based and SPECT preparations must be used within 6 hours of preparation. The shelf-life of a multidose radiopharmaceutical preparation after aseptic withdrawal of the first dose depends on microbiological considerations. In case of a short half-life of radionuclides, the diagnostic radiopharmaceuticals are usually prepared in the hospital radiopharmacy departments just before the administration to patients. For example, the half-life of technetium-99m is 6 hours, and does not remain in the body for long. Therefore, short-lived radiopharmaceuticals are becoming a matter of concern in long-term procedures, which is a major factor restraining the technetium-99m market growth.

Opportunities in the Technetium-99m Market

Countries such as India, China, Argentina, Brazil, the UAE, and South Africa are expected to offer significant growth opportunities for market players due to expanding patient population, increasing R&D activities, improving healthcare infrastructure, and growing disease awareness. According to the World Economic Forum, as of 2022, Russia, Brazil, China, India, and South Africa collectively accounted for a third of global health spending. As per the World Bank, health spending in India and China increased by 3.01% and 5.35%, respectively, from 2018 to 2019.

Furthermore, the prevalence of CVDs is rising significantly in developing nations, which can be mainly attributed to the shift in lifestyle as well as the adoption of modern facilities. Modernizing residential, corporate, and commercial facilities reduces physical activities and increases obesity. These conditions may trigger the possibility of developing CVDs among people, owing to which imaging techniques such as nuclear imaging techniques are gaining significant importance. Research organizations in developing countries are engaged in developing advanced diagnosis systems, including cost-effective and high-performance SPECT systems. These developments aim to extend their reach to remote areas where the accessibility to advanced medical IT facilities is difficult. China, Japan, and Brazil, among other countries, spend heavily on developing SPECT machines to lower costs and offer hospitals and other medical organizations better access to these machines. Additionally, high competition in mature markets encourages technetium-99m product manufacturers to focus on developing markets, which will likely provide opportunities for the technetium-99m market growth.

Technetium-99m Market: Segmental Overview

Based on application area, the market is segmented into cardiovascular, bone scan, respiratory, tumor imaging, and others. The cardiovascular segment held the largest technetium-99m market share in 2022. The bone scan segment is anticipated to register the highest CAGR during 2022-2030.

Based on end user, the market is segmented into hospitals, diagnostic and imaging centers, and others. In 2022, the diagnostic and imaging centers segment held the largest market share. The hospitals segment is anticipated to register the highest CAGR during 2022-2030.

Technetium-99m Market: Geographical Overview

Asia Pacific is estimated to register the highest CAGR during 2022-2030. Countries in the Asia Pacific, such as India and China, hold significant potential for the growth of the technetium-99ms market. Developing countries in the region with improving healthcare infrastructure, increasing healthcare expenditure, and a rising focus on adopting advanced medical technologies offer opportunities for market expansion.

In 2022, North America held the largest global share in the market. The availability of advanced healthcare infrastructure, the presence of major market players, the rising incidence and prevalence of target conditions, and product innovations introduced by key players operating in the region are likely to introduce new technetium-99m market trends in the coming years. According to the International Agency for Research on Cancer (IARC), the number of cancer cases in the US is expected to increase from 2.28 million cases in 2020 to 3.12 million cases in 2040. Therefore, an increase in chronic diseases, including cancer, will fuel the demand for medical imaging, thereby boosting the market growth. Additionally, the US Centers for Medicare & Medicaid Services (CMS) has adopted standards associated with human laboratory research under the Clinical Laboratory Improvement Amendments (CLIA), which has favorably improved the technetium-99m market performance.

A few of the major primary and secondary sources referred to while preparing the report on the technetium-99m market are the World Bank Data, National Health Service (NHS), FDA (Food and Drug Administration), EMA (European Medicines Agency), and WHO (World Health Organization).