Technetium-99m Market Trends: Value Chain, Stakeholder Analysis and Trends 2030

• • Advancements in Imaging Techniques and Soaring Demand for Radiotherapy to Aid Market Growth

    Technological advancements and scientific studies have played an imperative role in the development of the modern healthcare and pharmaceutical industry. With increasing knowledge pertaining to the benefits of using different materials and elements in the medical field, the adoption of radioactive isotopes, including Molybdenum-99 / Technetium-99 has witnessed consistent growth over the past couple of decades. The consistent demand for Technetium-99 within the healthcare sector, particularly in the nuclear medicine space is one of the leading factors that is expected to drive the Technetium-99 market during the forecast period. Although human exposure to radiation is deemed unsafe, the adoption of radioisotopes in the treatment and diagnosis is projected to show no signs of slowing down during the assessment period.

    Noteworthy advancements in the imaging techniques, including positron emission tomography (PET) and single-photon emission computed tomography (SPECT) is another major factor that is expected to fuel the growth of the Technetium-99 market in the upcoming years. Radioisotopes are increasingly being used to perform radiotherapy– a common treatment for cancer. The adoption of radioisotope in radiotherapy and nuclear medicine has advanced at an impressive pace ever since artificial radioisotope was discovered. Research and development activities within the Technetium-99 market continue to investigate potential applications of artificial isotopes for  nuclear medicine. While new technologies and innovations are expected to develop at a steady pace over the upcoming years, the Technetium-99 market is set to surpass the market value of ~ US $ 4 Bn by the end of 2030.

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    Soaring Demand from the US to Propel Technetium-99 Market Growth

    Within the global Technetium-99 market, the US has remained the primary consumer and the trend is expected to continue over the forecast period. Within North America, particularly in the US, the adoption of Technetium-99 for myocardial perfusion imaging is critical due to the rising prevalence of  coronary artery disease . Another application in which Technetium-99 is predominantly being used is for full-body imaging to detect bone metastases and in some cases, detection of benign bone diseases, including inflammation. Some of the other secondary applications where Technetium-99 is increasingly being used include sentinel node imaging prior to the surgery for breast cancer, lung, renal, and thyroid imaging.

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    Although the consumption of Technetium-99 is witnessing a slump in recent years due to multiple factors such as evolving reimbursement policies, gradual shift toward competing for imaging modalities, mounting concerns circling around radiation exposure, etc. According to the analysts at Transparency Market Research, the growth of the global Technetium-99 market is likely to hinge its hopes on advancements in new camera systems that are expected to play a key role in improving the resolution of Technetium-99 images, along with advanced software for data analytics– factors that have immense potential in improving the prospects of the global Technetium-99 market. Within the current market landscape, research and development activities are largely focusing on PET imaging agents due to easier quantification of PET signals and high sensitivity. While the demand for Technetium-99 is expected to remain sluggish in developed regions, including North America and Europe in the forthcoming decade, pouring investments to develop nuclear medicine programs across developing regions of Asia Pacific, including China, are some of the major factors that are likely to accelerate the growth of the market for Technetium-99 in this region.

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    COVID-19 Pandemic Likely to Create Distribution and Transportation Bottlenecks

    The advent of the COVID-19 pandemic is expected to dent the growth of the Technetium-99 market in the upcoming months. While manufacturers continue the production of medical radioisotopes amidst the COVID-19 pandemic, bottlenecks within the supply and logistics chain are anticipated to cause shortage across hospitals as per the International Atomic Energy Agency (IAEA). Although governments across the world have deemed radioisotopes as essentials, players operating in the current market landscape are expected to focus on supply chain continuity and address the same at the earliest. Cross-border distribution challenges, cancellation of flights, and scaled-down production of radioisotopes could largely affect the supply of Technetium-99 in the next few months until the COVID-19 pandemic subsides. Leading companies in the current market landscape are exploring the option of using charter flights to cater to the growing demand amidst the ongoing health crisis.

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    Analysts’ Viewpoint

    The global Technetium-99 market is expected to grow at a steady CAGR of 3.5% during the forecast period. The market growth can be primarily attributed to a host of factors of which, advancements in nuclear medicine and medical imaging techniques are critical. In addition, the high prevalence of coronary artery diseases across the world is another major factor that is expected to propel the demand for Technetium-99 during the forecast period. Players operating in the current market landscape are likely to focus on streamlining their supply chain and addressing the shortage across hospitals worldwide. While the Technetium-99 market is projected to witness sluggish growth in North America and Europe, Asia Pacific is expected to remain the key area for development. More Trending Reports by Transparency Market Research – 

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