Canada Nuclear Imaging Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 500.24 Million |
| Market Size (2029) | USD 596.56 Million |
| CAGR (2024 - 2029) | 3.57 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Nuclear Imaging Market Analysis
The Canada Nuclear Imaging Market size is estimated at USD 500.24 million in 2024, and is expected to reach USD 596.56 million by 2029, growing at a CAGR of 3.57% during the forecast period (2024-2029).
Factors such as the rising incidence of cancer, neurological, and cardiac disorders, coupled with technological advancements, product innovations, and various government initiatives, are driving the growth of the studied market.
Given that neurological and cardiovascular diseases are leading causes of mortality in Canada, there's an escalating demand for effective diagnostic and therapeutic tools. Nuclear medicine is stepping up to meet this demand, offering in-depth insights into cardiac and neurological health. For example, as of January 2024, the Alzheimer Society of Canada estimates that 733,040 Canadians are living with dementia. Daily, over 350 Canadians receive a dementia diagnosis, equating to more than 15 new cases each hour. Projections suggest that by 2030, this figure could be near 1 million, leading to an annual addition of 187,000 new cases, or 512 daily and 21 hourly. This indicates a potential 51% annual increase in new dementia cases by 2030. Furthermore, by 2050, the number might surpass 1.7 million. Hence, the anticipated rise in neurodegenerative disease patients is poised to be a primary driver of market growth during the forecast period.
In addition, major industry players are actively pursuing strategic moves to bolster their market presence. These maneuvers encompass mergers, acquisitions, collaborations, partnerships, and product unveilings. For instance, in November 2023, the QEII Foundation clinched a USD 3 million deal to procure two state-of-the-art StarGuide Hybrid SPECT/CT scanners. This acquisition positions QEII at the forefront of nuclear medicine, marking it as the inaugural Canadian hospital to embrace this technology. Such a strategic move is poised to enhance its outreach and is expected to catalyze market growth.
Furthermore, the uptick in cyclotron launches for alpha-emitting radioisotopes is set to broaden the spectrum of radioisotope availability in nuclear medicine. For instance, in May 2023, Advanced Cyclotron Systems Inc. unveiled its TR-ALPHA cyclotron tailored for alpha-emitting radioisotopes. This innovation empowers healthcare facilities and research entities with a dedicated cyclotron, amplifying the production of alpha-emitting radioisotopes for cancer treatment, thereby bolstering market growth.
Additionally, the intensified focus of market players on developing and producing radioisotopes for targeted alpha therapies (TATs) is propelling the market forward. For instance, in October 2023, Canadian Nuclear Laboratories (CNL) and ITM Isotope Technologies Munich SE (ITM) inaugurated a joint venture named Actineer, aimed at advancing Actinium-225 technologies. This collaboration is centered on establishing a new production facility in Canada, dedicated to generating industrial-scale quantities of rare medical isotopes pivotal for nuclear medicine.
Given the significant cancer burden and proactive industry strategies, the market is poised for growth in the coming years. Yet, challenges loom with the ongoing radioisotope shortages and stringent Canadian regulations, which could temper this growth trajectory.
Canada Nuclear Imaging Market Trends
Oncology Segment is Expected to Witness Considerable Growth Over the Forecast Period
Oncology refers to the study, treatment, diagnosis, and prevention of cancer. In recent times, nuclear imaging has been majorly used in the diagnosis and treatment of cancer. The advantage of nuclear medicine therapy for cancer is that the use of radioactive molecules specifically recognizes the tumor cells. The molecules are injected intravenously. They circulate in the body, stick to the tumor cells, deliver radiation directly, and cause them to die. The wide use of nuclear medicine isotopes in cancer therapy is expected to add to the growth of the market over the forecast period.
The segment is driven by the increasing burden of cancer, the use of nuclear medicine in the diagnosis and treatment of cancer, ongoing research and development activities, and key strategic activities adopted by the market players, such as launches and collaboration.
The high burden of cancer diseases in the country is likely to increase demand for effective diagnosis and treatment with nuclear imaging, thereby boosting the market growth. For instance, as per the Canadian Cancer Statistics 2023 report, about 239.2 thousand new cancer cases were reported in 2023 in Canada, compared to 233.9 thousand in 2022. Such high cancer cases are increasing the demand for advanced diagnostic tools like PET scans in nuclear medicine, which help provide valuable insights into the presence, location, and metabolic activity of tumors, thereby driving the growth of the studied market in the country.
Moreover, strategic activities such as the launch of nuclear medicine used in oncology, mergers, acquisitions, and partnerships by market players are expected to contribute to segment growth over the forecast period. For instance, in February 2023, Canadian Nuclear Laboratories (CNL) has teamed up with Jubilant Radiopharma to pioneer new alpha radiopharmaceuticals. This collaboration, part of CNL's Canadian Nuclear Research Initiative, Health (CNRI-H) program, focuses on discovering and developing innovative radiopharmaceutical therapies. These include targeted alpha therapy and advanced cancer treatments utilizing Actinium-225, a medical isotope produced by CNL.
Given Canada's significant cancer burden and the industry's proactive initiatives is anticipating robust market growth during the forecast period.
SPECT Radioisotopes Segment is Expected to Witness Significant Growth Over the Forecast Period
Single-photon emission computed tomography (SPECT) scan serves as an imaging test, illustrating blood flow to various tissues and organs. It's instrumental in diagnosing conditions such as seizures, strokes, stress fractures, infections, and spinal tumors. Commonly employed radioisotopes in SPECT for tracer labeling include iodine-123, technetium-99m, xenon-133, thallium-201, and fluorine-18. These radioactive isotopes, derived from natural elements, traverse the body and are detectable by the scanner. Additionally, a range of drugs and chemicals can be tagged with these isotopes.
Single photon emission computerized tomography (SPECT) stands as the predominant scanning technology for diagnosing and monitoring a range of medical conditions. The nuclear medicine radioisotopes market is witnessing growth, primarily driven by the expanding applications of SPECT and heightened patient awareness regarding radiation and its therapeutic uses.
The increasing number of cases of various diseases in Canada requiring SPECT imaging is one of the major drivers for the segment. For instance, as per Parkinson's Society Southwest Ontario 2024, by 2031, the population of Canadians over 40 diagnosed with Parkinson's disease is projected to rise by 65%, escalating from 99,000 in 2016 to an estimated 163,700. Specifically, for Canadians aged 65 and above, the count of those living with Parkinson's is set to more than double, reaching 148,800 by 2031. Single-photon emission computed tomography (SPECT) is a functional brain imaging procedure that allows physicians to measure functional changes in gray matter structures based on regional cerebral blood flow (rCBF). In addition, it can also be used as a diagnostic tool and a potential biomarker for monitoring and evaluating new treatments in patients with complex neuropsychiatric conditions.
Moreover, strategic activities such as the launch of SPECT products, mergers, and acquisitions, and partnerships by the market players to expand the market share are expected to contribute to segment growth over the forecast period. For instance, in June 2024, Nova Scotia Health’s QEII Health Sciences Centre became the first health center in Canada to obtain GE HealthCare's StarGuide SPECT/CT scanner. This cutting-edge nuclear medicine scanner employs 3D imaging, enabling physicians to diagnose and treat diseases, such as cancer and heart conditions, with heightened precision. With this advanced technology at their disposal, physicians are better equipped to make accurate diagnoses and offer informed treatment options to their patients.
Thus, the high burden of chronic diseases, significant application in SPECT imaging technological advancement, and product launch by the market players are anticipated to boost the market growth.
Canada Nuclear Imaging Industry Overview
The nuclear imaging market is semi-consolidated and has a few significant players. In terms of market share, few of the major players currently dominate the market. Companies like Bracco Imaging SpA, GE Healthcare, Canon Medical Systems, Koninklijke Philips NV, and Siemens Healthineers, among others, hold a substantial share of the market.
Canada Nuclear Imaging Market Leaders
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Bracco Imaging Spa
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GE Healthcare
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Koninklijke Philips N.V.
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Siemens AG
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Canon Medical Systems
*Disclaimer: Major Players sorted in no particular order
Canada Nuclear Imaging Market News
- August 2024: Positron Corporation has sold its NeuSight PET-CT 64 slice scanner to a prominent player in preventive, invasive, and interventional cardiovascular services. NeuSight PET-CT aims to transform cardiac PET imaging, delivering exceptional value and equipping practices with state-of-the-art technology at an unbeatable price.
- June 2024: As part of Quebec's life sciences ecosystem, ISOLOGIC Innovative Radiopharmaceuticals has invested USD 29.9 million to bolster the radiopharmaceutical industry, underscoring its pivotal role in nuclear medicine and the Canadian medical isotope supply chain.
Canada Nuclear Imaging Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Cancer, Neurological Diseases and Cardiac Disorders
4.2.2 Technological Advancements in Nuclear Imaging
4.3 Market Restraints
4.3.1 Shortage of Radioisotopes and Stringent Regulations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product
5.1.1 Equipment
5.1.2 Diagnostic Radioisotope
5.1.2.1 SPECT Radioisotopes
5.1.2.2 PET Radioisotopes
5.2 By Application
5.2.1 SPECT Applications
5.2.1.1 Cardiology
5.2.1.2 Neurology
5.2.1.3 Thyroid
5.2.1.4 Other SPECT Applications
5.2.2 PET Applications
5.2.2.1 Oncology
5.2.2.2 Cardiology
5.2.2.3 Neurology
5.2.2.4 Other PET Applications
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE Healthcare
6.1.4 Koninklijke Philips NV
6.1.5 Siemens Healthineers
6.1.6 Curium
6.1.7 BWX Technologies Inc.
6.1.8 Bracco Group
6.1.9 Novartis AG (Advanced Accelerator Applications)
6.1.10 Mediso Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada Nuclear Imaging Industry Segmentation
Nuclear medicine imaging procedures are non-invasive, with the exception of intravenous injections, and are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers. These radiopharmaceuticals are used in diagnosis and therapeutics. They are small substances that contain a radioactive substance used in the treatment of cancer and cardiac and neurological disorders.
Canada's nuclear imaging market is segmented by product and application. based on product the market is segmented as equipment and diagnostic radioisotope. Based on application the market is segmented as an application SPECT application and PET application. The report offers the value (in USD) for the above segments.
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Canada Nuclear Imaging Market Research Faqs
How big is the Canada Nuclear Imaging Market?
The Canada Nuclear Imaging Market size is expected to reach USD 500.24 million in 2024 and grow at a CAGR of 3.57% to reach USD 596.56 million by 2029.
What is the current Canada Nuclear Imaging Market size?
In 2024, the Canada Nuclear Imaging Market size is expected to reach USD 500.24 million.
Who are the key players in Canada Nuclear Imaging Market?
Bracco Imaging Spa, GE Healthcare, Koninklijke Philips N.V., Siemens AG and Canon Medical Systems are the major companies operating in the Canada Nuclear Imaging Market.
What years does this Canada Nuclear Imaging Market cover, and what was the market size in 2023?
In 2023, the Canada Nuclear Imaging Market size was estimated at USD 482.38 million. The report covers the Canada Nuclear Imaging Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Canada Nuclear Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Nuclear Imaging Industry Report
Statistics for the 2024 Canada Nuclear Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Nuclear Imaging analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Canada Nuclear Imaging Market Report Snapshots
