Market Size of Canada Nuclear Imaging Industry
Study Period | 2019 - 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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).
The outbreak of COVID-19 impacted the market. The efficiency of nuclear imaging in COVID-19 diagnosis increased the use of nuclear imaging during the pandemic. Positron emission tomography (PET) or single-photon emission computed tomography (SPECT) can be used to identify the presence of inflammation, fibrosis, changes in cardiac perfusion rate, renal excretion, and brain metabolism. The high detection sensitivity of PET and SPECT also facilitates the detection of new biological information during the initiation, progression, and evaluation of treatment for COVID-19. Thus, such high precision in detecting COVID-19 disease progression has increased the number of PET-CT units by 43.0% in Canada to combat the increasing demand for nuclear imaging, as per the Canadian Medical Imaging Inventory Service Report published in March 2022.
- However, long wait times for nuclear imaging among the Canadian population during the pandemic had a slight adverse impact on the market. Thus, the market witnessed moderate growth during the pandemic. However, the increasing efforts to reduce the wait times for nuclear imaging and the rising number of SPET and PET units are expected to contribute to the market growth post-pandemic.
- The studied market growth can largely be attributed to factors such as the increasing prevalence of cancer and cardiac disorders, technological advancements, and product development. Moreover, the major players are undertaking various strategic initiatives to expand their market share. These include mergers, acquisitions, collaborations, partnerships, and product launches. For instance, in March 2021, Advanced Cyclotron Systems Inc. collaborated with the Canadian Nuclear Isotope Council (CNIC), further strengthening the industry association as the pre-eminent representative of the Canadian isotope sector.
- Similarly, in July 2021, Canada's Calgary announced to spend more than USD 18.0 million over the next three years to build Calgary's first cyclotron and a new radiopharmaceutical facility. With the onset of the initiative, Calgary will be able to create its reliable supply of radiopharmaceuticals, and these unique medications can be used to diagnose and treat a variety of cancers, bone diseases, strokes, epilepsy, and dementia. Thus, owing to such instances, considerable market growth is expected over the forecast period.
- Furthermore, in May 2021, the Canadian Association of Nuclear Medicine (CANM) unanimously adopted new procedure guidelines for brain single photon emission computed tomography (SPECT) imaging for psychiatry and neurology. The Canadian Association of Nuclear Medicine (CANM) has endorsed brain SPECT imaging for the assessment of attention deficit hyperactivity disorder (ADHD), bipolar disorder, depression, obsessive-compulsive disorder (OCD), posttraumatic stress disorder (PTSD), Alzheimer's disease, traumatic brain injury, substance abuse, and more.
- Similarly, in June 2021, Health Canada approved Eckert & Ziegler Radiopharma's GalliaPharm Ge68/Ga-68 generator for use with Advance Accelerator Applications' NETSpot kit for the localization of somatostatin receptor-positive neuroendocrine tumors (NET) in adult patients using Positron Emission Tomography (PET). Hence, owing to the above-mentioned factors, the market studied is expected to grow steadily over the forecast period.
- However, the shortage of radioisotopes and stringent regulations in Canada will likely hinder market growth over the forecast period.
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 (equipment and diagnostic radioisotope) and 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 Size Summary
The Canada nuclear imaging market is poised for steady growth over the forecast period, driven by the increasing prevalence of cancer and cardiac disorders, alongside technological advancements and product development. The market experienced a moderate impact during the COVID-19 pandemic, with nuclear imaging proving essential in diagnosing the disease, thereby boosting the demand for PET and SPECT units. Despite challenges such as long wait times and the shortage of radioisotopes, strategic initiatives by major players, including collaborations and investments in new facilities, are expected to enhance market capacity and capabilities. The adoption of new procedure guidelines and regulatory approvals further supports the market's expansion, particularly in the application of nuclear imaging for neurological disorders.
The demand for nuclear imaging, especially SPECT, is significantly influenced by the rising incidence of neurological disorders in Canada, such as dementia and Parkinson's disease. The high burden of these conditions, coupled with the approval of new imaging technologies and procedures, is anticipated to drive segment growth. The market is characterized by a few dominant players, with companies like Bracco Imaging SpA, GE Healthcare, and Siemens Healthineers holding substantial market shares. Recent collaborations and investments in advanced imaging equipment underscore the competitive landscape, as stakeholders aim to enhance diagnostic capabilities and develop innovative radiopharmaceuticals. These developments are expected to contribute to the market's growth trajectory, addressing the increasing demand for precise and efficient nuclear imaging solutions.
Canada Nuclear Imaging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Cancer and Cardiac Disorders
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1.2.2 Technological Advancements in Nuclear Imaging
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1.3 Market Restraints
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1.3.1 Shortage of Radioisotopes and Stringent Regulations
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product
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2.1.1 Equipment
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2.1.2 Diagnostic Radioisotope
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2.1.2.1 SPECT Radioisotopes
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2.1.2.2 PET Radioisotopes
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2.2 By Application
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2.2.1 SPECT Applications
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2.2.1.1 Cardiology
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2.2.1.2 Neurology
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2.2.1.3 Thyroid
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2.2.1.4 Other SPECT Applications
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2.2.2 PET Applications
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2.2.2.1 Oncology
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2.2.2.2 Cardiology
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2.2.2.3 Neurology
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2.2.2.4 Other PET Applications
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Canada Nuclear Imaging Market Size 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.