Mexico Nuclear Imaging Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 182.67 Million |
| Market Size (2029) | USD 208.95 Million |
| CAGR (2024 - 2029) | 2.68 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mexico Nuclear Imaging Market Analysis
The Mexico Nuclear Imaging Market size is estimated at USD 182.67 million in 2024, and is expected to reach USD 208.95 million by 2029, growing at a CAGR of 2.68% during the forecast period (2024-2029).
Key drivers of market growth include the rising prevalence of chronic diseases and the growing adoption of nuclear imaging techniques in Mexico. Conditions like cancer, neurological disorders, and cardiovascular issues, coupled with an aging population, are surging in Mexico, boosting the demand for nuclear imaging procedures nationwide.
The escalating burden of cardiovascular diseases and cancer significantly propels the demand for nuclear imaging diagnostics, driven by rising incidence rates, improved diagnostic accuracy, and technological advancements. For example, Globocan 2024 reports that Mexico is grappling with a significant cancer challenge, projecting around 222,000 new cases by 2025. This figure is set to rise to 325,000 by 2040 and reach 393,000 by 2050. As a result, with the mounting cancer burden and an increasing patient base requiring early detection and monitoring diagnostics, there's a surge in demand for nuclear imaging techniques, especially PET and SPECT scans, propelling the market's growth.
Moreover, heightened research and development activities on neurological diseases in Mexico are poised to boost the demand for nuclear imaging, driving market growth. For instance, a May 2024 article in the Journal of Alzheimer's Association highlighted rapid advancements in dementia research across Latin America, especially in Mexico. The Alzheimer's Association has quadrupled its funding for Latin American dementia research, supporting 41 active grants totaling over USD 4 million in 2023. This surge in research, with anticipated nuclear imaging adoption, is set to fuel market growth.
Additionally, favorable initiatives and product launches by industry players in nuclear imaging are expected to bolster market growth. For instance, in August 2022, Simon Hegele Healthcare Solutions introduced a new MRI cryo farm service in Mexico, enhancing the shipping and storage of MRI machines. Such launches in the country are likely to boost adoption and drive market growth.
In summary, the combination of a rising chronic disease burden, an aging population, and strategic product launches is set to fuel market growth. However, stringent regulations in Mexico could pose challenges to this growth trajectory.
Mexico Nuclear Imaging Market Trends
Neurology Segment is Expected to Witness a Steady Growth Over the Forecast Period
Mexico's neurology segment is poised for rapid expansion, driven by a surge in neurological disorders, an aging demographic, and escalating healthcare expenditures.
Neurological conditions like Alzheimer’s, Parkinson’s, and multiple sclerosis are on the rise in Mexico. Moreover, prevalent issues such as Parkinson's and depression are likely to further stimulate market growth. A January 2023 report from the Mexican government highlighted a concerning trend: while 20% of individuals with psychiatric disorders sought care, a staggering 75% of adults with severe to moderate cases remained untreated. This emphasizes the weight of neurological diseases in Mexico, hinting at a growing demand for nuclear imaging equipment and, subsequently, segment growth during the forecast period.
In addition, intensified research and development initiatives focused on neurological diseases in Mexico are set to amplify the demand for nuclear imaging, driving segment growth. For instance, in 2023, the Alzheimer's Association conducted a satellite symposium in Mexico City, emphasizing cutting-edge dementia research, regional priorities, and challenges specific to Latin America. Key regional initiatives include the ReDLat Consortium, which aims to bolster dementia research throughout Latin America, and the LatAm-FINGERS initiative, promoting lifestyle changes to combat cognitive decline. Consequently, this heightened focus on neurological research is expected to elevate the uptake of nuclear imaging, further accelerating the segment's growth during the forecast period.
In conclusion, given the rise in neurological disorders and the increasing reliance on nuclear imaging for their study, the segment is primed for significant growth in the years ahead.
PET Radioisotopes Segment is Expected to Witness a Considerable Growth Over the Forecast Period
Positron emission tomography (PET) scans employ small quantities of radioactive materials, known as radiopharmaceuticals, alongside a specialized camera and computer, to evaluate organ and tissue function. As a noninvasive nuclear imaging technique, PET is extensively used for various applications, including the diagnosis, staging, and treatment monitoring of cancer. The imaging process involves the intravenous administration of a positron-tagged radiopharmaceutical, with fluorodeoxyglucose being the predominant choice, recognized as the gold standard in PET radiopharmaceuticals.
Mexico's increasing influence in the global precision medicine market is highlighted by the adoption of advanced PET/CT systems, the modernization of cancer treatment facilities, and the development of new radioisotope technologies. In July 2024, United Imaging significantly enhanced Mexico's medical infrastructure by installing its cutting-edge uMI 550 PET/CT system at the Instituto Nacional de Pediatría in Mexico City. The uMI 550, featuring an integrated light guide digital PET detector and a 2.76 mm lutetium yttrium orthosilicate (LYSO) crystal, offers superior imaging accuracy and diagnostic capabilities. This technological advancement is set to improve the precision of cancer diagnosis and treatment in pediatric patients, establishing a new benchmark for radiopharmaceutical applications in Mexico.
Additionally, data from the National Institute of Statistics and Geography (Spanish: Instituto Nacional de Estadística y Geografía (INEGI)) in 2022 revealed that 30.0 million Mexicans suffer from high blood pressure, affecting approximately 24.9% of the male and 26.1% of the female population. High blood pressure and dyslipidemia are significant risk factors for cardiovascular disorders and mortality. Consequently, the rising prevalence of these conditions is expected to increase the incidence of cardiovascular diseases. As PET scans are predominantly used for detecting cardiovascular diseases, this growing burden is anticipated to drive segment growth positively.
In conclusion, the advancements in PET/CT technology and the increasing prevalence of conditions such as cancer and cardiovascular diseases underscore the growing importance of PET scans in medical diagnostics. Mexico's proactive approach to adopting these technologies positions it as a key player in the global precision medicine market, promising significant improvements in patient outcomes.
Mexico Nuclear Imaging Industry Overview
The Mexico nuclear imaging market is semi-consolidated and consists of a few major players. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known. Bracco Imaging SpA, Canon Medical Systems, Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers, among others, hold a substantial share of the market.
Mexico Nuclear Imaging Market Leaders
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Bracco Imaging Spa
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GE Healthcare
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Siemens AG
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Koninklijke Philips N.V
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Canon Medical System
*Disclaimer: Major Players sorted in no particular order
Mexico Nuclear Imaging Market News
- July 2024: United Imaging, a worldwide frontrunner in cutting-edge medical imaging and radiotherapy solutions, has unveiled its uMI 550 PET/CT system at Mexico's Instituto Nacional de Pediatría (INP).
- December 2023: TTG Imaging Solutions (TTG) inked an International TTG Distributor Agreement with AccesoFarm. This agreement designates AccesoFarm as the exclusive international distributor for TTG in Mexico for nuclear imaging solution.
Mexico 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 and Cardiac Disorders
4.2.2 Technological Advancements in Nuclear Imaging
4.3 Market Restraints
4.3.1 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 Mediso Ltd
6.1.8 Bracco Group
6.1.9 Novartis AG (Advanced Accelerator Applications)
6.1.10 Bayer AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mexico 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.
Mexico's nuclear imaging market is segmented by product and application. Based on the product the market is segmented as equipment and diagnostic radioisotope. Based on application the market is segmented as SPECT application and PET application. The report offers the value (in USD) for the above segments.
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Mexico Nuclear Imaging Market Research Faqs
How big is the Mexico Nuclear Imaging Market?
The Mexico Nuclear Imaging Market size is expected to reach USD 182.67 million in 2024 and grow at a CAGR of 2.68% to reach USD 208.95 million by 2029.
What is the current Mexico Nuclear Imaging Market size?
In 2024, the Mexico Nuclear Imaging Market size is expected to reach USD 182.67 million.
Who are the key players in Mexico Nuclear Imaging Market?
Bracco Imaging Spa, GE Healthcare, Siemens AG, Koninklijke Philips N.V and Canon Medical System are the major companies operating in the Mexico Nuclear Imaging Market.
What years does this Mexico Nuclear Imaging Market cover, and what was the market size in 2023?
In 2023, the Mexico Nuclear Imaging Market size was estimated at USD 177.77 million. The report covers the Mexico Nuclear Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Nuclear Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Nuclear Imaging Industry Report
Statistics for the 2024 Mexico Nuclear Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico 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.
Mexico Nuclear Imaging Market Report Snapshots
