Market Trends of Africa Nuclear Imaging Industry
Oncology Segment is Expected to Occupy a Significant Share in the Market
The major factors responsible for the growth of this segment include the rise in the prevalence of cancers that require advanced diagnostics as PET/CT scans in Africa. For instance, as per the IARC estimations, the estimated number of new cancer cases in 2040 is likely to be 2,097,365 in Africa. This high incidence of cancer is expected to increase the demand for nuclear imaging for its early diagnosis, which is further expected to fuel the market segment growth in the coming years.
Furthermore, cancer care plans launched by the regional as well as local government agencies across Africa are expected to increase awareness for the early diagnosis and treatment of cancer, which is anticipated to expand the market growth. For instance, in December 2022, the city of Kumasi launched seven cancer care solutions that are ready to be implemented in and beyond the city. It's expected that Kumasi's four million inhabitants and the wider Ashanti region were likely to benefit from improved quality and access to cancer care.
Moreover, technological advancements and development in nuclear imaging in cancer care are expected to drive market growth. For instance, in June 2022, the Kenyatta University Teaching Research and Referral Hospital (KUTTRH), Kenya's National Referral Hospital, introduced prostate-specific membrane antigen (PSMA) positron emission tomography (PET) scans for cancer patients at its Integrated Molecular Imaging Centre. The PSMA PET scan is a new type of nuclear medicine procedure for men with prostate cancer that detects prostate cancer cells that are hiding in lymph nodes that appear normal in size, even when the level of prostate-specific antigen (PSA) level is low. Thus, owing to such instances, the segment is expected to witness growth over the forecast period.
Thus, the increase in the prevalence of cancer which utilizes nuclear imaging, and the rise in awareness and technological advances in nuclear imaging across the country are expected to drive the segment growth over the forecast period.
Equipment Segment is Expected to Hold a Major Share in the Market Over the Forecast Period
The equipment segment is expected to hold a notable market share in the studied market over the forecast period owing to the factors such as an increase in the prevalence of chronic diseases that require advanced diagnostics such as PET/CT scans in Africa, an increase in geriatric population, a rise in product launches and increase in funding by government agencies.
For instance, as per the article published in September 2021 in Nature journal, the annual incidence rate of stroke in Africa is up to 316 per 100,000 individuals, which is among the highest incidence rates in the world, and the prevalence rate of 1,460 per 100,000 reported in one region of Nigeria, western Africa. Due to the high prevalence of stroke, there is likely to be a greater demand for nuclear imaging to aid in the early diagnosis of the disease, which is likely to drive segment growth.
Furthermore, the rise in product launches by the key players intended for nuclear imaging utilization in Africa is expected to increase market growth. For instance, in July 2022, Siemens Healthineers introduced its newly launched innovations in MRI and SPECT/CT imaging at the European Congress of Radiology (ECR) 2022. In line with the ESR's strategy to provide education to areas with more limited educational opportunities, the giveaway was open to radiologists from Eastern Europe, Africa, and the Middle East.
Moreover, as the geriatric population is more prone to acquiring chronic diseases, the increase in the percentage of the geriatric population in the African region is estimated to utilize nuclear imaging services, which is likely to boost market growth over the forecast period. For instance, as per the World Population Prospectus (WPP) 2022, the estimated percentage of the population above 65 or older is likely to be 4.7 by 2050 in Sub-Saharan Africa.
Additionally, technological advancements and development in nuclear imaging equipment are expected to drive market growth. For instance, in August 2022, the University of Witwatersrand, South Africa collaborated with other organizations for conducting a clinical study which is a phase I/IIa, open-label, multicenter interventional study of Gallium-68 radiolabeled PEG-αvβ3-Integrin Adhesion Complex antagonist conjugate (Ga-68-PEG-Αvβ3-IAC) Positron Emission Tomography (PET/CT) imaging, intended for the diagnosis, and clinical management of patients with angiogenic breast cancer.
Hence, the rise in the prevalence of chronic diseases which utilizes nuclear imaging, and the increase in product launches and technological advancement in nuclear imaging equipment across the country are expected to drive the segment growth over the forecast period.
