Canada Nuclear Imaging Market Size

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.