Mexico Nuclear Imaging Market Size

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).

• COVID-19 had a significant impact on the market studied in Mexico. As stated by the report from the National Institute of Health published in January 2022, the past two years, i.e., 2020 and 2021, have witnessed a considerable decrease in the overall number of nuclear medicine procedures. For instance, according to the National Center for Biotechnology Information (NCBI) study published in 2022, the normal scheduling procedure for the radiopharmacy laboratory was reduced by more than half (65%) in Latin America.
• Hence, it is observed that the utilization of positron emission tomography (PET) and single-photon emission computerized tomography (SPECT) in the country was reduced drastically during the pandemic, which affected the market studied significantly. However, after the COVID-19 pandemic came into control, the market is gaining pace rapidly as people who had planned their diagnostic or therapeutic procedures are visiting hospitals, which is expected to augment the demand for nuclear imaging procedures in the upcoming years.
• Major factors contributing to the market growth include the rising prevalence of chronic diseases and the increasing adoption of nuclear imaging techniques in the country. Several chronic conditions, such as cancer, neurological disorders, cardiovascular issues, and a rising geriatric population, are on the rise in Mexico, accelerating the demand for nuclear imaging procedures across the country.
• For instance, According to the World Population Ageing 2021 report, the Mexican population aged 65 years and older is projected to reach 9.31 million by 2030. Since the aging population is more prone to chronic diseases, the increasing geriatric population is contributing to the high burden of chronic diseases. For instance, as per a journal published in December 2021, three-fifths of people aged 60-69 were diagnosed with at least one chronic illness, and it also stated that prevalence increases with age. SPECT and PET offer high precision and accuracy in detecting chronic diseases. For instance, the PECT/CT is becoming the reference diagnostic tool for identifying cardiac disease, as arterial stenosis can be accurately identified by CT equipment and the associated ischemic area, as per the Science Direct study published in February 2023. Thus, considerable market growth is expected over the forecast period due to such factors.
• The increasingly favorable initiatives related to nuclear imaging are also anticipated to impact the market growth positively. For instance, an article published by NCBI in June 2022 indicated that Mexico produces radionuclide copper-64 (Cu-64) and radioiodine (I-123 and I-124). Cu-64 is used in molecular radiotherapy and PET scanning. I-123, a radioactive isotope, is used mostly in single-photon emission computed tomography scanning.
• Similarly, In April 2022, the Mexican National Council of Science and Technology (Spanish: Consejo Nacional de Ciencia y Tecnología (CONACyT)) funded a research study that was published in the Journal of Molecules. The study focused on the preparation of a targeted 225Ac-delivering nanosystem by encapsulating the radionuclide into rHDL nanoparticles. The prepared 225Ac-rHDL system was identified as a potential targeted radiotherapeutic agent. Such research studies focusing on the production of diagnostic radioisotopes and the abundant availability of radioisotopes are expected to boost market growth in Mexico.
• However, stringent regulations in Mexico may restrain the market growth over the forecast period.