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| Saudi Arabia and Middle East Radioisotope Market Size |
The Saudi Arabia and Middle East Radioisotope market offers radioisotopes that
are used in diagnostic and therapeutic medical applications. Radioisotopes such
as Technetium-99m, Iodine-131, Yttrium-90, Lutetium-177, and Actinium-225 find
wide usage in disease diagnosis techniques like Single Photon Emission Computed
Tomography (SPECT) scans and Positron Emission Tomography (PET) scans. They are
also used in targeted radiation therapies to treat various cancers. The growing
prevalence of chronic diseases like cancer is driving the demand for early
diagnosis and effective treatment options in the region. Furthermore,
government initiatives to enhance healthcare infrastructure and wider insurance
coverage are supporting the radioisotope market growth.
The Saudi
Arabia and Middle East Radioisotope Market Size is estimated to be
valued at US$ 691.3 MN in 2024 and
is expected to exhibit a CAGR of 1.1%
over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Saudi Arabia and Middle East Radioisotope market
are GE Healthcare, IBA, Sumitomo Corporation, BWX Technologies, Inc., Advanced
Cyclotron Systems, Inc., Navidea Biopharmaceuticals, Inc., BEST Cyclotron
Systems Inc., NorthStar Medical Radioisotopes, Siemens Healthineers, Novartis,
Moravek Biomedicals Inc., Nordion, Research Products International Corp.,
Cardinal Health Nuclear Pharmacy, American Radiolabeled Chem. Inc.,
Perkin-Elmer (NEN), IRE, Eckert & Ziegler., Curium, ANSTO, HTA Co., Ltd,
Isotope JSC., SAMIRA, OECD-NEA, Telix Pharmaceuticals Limited., The State
Atomic Energy Corporation, ROSATOM, ISOTOPIA, NTP Radioisotopes, KFSH&RC,
Jordan Research and Training Reactor, Esfahan Nuclear Technology Center,
ETRR-2, and SRR-1.
The key opportunities in the market include developing new radioisotope
production facilities, expansion of application areas in disease diagnosis and
targeted cancer treatments, regional collaborations for supplying medical
isotopes, and setting up regional distribution networks.
The major players are focusing on global expansion by strengthening cooperation
with international organizations, entering into regional supply agreements,
making strategic acquisitions, and setting up production units in different
countries and regions to ensure adequate supply of critical radioisotopes.
Market Drivers and Restraints
One of the key drivers for the Saudi Arabia and Middle East Radioisotope market
is the increasing medical applications of radioisotopes. The growing prevalence
of chronic diseases like cancer is raising demand for early and accurate
diagnosis as well as effective treatment procedures like targeted radiation
therapy. Radioisotopes play a vital role in SPECT and PET scanning as well as
radiotherapy and radiopharmaceutical treatment of cancer and other diseases.
However, a major restraint is the limited production and supply of critical
radioisotopes in the region. Many nations still import radioisotopes from other
developed countries for medical needs. Ensuring continuous and adequate supply
of essential isotopes through local production and regional cooperation remains
a challenge. Strict regulations regarding the production, transportation, and
use of radioactive materials also increase compliance costs for market players.
Segment Analysis
The Saudi Arabia and Middle East radioisotope market is dominated by the
medical segment, accounting for over 80% share. Radioisotopes find major
applications in fields of nuclear medicine such as diagnostics and therapeutic
procedures. Radioisotopes are widely used in SPECT and PET scans to obtain
metabolic information and diagnose cancer and various cardiac conditions.
Procedures like bone scans, thyroid scans and myocardial perfusion imaging
employ medical radioisotopes. The increasing incidence of cancer and heart
diseases in the region is driving the demand from the medical segment.
Global Analysis
The Middle East region dominates the Saudi Arabia and Middle East radioisotope
market and is expected to witness the fastest growth during the forecast
period. Countries such as Saudi Arabia, United Arab Emirates, Qatar are
projected to significantly contribute to the regional market. Presence of major
hospitals, growing healthcare infrastructure and rising healthcare expenditure
in these countries is aiding the market growth. In addition, the increasing
government initiatives towards diagnostic imaging and nuclear medicine will
fuel the demand for radioisotopes. Egypt is also emerging as a prominent market
ascribing to various nuclear research activities and expansion of diagnostic
centers. Whereas countries including Iran and Turkey have established cyclotron
and radiopharmaceutical production facilities which is supporting their market
growth.
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Arabia and Middle East Radioisotope Market