Saudi Arabia And Middle East Radioisotope Market Growth
The Saudi Arabia and Middle East radioisotope market comprises production and
utilization of radioisotopes for various medical applications such as disease
diagnosis and cancer treatment. Key radioisotope products used are
Technetium-99m, Iodine-131, Yttrium-90, Lutetium-177 and Actinium-225. These
radioisotopes find usage in single-photon emission computed tomography (SPECT),
positron emission tomography (PET) scans and targeted radionuclide therapies.
Saudi Arabia and Middle East's growing Radioisotope Market
is estimated to be valued at US$ 691.3
million in 2024 and is expected to
exhibit a CAGR of 1.1% over the
forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the Saudi
Arabia And Middle East Radioisotope Market Growth 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 demand for medical
radioisotopes is growing owing to increased usage of nuclear medicine for disease
diagnosis as well as targeted cancer therapies. Additionally, key players are
expanding globally in order to cater to the rising demand from the Middle
Eastern countries.
Market key trends
One of the key trends in the Saudi Arabia and Middle East radioisotope market
is the rising medical usage of nuclear medicine. There is growing prominence
and acceptance of nuclear scanning and radiopharmaceutical techniques among
healthcare professionals as well as patients in the region. Various hospitals,
diagnostic centres and specialty clinics are incorporating nuclear medicine
departments for SPECT, PET and targeted radionuclide therapy procedures. This
increasing focus on and integration of nuclear medicine applications will
continue to drive the demand for medical radioisotopes over the forecast
period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing
new facilities and obtaining required regulatory approvals takes significant
time and capital investment. However, the market is growing which makes it
attractive for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high
as there are many established players providing radioisotopes. Buyers can
negotiate on price and demand high quality and after-sales service.
Bargaining power of suppliers: Few companies globally have the capability to
produce medical radioisotopes. This gives existing suppliers strong bargaining
power over buyers in terms of price and supply availability.
Threat of new substitutes: There exists a medium threat from new substitute
products. Ongoing research is exploring alternative modalities for disease
diagnosis and treatment such as magnetic resonance imaging which can replace
radioisotope usage over the long run.
Competitive rivalry: The market has several international and regional players
competing for market share. Companies differentiate based on technology,
product portfolio, marketing, regional presence and service offerings.
Geographical Regions
The Saudi Arabia and Middle East region accounts for over 40% of the total
market value owing to high healthcare infrastructure, government focus on
nuclear technology and increasing research activities. The region is also one
of the fastest growing markets worldwide for radioisotopes due to rising cancer
incidence and expanding usage of PET imaging and radionuclide therapy.
North America leads the global radioisotope market currently with around 35%
share backed by strong government funding for medical research, presence of
many key industry players and sophisticated hospitals. However, the Asia
Pacific region is poised to witness the highest growth during the forecast
period driven by growing medical isotopes demand and investments from China,
India and other emerging Asian nations towards nuclear technology and
healthcare modernization.