Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Technetium-99m is a short-lived form of Technetium-99, an isotope of technetium. It is found as a component of nuclear waste and is used as a medical diagnostic tool. It is used as a radioactive tracer and can be detected in the body by medical equipment such as gamma cameras and Single Photon Emission Computed Tomography (SPECT).
MEA technetium-99m market is estimated to account for US$ 394.6 Mn in terms of value and is expected to reach US$ 688.5 Mn by the end of 2027.
MEA Technetium-99m Market: Drivers
High prevalence of congenital heart disease is expected to propel growth of MEA technetium-99m market over the forecast period. For instance, according to the study, ‘Patterns, prevalence, risk factors, and survival of newborns with congenital heart defects in a Saudi population: a three-year, cohort case-control study’, published in March 2019, the prevalence of congenital heart defects was 14.8/1000 births in the study population.
Moreover, increasing investment in the production of molybdenum-99 is also expected to aid in growth. For instance, in July 2019, NorthStar Medical Radioisotopes, LLC announced completion of construction on its 20,000 square foot molybdenum-99 processing facility.
Gamma Camera held dominant position in MEA technetium-99m market in 2019, accounting for 57.3% share in terms of volume, followed by SPECT, respectively.
Figure 1. MEA Technetium-99m Market Share (%), by Value, by Isotopic Application, 2019
MEA Technetium-99m Market: Restraints
Availability of 99mTc depends on the production of Mo-99 from the small number of nuclear reactors worldwide. The major producing reactors have already aged and on the verge of shutting down. This creates an issue related to production disruption assuming the need for extended shutdowns for planned or unplanned maintenance work, which is expected to hinder growth of MEA technetium-99m market.
Adoption of alternative imaging modalities is also expected to limit growth of the market. The expected shortage of Tc-99m in the near future has led to increase in adoption of PET or other imaging modalities.
MEA Technetium-99m Market: Opportunities
Increasing adoption of dual modality imaging technique or hybrid imaging is expected to offer lucrative growth opportunities for players in MEA technetium-99m market. The adoption of hybrid imaging consisting of single-photon emission computed tomography (SPECT) and X-ray transmission computed tomography (CT) scan is increasing globally as it offers short acquisition time and provides accurate attenuation correction and fusion imaging leading to increase in diagnostic sensitivity and specificity.
Moreover, non-reactor production of Mo-99 without using highly enriched uranium is also expected to aid in growth of the market.
MEA technetium-99m market was valued at US$ 394.6 Mn in 2019 and is forecast to reach a value of US$ 688.5 Mn by 2027 at a CAGR of 8.3% between 2020 and 2027.
Figure 2. MEA Technetium-99m Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Players in the market are focused on extending patent protection for their products. For instance, in March 2020, Navidea Biopharmaceuticals, Inc. received the U.S. Patent extension for Lymphoseek (technetium [Tc 99m] tilmanocept) until 2025.
Tc-99m can find application in myocardial metabolism imaging. For instance, in November 2019, researchers from Institute of Nuclear and Radiological Sciences and Technology, Greece, reported the synthesis and characterization of two novel derivatives of undecanonoic and hexadecanonoic acid with the aim of developing 99mTc-labeled fatty acids intended for myocardial metabolism imaging.
- It is essential to attain the approval of the national atomic energy agencies before each step. The supplier has to apply separately to regulatory body for No Objection Certificate / Type Approval for the medical cyclotron.
- The various stages of clearances needed from national atomic energy agencies which mainly includes:
- Site Assessment and Approval: The first stage of process is to assess the suitability of the site which includes compliance with the geological and soil characteristics such as seismic condition, geo-hydrology and existing infrastructure etc.
- Design and Construction Approval: The medical cyclotron should be installed in a room with adequate shielding with adequate isolation and access control. The licensee needs to submit Quality Assurance reports during construction and installation to the concerned regulatory body
- Commissioning: For granting license for commissioning, the regulatory body evaluates the system performance and the shielding adequacy of the installation
- Decommissioning: When the medical cyclotron operation is ceased, the permission for decommissioning is required
MEA Technetium-99m Market: Competitive Landscape
Major players operating in MEA technetium-99m market include, GE Healthcare, IBA, Sumitomo Corporation, Advanced Cyclotron Systems, Inc., NorthStar Medical Radioisotopes, and Siemens Healthineers.
MEA Technetium-99m Market: Key Developments
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in March 2020, NorthStar Medical Technologies, LLC partnered with Capella Imaging, LLC, a BioGenerator company, under which NorthStar has licensed exclusive rights to FibroScint (Tc-99m F4A), a fibrin-targeted diagnostic imaging agent for cardiac imaging.
Major players in the market are also focused on labeling its products. For instance, in February 2020, BWX Technologies, Inc. successfully labeled technetium-99m derived from its proprietary molybdenum-99 production process and its proprietary Tc-99m generators with cold kits.