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Argentina Nuclear Imaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 89 Pages I Mordor Intelligence
The Argentina Nuclear Imaging Market size is estimated at USD 95.95 million in 2024, and is expected to reach USD 108.82 million by 2029, growing at a CAGR of 2.55% during the forecast period (2024-2029).
As per the report from the Economic Commission for Latin America and the Caribbean (ECLAC), in 2020, Argentina's economy shrank owing to the impact of the crisis caused by the COVID-19 pandemic, which hit private consumption, investment, and exports hard. According to the Preliminary Overview of the Economies of Latin America and the Caribbean 2021, GDP is expected to have contracted by 10.5% by the end of 2020. However, in 2021, the economy is expected to recover by 4.9%, due to the improvement in labor incomes and boost in private consumption, and increasing international export demand. After the COVID-19 pandemic, the market for nuclear imaging is recovering in the country as most elective procedures are being prioritized and medical tourism is also restarted in Argentina which is accelerating the movement of foreign patients to Argentina. Hence, with the above-mentioned factors, it is observed that COVID-19 had a significant impact on the market studied.
Technological improvements, expanding diagnostic applications in various diseases such as cancer and cardiovascular diseases, government assistance, and the transition from standalone to hybrid modalities are all factors driving the market's growth in Argentina. per the World Aging Report 2021, the number of people aged 65 years and above in Argentina will increase by almost 17.3% compared to that of the year 2020. The hike in the aged population will contribute to the growth of the nuclear imaging market in Argentina as older people are more prone to chronic diseases for which diagnostic imaging becomes necessary at times.
In the nuclear imaging market, many players are concentrating on bringing advanced and innovative equipment. As per the report published by International Atomic Energy Agency in April 2020, the most common medical radioisotope, technetium-99m (Tc-99m) accounts for about 80% of all nuclear medicine procedures and 85% of diagnostic scans in nuclear medicine worldwide. Argentina is one of the countries whose research reactor is used to produce molybdenum-99 isotope and is also exported to other countries. Therefore, making Argentina is one of the major producers of radioisotopes in the world.
Argentina Nuclear Imaging Market Trends
PET Radioisotopes are Expected to Witness Healthy Growth Over the Forecast Period
The significant factors contributing to the market growth include the growing prevalence of various lifestyles associated with chronic diseases such as cancer and cardiovascular conditions and the increasing demand for advanced imaging solutions.
Matias Martinez of Hospital Privado Universitario, Argentina in the article 'Advantages of 18F-FDG PET/CT Imaging over Modified Duke Criteria and Clinical Presumption in Patients with Challenging Suspicion of Infective Endocarditis', published in 2021, stated that 18F-FDG PET/CT represents a valuable diagnostic tool that could be proposed for challenging IE cases with significant differences between modified Duke criteria and clinical suspicion degree. Such studies improve the usage of these diagnostic procedures boosting the usage of radioisotopes in the country. Furthermore, the research projects related to nuclear medicine are further expected to create several opportunities in the diagnostic procedures and thereby positively impacting the market growth in this country.
In addition, the increasing burden of chronic diseases such as cancer is augmenting the demand for PET radioisotopes. For instance, according to the Globocan report, in 2020, around 130,878 people were diagnosed with cancer in Argentina, and 70,074 cancer deaths were reported. Owing to the high number of cancer cases, nuclear diagnosis of the disease in its early stages has become crucial which is fuelling the growth of the PET radioisotope segment.
Argentina Nuclear Imaging Industry Overview
The nuclear imaging market is highly competitive and consists of a few major players. In terms of market share, few of the major players currently dominate the market. Companies, like Bracco Imaging SpA, Curium, Cardinal Health Inc., Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers, among others, hold the substantial share in the market.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Cancer and Cardiac Disorders
4.2.2 Technological Advancements in Nuclear Imaging
4.3 Market Restraints
4.3.1 Stringent Regulations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Equipment
5.1.2 Diagnostic Radioisotope
5.1.2.1 SPECT Radioisotopes
5.1.2.2 PET Radioisotopes
5.2 By Application
5.2.1 SPECT Applications
5.2.1.1 Cardiology
5.2.1.2 Neurology
5.2.1.3 Thyroid
5.2.1.4 Other SPECT Applications
5.2.2 PET Applications
5.2.2.1 Oncology
5.2.2.2 Cardiology
5.2.2.3 Neurology
5.2.2.4 Other PET Applications
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE Healthcare
6.1.4 Koninklijke Philips NV
6.1.5 Siemens Healthineers
6.1.6 Curium
6.1.7 Shanghai United Imaging Medical Technology Co. Ltd
6.1.8 Bracco Group
6.1.9 DDD Diagnostics A/S
6.1.10 Bayer AG
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