North America accounted for the largest share of the technetium-99m market in 2022. In North America, the US held the largest technetium-99m market size in 2022 and is estimated to continue its dominance from 2022 to 2030. Availability of advanced healthcare infrastructure, presence of major market players, rising incidence and prevalence of target conditions, and product innovations introduced by key players operating in the region are among the factors driving the technetium-99m market growth. According to the International Agency for Research on Cancer (IARC), the number of cancer cases in the US is expected to increase from 2.28 million cases in 2020 to 3.12 million cases in 2040; this will subsequently fuel the demand for medical imaging. Additionally, the Centers for Medicare & Medicaid Services (CMS) in the US has adopted standards associated with human laboratory research under the Clinical Laboratory Improvement Amendments (CLIA), which has favorably improved the technetium-99m market size.

Improving Healthcare Infrastructure in Emerging Countries Drives Technetium-99m Market Growth

Countries such as India, China, Argentina, Brazil, the UAE, and South Africa are expected to offer significant growth opportunities for market players due to expanding patient population, increasing R&D activities, improving healthcare infrastructure, and growing disease awareness. According to the World Economic Forum, as of 2022, Russia, Brazil, China, India, and South Africa collectively accounted for a third of global health spending. As per the World Bank, health spending in India and China increased by 3.01% and 5.35%, respectively, from 2018 to 2019.

Furthermore, the prevalence of CVDs is rising significantly in developing nations, which can be mainly attributed to the shift in lifestyle as well as the adoption of modern facilities. Modernizing residential, corporate, and commercial facilities reduces physical activities and increases obesity. These conditions may trigger the possibility of developing CVDs among people, owing to which imaging techniques such as nuclear imaging techniques are gaining significant importance. Research organizations in developing countries are engaged in developing advanced diagnosis systems, including cost-effective and high-performance SPECT systems. These developments are aimed at extending their reach to remote areas where the accessibility to advanced medical IT facilities is difficult. China, Japan, and Brazil, among other countries, spend heavily on developing SPECT machines to lower costs and offer hospitals and other medical organizations better access to these machines. Additionally, high competition in mature markets encourages technetium-99m product manufacturers to focus on developing markets, which will likely provide opportunities for the technetium-99m market growth.

Short Shelf-Life of Radiopharmaceuticals Hampers Growth of Technetium-99m Market

The shelf-life of radiopharmaceuticals depends mainly on the radioisotopes’ half-life, radiochemical stability, and the concentration of radionuclide impurities in the preparation. Most radiopharmaceutical preparations contain radioisotopes with very short half-lives. For example, technetium-based and SPECT preparations must be used within 6 hours of preparation. The shelf-life of a multidose radiopharmaceutical preparation after aseptic withdrawal of the first dose depends on microbiological considerations. Due to the short half-life of radionuclides, diagnostic radiopharmaceuticals are usually prepared in the hospital radiopharmacy departments just before the administration to patients. For example, the half-life of technetium-99m is 6 hours, and does not remain in the body for long. Therefore, short-lived radiopharmaceuticals are becoming a matter of concern in long-term procedures, which is a major factor restraining the technetium-99m market growth.

Technetium-99m Market: Segmental Overview

Based on product, the technetium-99m market is segmented into cardiovascular, bone scan, respiratory, tumor imaging, and others. The cardiovascular segment held the largest technetium-99m market share in 2022. The bone scan segment is anticipated to register the highest CAGR during 2022–2030.

Based on end user, the market is segmented into hospitals, diagnostic and imaging centers, and others. In 2022, the diagnostic and imaging centers segment held the largest market share, and the hospitals segment is anticipated to register the highest CAGR during 2022–2030.  

The scope of technetium-99m market report focuses on North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Technetium-99m Market: Competitive Landscape and Key Developments

Lantheus Medical Imaging Inc, Curium, Jubilant Pharma Company, NorthStar Medical Radioisotopes LLC, Sun Pharmaceutical Industries Inc, Advancing Nuclear Medicine, NTP Radioisotopes SOC Ltd, Northwest Medical Isotopes LLC, SHINE Technologies LLC, and Cardinal Health are a few key companies operating in the market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in the market.  

A few of the recent developments in the global market are mentioned below:

• In November 2023, The International Atomic Energy Agency (IAEA) announced a new coordinated research project (CRP) to create a global network of producers and researchers to develop a new generation of technetium-99m kits and radiopharmaceuticals. The CRP is anticipated to create standard processes and guidelines for manufacturing, quality control, and preclinical testing of innovative technetium-99m radiopharmaceuticals. The CRP will also concentrate on the most therapeutically relevant supplies in demand and the implementation of innovative radiolabeling strategies.
• In February 2023, BWXT Medical completed the key Tc-99m generator program milestone with Laurentis. Laurentis Energy Partners and BWXT Medical Ltd. have installed and commissioned an innovative isotope system at Ontario Power Generation’s (OPG) Darlington Nuclear Generating Station, enabling them to generate molybdenum-99 (Mo-99) isotopes. Mo-99 is used to generate technetium-99 metastable (Tc-99m), one of the most often used diagnostic imaging agents in nuclear medicine, which aids in detecting conditions such as cancer and heart disease. Darlington will be the first commercial power reactor to produce Mo-99. 
• In February 2022, Theragnostics announced that the company received the US FDA approval for its radiodiagnostic imaging drug NephroScan (Technetium Tc 99m Succimer injection kit). NephroScan is a proprietary kit for the preparation of technetium Tc 99m succimer injection, which acts as an aid for the diagnosis of renal parenchymal disorders in term neonates and adult patients.
• In March 2021, NorthStar Medical Radioisotopes LLC and Ion Beam Applications SA (IBA) announced a collaboration to increase the global availability of technetium-99m (Tc-99m), the most widely used medical radioisotope. The agreement allows businesses outside the US to use NorthStar’s patented non-uranium-based Mo-99 generated using IBA’s accelerators and beamlines. Furthermore, the collaboration builds on an existing agreement under which IBA will supply NorthStar with up to eight Rhodotron TT 300-HE electron beam accelerators. This aids in the production of non-uranium-based Mo-99, allowing NorthStar’s FDA-approved and commercially accessible RadioGenix System (technetium Tc 99m generator) to manufacture Tc-99m in the US.