Canada Nuclear Medicine Market Size, Share, and COVID-19 Impact Analysis, By Product (Diagnostic Products and Therapeutic Products), By Application (Cardiology, Bone Metastasis, Thyroid, Endocrine Tumor, Neurology, Oncology, Lymphoma, and Others), and Canada Nuclear Medicine Market Insights, Industry Trend, Forecasts to 2033.

Canada Nuclear Medicine Market Insights Forecasts to 2033

• The Canada Nuclear Medicine Market Size was estimated at USD 410.45 Million in 2023. 
• The Canada Nuclear Medicine Market Size is Growing at a CAGR of 14.61% from 2023 to 2033
• The Canada Nuclear Medicine Market Size is Expected to Reach USD 1605.23 Million by 2033

The Canada Nuclear Medicine Market Size is Expected to Reach USD 1605.23 Million by 2033, Growing at a CAGR of 14.61% from 2023 to 2033.

Market Overview

The manufacturing, distribution, and use of radiopharmaceuticals and nuclear imaging technologies are the focus of the Canada Nuclear Medicine Market. These have both therapeutic (like radiotherapy) and diagnostic imaging (like PET and SPECT) applications. The rising need for improved treatments and early, accurate disease diagnosis is responsible for the expansion of Canada's nuclear medicine sector.  This expansion is fueled by the growing need for better treatment choices as well as the necessity for early and accurate disease diagnosis. Additionally, as the need for radioisotopes in therapeutic and diagnostic applications in the healthcare sector grows, more companies are entering the market to develop and produce these radioisotopes in the nation. In addition, the Canadian market for radiopharmaceuticals is expanding as a result of rising cancer and cardiovascular disease prevalence and death rates. Furthermore, government initiatives aid in the market expansions. For instance, in June 2023, the Canadian government established the Canadian Medical Isotope Ecosystem (CMIE), providing $35 million over five years to improve medical isotope production, development, and distribution.

Report Coverage

This research report categorizes the market for the Canada nuclear medicine market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada nuclear medicine market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada nuclear medicine market.

Driving Factors

The Canada nuclear medicine industry is driven by the need for nuclear medicine for precise diagnosis and focused treatments is growing as the number of cancer and heart disease cases rises. Additionally, radiopharmaceutical and imaging technology advancements like PET and SPECT are improving therapeutic results and diagnostic accuracy. In addition, radioisotopes are being used more often in the diagnosis and treatment of cancer, thyroid-related disorders, respiratory disorders, bone disorders, and digestive tract disorders as a consequence of ongoing research and studies showing promising outcomes.

Restraining Factors

The market for nuclear medicine in Canada is hampered by issues such as high prices for imaging equipment and radiopharmaceuticals, strict regulations that delay product approvals, and supply chain limitations that limit the availability of isotopes.  Furthermore, high operating expenses in nuclear medicine facilities and a lack of qualified personnel further limit market expansion.

Market Segmentation

The Canada nuclear medicine market share is classified into product and application.

• The diagnostic products segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the product, the Canada nuclear medicine market is divided into diagnostic products and therapeutic products. Among these, the diagnostic products segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The robust demand for diagnostic goods that use radioactive tracers, the increase in cancer and cardiovascular disease cases, and the development of imaging technologies are all factors contributing to this segment's high share. Modern healthcare systems depend on radiopharmaceuticals since they are necessary for non-invasive diagnosis.

• The oncology segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the Canada nuclear medicine market is divided into cardiology, bone metastasis, thyroid, endocrine tumor, neurology, oncology, lymphoma, and others. Among these, the oncology segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Traditional radiation therapies have been effective but limited in their application, often relying on external energy beams. Cancer is a leading cause of death worldwide, and factors like smoking, poor diet, and lack of exercise contribute to its rising prevalence. Additionally, rising investments in R&D of novel nuclear medicines for cancer treatment may contribute to segment growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada nuclear medicine market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• GE Healthcare
• Nordion (Canada), Inc.
• Isologic Innovative Radiopharmaceuticals
• Curium Pharma
• adMare BioInnovations
• Lantheus Medical Imaging, Inc.
• Cardinal Health
• Jubilant Life Sciences Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In September 2023, GE HealthCare and the Mayo Clinic formed a strategic partnership to foster innovation in fields like medical imaging and theranostics.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada nuclear medicine market based on the below-mentioned segments:

Canada Nuclear Medicine Market, By Product

• Diagnostic Products
• Therapeutic Products

Canada Nuclear Medicine Market, By Application

• Cardiology
• Bone Metastasis
• Thyroid
• Endocrine Tumor
• Neurology
• Oncology
• Lymphoma
• Others