PUBLISHER: Grand View Research | PRODUCT CODE: 1405845
PUBLISHER: Grand View Research | PRODUCT CODE: 1405845
Canada Nuclear Medicine Market Size, Share & Trends Analysis Report By Product, By Application, By End-use, By Province, And Segment Forecasts, 2024 - 2030
Canada Nuclear Medicine Market Growth & Trends:
The Canada nuclear medicine market size is expected to reach USD 1.12 billion by 2030, according to a new study by Grand View Research, Inc. The market is anticipated to advance at a CAGR of 15.16% from 2024 to 2030. This growth is driven by a rising need for early and precise disease diagnosis and increasing demand for improved treatment options. For instance, as per the Canadian Cancer Society, cancer is the leading cause of death in the country, leading to over 28% of deaths annually. Also, around 233,900 new cancer cases and 85,100 cancer deaths were estimated in Canada in 2022.
Due to an increasing demand for radioisotopes in therapeutic and diagnostic applications in the healthcare industry, a number of players developing and producing these radioisotopes have entered the country's market. Some key facilities producing radioactive substances for different medical uses in Canada are Chalk River Laboratories, McMaster Nuclear Reactor, Ecole Polytechnique, Royal Military College of Canada, University of Alberta, and Saskatchewan Research Council.
Moreover, in June 2023, the Minister of Innovation, Science, and Industry launched the Canadian Medical Isotope Ecosystem (CMIE) to support nuclear medicine & radiopharmaceutical projects run by notable market players such as BWXT Medical, Canadian Nuclear Laboratories (CNL), Bruce Power, and McMaster University. CMIE will be receiving around USD 35 million during a 5-year period to support initiatives to increase production and research activities of medical isotopes and radiopharmaceuticals in Canada.
An increasing number of organizations are undertaking initiatives to help address the growing need for nuclear medicine, which is anticipated to accelerate market growth. For instance, the Canadian government continues to undertake initiatives to strengthen the country's healthcare sector. Since March 2020, the government has invested more than USD 2 billion in 36 major projects to boost Canada's life science sector's capacity. Moreover, the government is investing in the medical isotope segment to position the country as a global leader in the production and supply of radioisotopes for diagnosis and treatment.
However, stringent regulations pertaining to production, storage, and usage of nuclear medicine & radiopharmaceuticals is expected to restrain the growth of Canada's nuclear medicine market. Radioactive substances are capable of mutating genes and may cause severe adverse effects, including fatalities. Thus, handling radioactive substances is strictly regulated by governments to ensure compliance with radiation safety policies. Approval procedures for products containing radioactive substances are stringent, which delays their market launch.
Canada Nuclear Medicine Market Report Highlights:
- In terms of product, the diagnostics segment accounted for a larger revenue share in 2023, owing to benefits such as affordability, ease of handling, compatible half-life of radioisotopes, and applications such as diagnosis of cancer and cardiovascular diseases
- Based on application, the oncology segment dominated Canada's nuclear medicine market in 2023, owing to rising R&D investments in nuclear medicine for cancer diagnosis and treatment
- In terms of end-use, hospitals & clinics dominated the nuclear medicine market in Canada in 2023, based on revenue, owing to increasing collaborations of health institutions with research organizations and industry leaders to expand access to state-of-the-art radiopharmaceuticals, thus improving patient care and outcomes
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market Segmentation
- 1.1.1 Market Definitions
- 1.1.2 Estimates And Forecast Timeline
- 1.2 Objectives
- 1.2.1 Objective - 1
- 1.2.2 Objective - 2
- 1.2.3 Objective - 3
- 1.3 Research Methodology
- 1.4 Information Procurement
- 1.4.1 Purchased Database
- 1.4.2 Gvr's Internal Database
- 1.4.3 Secondary Sources
- 1.4.4 Primary Research
- 1.4.5 Details Of Primary Research
- 1.5 Information Or Data Analysis
- 1.5.1 Data Analysis Models
- 1.6 Market Formulation & Validation
- 1.7 Model Details
- 1.7.1 Commodity Flow Analysis
- 1.7.1.1 Approach 1: Commodity Flow Approach
- 1.7.1.2 Approach 2: Country-wise market estimation using bottom-up approach
- 1.7.1 Commodity Flow Analysis
- 1.8 List of Secondary Sources
- 1.9 List of Abbreviations
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Product and End-Use Segment Snapshot
- 2.3 Application Segment Snapshot
- 2.4 Competitive Landscape Snapshot
Chapter 3 Canada Nuclear Medicine Market Variables, Trends, and Scope
- 3.1 Canada Nuclear Medicine Market Lineage Outlook
- 3.1.1 Parent Market Outlook
- 3.1.2 Ancillary Market
- 3.2 Market Dynamics
- 3.2.1 Market Driver Analysis
- 3.2.1.1 Rising Incidence Of Cancer And Cardiovascular Diseases
- 3.2.1.2 Increasing Applications Of Radiopharmaceuticals/Nuclear Medicine
- 3.2.1.3 Growing Demand For Accurate Diagnostic Methods
- 3.2.2 Market Restraint Analysis
- 3.2.2.1 Stringent Regulations Pertaining To Production, Storage, & Usage Of Nuclear Medicine & Radiopharmaceuticals
- 3.2.2.2 High Costs Associated With Diagnostics & Therapeutic Procedures
- 3.2.1 Market Driver Analysis
- 3.3 Canada Nuclear Medicine Market Analysis Tools
- 3.3.1 Porter's Five Forces Analysis
- 3.3.2 Pestle Analysis
- 3.4 Market Trends
- 3.4.1 Spect Radioisotopes Trends
- 3.4.2 Pet Radioisotopes Trends
- 3.4.3 Therapeutic Radioisotope Trends
- 3.5 COVID-19 Impact
- 3.6 Pipeline Analysis
Chapter 4 Canada Nuclear Medicine Market - Segment Analysis, by Product, 2018 - 2030 (USD Million)
- 4.1 Canada Nuclear Medicine Market: Product Movement Analysis
- 4.2 Canada Nuclear Medicine Market Estimates & Forecast, By Product (USD Million)
- 4.2.1 Diagnostic Products
- 4.2.1.1 SPECT
- 4.2.1.1.1 TC-99m
- 4.2.1.1.2 TL-201
- 4.2.1.1.3 GA-67
- 4.2.1.1.4 I-123
- 4.2.1.1.5 Other SPECT products
- 4.2.1.2 PET
- 4.2.1.2.1 F-18
- 4.2.1.2.2 SR-82/RB-82
- 4.2.1.2.3 Other PET products
- 4.2.2 Therapeutic Products
- 4.2.2.1 Alpha Emitters
- 4.2.2.1.1 RA-223
- 4.2.2.1.2 Others
- 4.2.2.2 Beta Emitters
- 4.2.2.2.1 I-131
- 4.2.2.2.2 Y-90
- 4.2.2.2.3 SM-153
- 4.2.2.2.4 Re-186
- 4.2.2.2.5 Lu-117
- 4.2.2.2.6 Other beta emitters
- 4.2.2.3 Brachytherapy
- 4.2.2.3.1 Cesium-131
- 4.2.2.3.2 Iodine-125
- 4.2.2.3.3 Palladium-103
- 4.2.2.3.4 Iridium-192
- 4.2.2.3.5 Other Brachytherapy Products
- 4.2.1 Diagnostic Products
Chapter 5 Canada Nuclear Medicine Market - Segment Analysis, by Application, 2018 - 2030 (USD Million)
- 5.1 Canada Nuclear Medicine Market: Application Movement Analysis
- 5.2 Canada Nuclear Medicine Market Estimates & Forecast, by Application (USD Million)
- 5.2.1 Cardiovascular Disorders
- 5.2.2 Neurology
- 5.2.3 Oncology
- 5.2.4 Thyroid
- 5.2.5 Lymphoma
- 5.2.6 Bone Metastasis
- 5.2.7 Endocrine Tumor
- 5.2.8 Others
Chapter 6 Canada Nuclear Medicine Market - Segment Analysis, by End Use, 2018 - 2030 (USD Million)
- 6.1 Canada Nuclear Medicine Market: End-Use Movement Analysis
- 6.2 Canada Nuclear Medicine Market Estimates & Forecast, By End Use (USD Million)
- 6.2.1 Hospitals & Clinics
- 6.2.2 Diagnostic Centers
- 6.2.3 Others
Chapter 7 Canada Nuclear Medicine Market - Province Analysis, by Product, Application, End Use, 2018 - 2030 (USD Million)
- 7.1 Canada
- 7.1.1 Alberta
- 7.1.2 Saskatchewan
- 7.1.3 Manitoba
- 7.1.4 Rest of Canada
Chapter 8 Competitive Landscape
- 8.1 Company Profiles
- 8.1.1 GE Healthcare
- 8.1.1.1 Company Overview
- 8.1.1.2 Financial Performance
- 8.1.1.3 Product Benchmarking
- 8.1.1.4 Strategic Initiatives
- 8.1.2 Nordion (Canada), Inc.
- 8.1.2.1 Company Overview
- 8.1.2.2 Financial Performance
- 8.1.2.3 Product Benchmarking
- 8.1.2.4 Strategic Initiatives
- 8.1.3 Lantheus Medical Imaging, Inc.
- 8.1.3.1 Company Overview
- 8.1.3.2 Financial Performance
- 8.1.3.3 Product Benchmarking
- 8.1.3.4 Strategic Initiatives
- 8.1.4 Cardinal Health
- 8.1.4.1 Company Overview
- 8.1.4.2 Financial Performance
- 8.1.4.3 Product Benchmarking
- 8.1.4.4 Strategic Initiatives
- 8.1.5 Jubilant Life Sciences Ltd.
- 8.1.5.1 Company Overview
- 8.1.5.2 Financial Performance
- 8.1.5.3 Product Benchmarking
- 8.1.5.4 Strategic Initiatives
- 8.1.6 Isologic Innovative Radiopharmaceuticals
- 8.1.6.1 Company Overview
- 8.1.6.2 Financial Performance
- 8.1.6.3 Product Benchmarking
- 8.1.6.4 Strategic Initiatives
- 8.1.7 Curium Pharma
- 8.1.7.1 Company Overview
- 8.1.7.2 Financial Performance
- 8.1.7.3 Product Benchmarking
- 8.1.7.4 Strategic Initiatives
- 8.1.8 adMare BioInnovations
- 8.1.8.1 Company Overview
- 8.1.8.2 Financial Performance
- 8.1.8.3 Product Benchmarking
- 8.1.8.4 Strategic Initiatives
- 8.1.1 GE Healthcare
- 8.2 Company Market Share Analysis, 2023
Chapter 9 Conclusion
List of Tables
- Table 1 List of secondary sources
- Table 2 List of abbreviations
- Table 3 Key products currently undergoing clinical trials
- Table 4 Pipeline product status as on company website
- Table 5 Canada Nuclear Medicine market revenue estimates and forecast, by product, 2018 - 2030 (USD Million)
- Table 6 Canada Nuclear Medicine market revenue estimates and forecast, by application, 2018 - 2030 (USD Million)
- Table 7 Canada nuclear medicine market revenue estimates and forecast, by end-use, 2018 - 2030 (USD Million)
- Table 8 Company market share, 2023
- Table 9 Key companies undergoing expansions
- Table 10 Key companies undergoing collaborations
- Table 11 Key companies undergoing new product launches
- Table 12 Key companies undertaking acquisitions
- Table 13 Key companies undertaking other activities
List of Figures
- Fig. 1 Canada Nuclear Medicine Market Segmentation
- Fig. 2 Market research process
- Fig. 3 Data triangulation techniques
- Fig. 4 Primary research pattern
- Fig. 5 Market research approaches
- Fig. 6 Value chain-based sizing & forecasting
- Fig. 7 QFD modeling for market share assessment
- Fig. 8 Market formulation & validation
- Fig. 9 Market snapshot
- Fig. 10 Product and end-use segment snapshot
- Fig. 11 Application segment snapshot
- Fig. 12 Competitive landscape snapshot
- Fig. 13 Pharmaceutical market value, 2023 (USD Billion)
- Fig. 14 Market dynamics
- Fig. 15 Most common cancer forms diagnosed in Canada, 2023
- Fig. 16 Porter's Five Forces analysis
- Fig. 17 PESTLE analysis
- Fig. 18 Production of SPECT radioisotopes
- Fig. 19 Production of PET radioisotopes
- Fig. 20 Canada Nuclear Medicine market: Product outlook and key takeaways
- Fig. 21 Canada Nuclear Medicine market: Product movement analysis
- Fig. 22 Diagnostic products market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 23 SPECT market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 24 TC-99m market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 25 TL-201 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 26 GA-67 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 27 I-123 Market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 28 Other SPECT products market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 29 PET market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 30 F-18 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 31 SR-82/RB-82 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 32 Other PET products market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 33 Therapeutic products market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 34 Alpha emitters market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 35 RA-223 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 36 Others market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 37 Beta emitters market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 38 I-131 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 39 Y-90 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 40 SM-153 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 41 Re-186 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 42 Lu-117 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 43 Other beta emitters market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 44 Brachytherapy market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 45 Cesium-131 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 46 Iodine-125 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 47 Palladium-103 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 48 Iridium-192 market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 49 Other brachytherapy products market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 50 Canada Nuclear Medicine market: Application outlook and key takeaways
- Fig. 51 Canada Nuclear Medicine market: Application movement analysis
- Fig. 52 Cardiovascular disorders market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 53 Neurology market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 54 Oncology market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 55 Thyroid market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 56 Lymphoma market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 57 Bone metastasis market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 58 Endocrine tumor market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 59 Others market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 60 Canada nuclear medicine market: End-use outlook and key takeaways
- Fig. 61 Canada nuclear medicine market: End-use movement analysis
- Fig. 62 Hospitals & clinics market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 63 Diagnostic centers market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 64 Others market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 65 Canada market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 66 Alberta market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 67 Saskatchewan market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 68 Manitoba market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 69 Rest of Canada market estimates and forecast, 2018 - 2030 (USD Million)
- Fig. 70 Key company categorization
