Canada Nuclear Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canada Nuclear Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Canadian nuclear imaging market was valued at USD 461.61 million in 2021 and is projected to register a CAGR of 4.55% during the forecast period (2022-2027).

COVID-19 has brought an opportunity for key players in the market to establish their presence with a competitive advantage. For instance, in December 2020, Spectrum Dynamics Medical, Inc., received Canadian Medical Device License from Health Canada for its premium digital SPECT/64-slice CT scanner, Veriton-CT64 which is designed for hybrid imaging for both full body and organ-focused, with decreased scan times. This technology enables routine hybrid 3D imaging for cardiac, brain, and lung indications scan in less than 20 minutes. Such technological advancements in the equipment are expected to boost the market growth. Teleradiology was another field that boomed due to the impact of COVID-19 in the country. It was the best way to have an interaction between patients and healthcare providers. This has provided remote appointments to provide initial screenings, offer second opinions, and follow-ups with patients which will prevent the spread of COVID-19.

The studied market growth can largely be attributed to factors, such as the Increasing prevalence of cancer and cardiac disorders, technological advancements, and product development. Moreover, there are various strategic initiatives being undertaken by the major players. These include mergers, acquisitions, collaborations, partnerships, and product launches. For instance, in March 2021, Advanced Cyclotron Systems Inc, collaborated with the Canadian Nuclear Isotope Council (CNIC), further strengthening the industry association as the pre-eminent representative of the Canadian Isotope sector. Additionally, as per the 2020 data from the Government of Canada, it is one of the largest producers of Technetium-99m. With the use of Tc-99m in radiopharmaceuticals, the market is expected to grow at a tremendous rate in Canada. It is also combined with a variety of biologically active molecules to perform non-invasive, real-time imaging of the human body.

Added to that, in May 2021, the Canadian Association of Nuclear Medicine (CANM) unanimously adopted new procedure guidelines for brain single photon emission computed tomography (SPECT) imaging for psychiatry and neurology. The Canadian Association of Nuclear Medicine (CANM) has endorsed brain SPECT imaging for the assessment of attention deficit hyperactivity disorder (ADHD), bipolar disorder, depression, obsessive-compulsive disorder (OCD), posttraumatic stress disorder (PTSD), Alzheimer’s disease, traumatic brain injury, substance abuse, and more.

Hence, owing to the above-mentioned factors, the market studied is expected to witness steady growth over the forecast period.

Key Market TrendsNeurology is Expected to Witness Strong Growth Over the Forecast Period

The factors that are leading to the growth of this segment include the high burden of neurologic disorders and rising product approvals and research studies of SPECT in diagnosing neurological issues in Canada.

According to the data from the Alzheimer Society of Canada 2021, over 500,000 Canadians were living with dementia and by the year 2030, this number is expected to rise to 912,000. Furthermore, the data also suggests that on average, 9 senior citizens are diagnosed with dementia every hour in Canada. For people who are above 65 years of age, the risk of being diagnosed with dementia doubles every five years. The high burden of dementia in the Canadian population, and especially in the elderly is expected to boost the demand for better SPECT imaging. This is expected to boost the segment growth during the forecast period.

Furthermore, many developments are taking place in Canada that include product launches and approvals, partnerships, collaborations, mergers, and acquisitions in the market for SPECT applications. For instance, in May 2021, the Canadian Association of Nuclear Medicine (CANM) provided authorization for the use of brain single photon emission computed tomography (SPECT) imaging for the evaluation of many common neurologic and psychiatric indications that included Alzheimer's disease amongst other disorders. Approvals such as these are expected to boost the segment growth during the forecast period.

Competitive Landscape

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 a substantial share in the market.

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