April 23, 2024
Saudi Arabia and Middle East Radioisotope Market

Saudi Arabia and Middle East Radioisotope Market Poised to Grow at a CAGR of 1.1% Due to Increasing Demand for Nuclear Medicine

The Saudi Arabia and Middle East Radioisotope market is a lucrative and rapidly growing market owing to increasing incidence of chronic diseases. Radioisotopes find wide applications in diagnosing and treating cancer, cardiology, nephrology and other diseases through nuclear medicine procedures. The increasing awareness regarding benefits of early disease diagnosis and rising healthcare expenditure are driving greater demand for nuclear medicine procedures and radioisotopes. The market comprises of cyclotron and reactor produced isotopes which help generate high resolution medical images to detect cardiovascular diseases, tumors and other anomalies.

The Saudi Arabia and Middle East Radioisotope Market Size is estimated to be valued at US$ 691.3 MN in 2024 and is expected to exhibit a CAGR of 1.1% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Saudi Arabia and Middle East Radioisotope market are GE Healthcare, IBA, Sumitomo Corporation, BWX Technologies, Inc., Advanced Cyclotron Systems, Inc., Navidea Biopharmaceuticals, Inc., BEST Cyclotron Systems Inc., NorthStar Medical Radioisotopes, Siemens Healthineers, Novartis, Moravek Biomedicals Inc., Nordion, Research Products International Corp., Cardinal Health Nuclear Pharmacy, American Radiolabeled Chem. Inc., Perkin-Elmer (NEN), IRE, Eckert & Ziegler., Curium, ANSTO, HTA Co., Ltd, Isotope JSC., SAMIRA, OECD-NEA, Telix Pharmaceuticals Limited., The State Atomic Energy Corporation, ROSATOM, ISOTOPIA, NTP Radioisotopes, KFSH&RC, Jordan Research and Training Reactor, Esfahan Nuclear Technology Center, ETRR-2, and SRR-1.

The key opportunities in the market include increasing healthcare expenditure, growing geriatric population, rising incidence of chronic diseases and growing adoption of nuclear medicine for diagnosis and treatment. Technological advancements such as development of innovative radiotracers, cyclotrons and production systems are further enhancing applications of nuclear medicine.

Market Drivers

The key drivers propelling the Saudi Arabia and Middle East Radioisotope market growth include growing prevalence of cancer and cardiac diseases, increasing awareness about benefits of nuclear medicine and favorable governmental initiatives and investments to enhance healthcare infrastructure and availability of medical services. Rising medical tourism in the region coupled with presence of major market players is also fueling the market expansion.

SWOT Analysis
Strength: Regional self-sufficiency in production can be achieved by establishing local manufacturing facilities for key radioisotopes. This will boost supply reliability.
Weakness: Heavy reliance on imports makes the market vulnerable to external supply shocks. Local expertise and infrastructure for domestic production is still limited.
Opportunity: Untapped market potential exists as adoption of SPECT, PET and therapeutic radioisotopes increases in the healthcare sector. New facilities can cater to regional demand.
Threats: Geopolitical tensions may disrupt international supply chains. Stringent regulations and certification requirements represententry barriers.

Geographical Regions
In terms of market value, Saudi Arabia represents the largest regional market for radioisotopes, accounting for over 35% share. Other major country-level markets include United Arab Emirates, Egypt, Iran and Turkey. The extensive use of nuclear medicines and tracers in the oil & gas industry drives high radioisotope consumption in Saudi Arabia and energy producing Gulf economies.

The fastest growing regional market for radioisotopes is expected to be Egypt over the forecast period. This is attributed to growing investments in nuclear medicine infrastructure, a rising cancer burden and increasing healthcare expenditure. Egypt also aims to bolster regional self-sufficiency through local production initiatives.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it