The nuclear medicine/radiopharmaceuticals market size in Latin America is estimated to value USD 1.07 billion in 2023 and USD 1.93 billion by 2028, growing at a CAGR of 12.4% from 2023 to 2028.
Nuclear medicine is growing at a fast rate in the pharmaceutical industry. Nuclear medicine is widely used to diagnose and treat many diseases, namely cancer. According to the National Institute of Health report, in Brazil, cancer is the second leading cause of death after cardiovascular disease. In addition, according to the Globocan report, there will be over 560,500 new cancer cases in Brazil by the end of 2022. The versatile applications of nuclear medicine to diagnose various cancers are another crucial factor driving the Latin American nuclear medicine market. Furthermore, the prevalence of chronic diseases is at an all-time high due to the increased unhealthy lifestyle of people. In addition, the knowledge about the benefits of nuclear medicine in treating chronic diseases drives the market for nuclear medicine.
The Latin American nuclear medicine market has many new product launches and technological developments in single-photon emission computed tomography (SPECT) and positron emission tomography (PET). Constant and extensive research and development offer substantial growth opportunities for the nuclear medicine market in the future. Due to the prevalence of cancer, there is a tremendous demand for nuclear imaging technology. Furthermore, interventional nuclear medicine treats many chronic diseases such as hyperthyroidism, skin cancer, thyroid cancer, blood disorders, etc. In addition, pharmaceutical applications of radioisotopes are increasing due to their narrow range of action, which reduces the harmful effects on normal tissues, contributing to new growth opportunities. Hence, all the factors mentioned above are expected to drive market growth.
The growing awareness of early and rapid diagnosis using radioisotopes is the fundamental driver of the market. This high-end radiation therapy is essential for treating several cancers at an early stage, namely lymphomas, neuroendocrine tumors, and degenerative bone disorders. Therefore, the demand for nuclear medicine in Latin America will grow during the forecast period.
However, nuclear medicine is a high-end technology that is not available across all Latin American regions. Lack of awareness about nuclear medicine and the high cost associated with the installation, maintenance, and treatment results in a lower adoption rate in this market. Many hospitals cannot afford such high equipment, especially in developing economies, which is expected to limit market growth. In addition, radioisotopes used in nuclear medicine have a short life expectancy which is a crucial factor determining the market demand for nuclear medicine.
Additionally, most underdeveloped countries lack reimbursement policies that make it less affordable to the general population. Therefore, the cost of radioisotopes and the lack of a developed healthcare system may reduce the growing demand for the Latin American nuclear medicine market during the forecast period.
This research report on the Latin America Nuclear Medicine/Radiopharmaceuticals Market has been segmented and sub-segmented into the following categories:
In Latin America, the market is witnessed to have a tremendous growth rate during the forecast period. Brazil and Mexico are positioned at the top in holding a prominent market share. Increasing revenue is a common factor outshining the demand for the Nuclear Medicine/Radiopharmaceuticals market. Argentina, Chile, and the Rest of Latin America are deemed to grow steadily in the coming years owing to increasing focus on developing new products.
Brazil dominated the Latin American nuclear medicine market in 2020, growing at a CAGR of 3%. The increasing frequency of chronic diseases, advanced healthcare systems, and technological advancements drive nuclear medicine in the region. Chile has the highest annual health expenditure as a percentage of GDP and the highest direct per capita expenditure in Latin America. Therefore, their market in Chile is anticipated to have significant growth opportunities in the upcoming years. Additionally, government support in the region has led to increased demand for the nuclear medicine market.
Argentina is estimated to be the fastest-growing regional market during the projected period. The increasing rate of technological advancements and high incidences of cancer is increasing the demand for nuclear medicine in this region. In addition, the regional market is attracting investors from international companies owing to the high demand for medical tourism and the presence of a large senior population in the region.
KEY MARKET PLAYERS:
A few of the notable companies operating in the Latin America Nuclear Medicine/Radiopharmaceuticals market profiled in this report are GE Healthcare, Hologic Inc., Medix Inc., Segami Corporation, Positron Corporation, Bracco Imaging S.p.A, Naviscan Inc., Bayer Healthcare Lantheus Medical Imaging, Inc., and IBA Molecular Imaging.
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