The Middle East & Africa nuclear medicine market is estimated at USD 1.60 billion in 2022 and is expected to reach USD 4.24 billion by 2027, at a compound annual growth rate (CAGR) of 21.45%.
The rising prevalence of cancer is majorly driving the nuclear medicine market in MEA. Also, the proliferation of chronic disorders such as cardiovascular diseases is boosting the market growth. Furthermore, an increase in the prevalence of increasing population with the rise in the growing elderly population is significantly contributing to the various chronic diseases such as cancer, diabetes, cardiovascular diseases, and many more among the people in this region; however, the UAE accounts for 40 percent of deaths in cardiovascular diseases which is mainly due to increase in risk factors such as abdominal obesity, unhealthy lifestyle, physical inactivity, alcohol are the major causes that are driving the market for the nuclear medicine.
On the other hand, an increase in the advancements of the technology for developing and improving the treatment and medication procedures for treating the diseases and introducing new improved and efficient products in the market is expected to fuel the market growth. In addition, other factors such as raising awareness among the people about pre-diagnosing the diseases and the availability of the treatment in the market, and growing demand for nuclear medicine are expected to accelerate the market growth.
Furthermore, the increasing initiative and investment from government and non-government firms for research activities for developing new innovative techniques are the other factors expected to provide lucrative growth opportunities to the market growth.
However, the costs of equipment used for diagnostic and treating procedures are growing, restricting the market growth of nuclear medicine. In addition, the lack of skilled and trained individuals for performing diagnostic procedures and operating the equipment are the other factors that hamper the growth of the nuclear medicine market in this region. In furthermore, the approval process for nuclear treatments is lengthy and complicated. Additionally, strict government restrictions make product entrance more complex, limiting the expansion of the nuclear medicine industry. Besides that, poor reimbursement policies further hinder the market's growth.
This research report on the MEA Nuclear Medicine Market has been segmented and sub-segmented into the following categories:
The middle east nuclear medicine market is expected to grow at a promising rate due to the increasing occurrence of Cancer and Cardiovascular Diseases in the region. Also, improving the healthcare sector, increasing healthcare spending, and supportive government policies propel the market growth.
South Africa held the largest share of the medicine market, and it is anticipated to record a significant share during the forecast period. In addition, Africa has seen a spike in cancer as nuclear medicine is very effective in treating cancer and cardiovascular diseases. Thus, there is a high focus on research and development, resulting in new product introductions in the market.
Similarly, the UAE is more likely to witness a promising share during the forecast period due to government policies, technological advancements, and increasing research and development activities. However, the UAE has also experienced increased cancer patients in recent years, which has triggered the nuclear medicine market growth.
On the other hand, Saudi Arabia is projected to record a considerable share in the market as the country witnessed a significant increase in cardiovascular disease patients in recent years. In addition, the government has also been focusing on research and development of new nuclear drugs, contributing to market growth.
KEY MARKET PLAYERS:
Companies playing a leading role in the MEA Nuclear Medicine Market are Cardinal Health, Inc., Bracco Imaging S.p.A, GE Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., IBA Molecular Imaging and Mallinckrodt plc.
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