The Saudi Arabia and Middle East radioisotope market provides radioisotopes and radiopharmaceuticals which are used for various medical applications including diagnosis, therapy, and research activities. Some key radioisotopes supplied in the region include Mo-99, Tc-99m, I-131, Xe-133, and F-18. The rising prevalence of diseases such as cancer and cardiac disorders has fueled the demand for radioisotope-based diagnosis and treatment in the healthcare sector of Middle Eastern countries.
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: 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.
Key opportunities: The growing adoption of nuclear medicine procedures and increasing investment in radiopharmaceutical development present significant growth opportunities for players in this market. Furthermore, initiatives towards expanding healthcare infrastructure in the region will also boost demand.
Global expansion: Leading players are focusing on collaborations and partnerships to expand their global footprint and take advantage of new market opportunities. Additionally, investments in production facility expansion will help meet the rising international demand for radioisotopes.
Market drivers
The key driver for the growth of the Saudi Arabia and Middle East radioisotope market is the increasing use of radioisotopes for medical applications. Rising geriatric population and growing prevalence of chronic diseases in the Middle East have augmented the need for early and accurate diagnosis as well as effective treatment options. This is expected to propel the demand for radioisotopes and radiopharmaceuticals over the forecast period. Growing investments by governments as well as players to develop advanced diagnostic and therapeutic facilities also bode well for the regional market.
PEST Analysis
Political: The Saudi Arabian government plays an active role in developing the country’s healthcare infrastructure and supports nuclear medicine programs through funding and regulations. It aims to increase self-sufficiency in medical radioisotope production.
Economic: The growing healthcare spending in Saudi Arabia and other Middle Eastern countries is driving the demand for diagnostic and therapeutic radiopharmaceuticals. However, the market faces challenges due to high import dependence for radioisotopes.
Social: With increasing cancer incidence and aging populations, there is rising social awareness and demand for nuclear medicine procedures in the region. This is promoting market growth.
Technological: Technological advancements are helping establish local production facilities and supply chains for medical radioisotopes in some Middle Eastern nations. New radiopharmaceuticals and imaging modalities are also expanding applications.
Geographical concentration
The markets for medical radioisotopes in Saudi Arabia and other Gulf states like the UAE are among the most valuable in the Middle East region. This is due to their advanced healthcare infrastructure and high spending capacity. Local production is also growing to address some of the domestic demand in countries like Saudi Arabia and Egypt.
Fastest growing region
Several developing Middle Eastern markets like those in Egypt, Iran, Turkey and Israel are expected to exhibit faster growth during the forecast period supported by infrastructure developments, increasing funding for healthcare and nuclear programs, and initiatives to boost local production and use of nuclear medicine. The total market value in these countries is projected to more than double from the 2024 estimated level.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it