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Canada Nuclear Medicine Market Size, Share & Trends Analysis Report by Product (Diagnostic, Therapeutic), Application (Oncology, Bone Metastasis, Neurology, Cardiology), End-use (Hospitals & Clinics, Diagnostic Centers), Province, and Segment Forecasts, 2024-2030

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    Report

  • 120 Pages
  • December 2023
  • Region: Canada
  • Grand View Research
  • ID: 5921040
The Canada nuclear medicine market size is expected to reach USD 1.12 billion by 2030, according to the study. The market is anticipated to advance at a CAGR of 15.16% from 2024 to 2030. This growth is driven by a rising need for early and precise disease diagnosis and increasing demand for improved treatment options. For instance, as per the Canadian Cancer Society, cancer is the leading cause of death in the country, leading to over 28% of deaths annually. Also, around 233,900 new cancer cases and 85,100 cancer deaths were estimated in Canada in 2022.

Due to an increasing demand for radioisotopes in therapeutic and diagnostic applications in the healthcare industry, a number of players developing and producing these radioisotopes have entered the country’s market. Some key facilities producing radioactive substances for different medical uses in Canada are Chalk River Laboratories, McMaster Nuclear Reactor, École Polytechnique, Royal Military College of Canada, University of Alberta, and Saskatchewan Research Council.

Moreover, in June 2023, the Minister of Innovation, Science, and Industry launched the Canadian Medical Isotope Ecosystem (CMIE) to support nuclear medicine & radiopharmaceutical projects run by notable market players such as BWXT Medical, Canadian Nuclear Laboratories (CNL), Bruce Power, and McMaster University. CMIE will be receiving around USD 35 million during a 5-year period to support initiatives to increase production and research activities of medical isotopes and radiopharmaceuticals in Canada.

An increasing number of organizations are undertaking initiatives to help address the growing need for nuclear medicine, which is anticipated to accelerate market growth. For instance, the Canadian government continues to undertake initiatives to strengthen the country’s healthcare sector. Since March 2020, the government has invested more than USD 2 billion in 36 major projects to boost Canada’s life science sector’s capacity. Moreover, the government is investing in the medical isotope segment to position the country as a global leader in the production and supply of radioisotopes for diagnosis and treatment.

However, stringent regulations pertaining to production, storage, and usage of nuclear medicine & radiopharmaceuticals is expected to restrain the growth of Canada’s nuclear medicine market. Radioactive substances are capable of mutating genes and may cause severe adverse effects, including fatalities. Thus, handling radioactive substances is strictly regulated by governments to ensure compliance with radiation safety policies. Approval procedures for products containing radioactive substances are stringent, which delays their market launch.

Canada Nuclear Medicine Market Report Highlights

  • In terms of product, the diagnostics segment accounted for a larger revenue share in 2023, owing to benefits such as affordability, ease of handling, compatible half-life of radioisotopes, and applications such as diagnosis of cancer and cardiovascular diseases
  • Based on application, the oncology segment dominated Canada’s nuclear medicine market in 2023, owing to rising R&D investments in nuclear medicine for cancer diagnosis and treatment
  • In terms of end-use, hospitals & clinics dominated the nuclear medicine market in Canada in 2023, based on revenue, owing to increasing collaborations of health institutions with research organizations and industry leaders to expand access to state-of-the-art radiopharmaceuticals, thus improving patient care and outcomes


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Table of Contents

Chapter 1 Methodology and Scope
1.1 Market Segmentation
1.1.1 Market Definitions
1.1.2 Estimates And Forecast Timeline
1.2 Objectives
1.2.1 Objective - 1
1.2.2 Objective - 2
1.2.3 Objective - 3
1.3 Research Methodology
1.4 Information Procurement
1.4.1 Purchased Database
1.4.2 Internal database
1.4.3 Secondary Sources
1.4.4 Primary Research
1.4.5 Details Of Primary Research
1.5 Information Or Data Analysis
1.5.1 Data Analysis Models
1.6 Market Formulation & Validation
1.7 Model Details
1.7.1 Commodity Flow Analysis
1.7.1.1 Approach 1: Commodity Flow Approach
1.7.1.2 Approach 2: Country-wise market estimation using bottom-up approach
1.8 List of Secondary Sources
1.9 List of Abbreviations
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Product and End-Use Segment Snapshot
2.3 Application Segment Snapshot
2.4 Competitive Landscape Snapshot
Chapter 3 Canada Nuclear Medicine Market Variables, Trends, and Scope
3.1 Canada Nuclear Medicine Market Lineage Outlook
3.1.1 Parent Market Outlook
3.1.2 Ancillary Market
3.2 Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Rising Incidence Of Cancer And Cardiovascular Diseases
3.2.1.2 Increasing Applications Of Radiopharmaceuticals/Nuclear Medicine
3.2.1.3 Growing Demand For Accurate Diagnostic Methods
3.2.2 Market Restraint Analysis
3.2.2.1 Stringent Regulations Pertaining To Production, Storage, & Usage Of Nuclear Medicine & Radiopharmaceuticals
3.2.2.2 High Costs Associated With Diagnostics & Therapeutic Procedures
3.3 Canada Nuclear Medicine Market Analysis Tools
3.3.1 Porter’s Five Forces Analysis
3.3.2 Pestle Analysis
3.4 Market Trends
3.4.1 Spect Radioisotopes Trends
3.4.2 Pet Radioisotopes Trends
3.4.3 Therapeutic Radioisotope Trends
3.5 COVID-19 Impact
3.6 Pipeline Analysis
Chapter 4 Canada Nuclear Medicine Market - Segment Analysis, by Product, 2018-2030 (USD Million)
4.1 Canada Nuclear Medicine Market: Product Movement Analysis
4.2 Canada Nuclear Medicine Market Estimates & Forecast, By Product (USD Million)
4.2.1 Diagnostic Products
4.2.1.1 SPECT
4.2.1.1.1 TC-99m
4.2.1.1.2 TL-201
4.2.1.1.3 GA-67
4.2.1.1.4 I-123
4.2.1.1.5 Other SPECT products
4.2.1.2 PET
4.2.1.2.1 F-18
4.2.1.2.2 SR-82/RB-82
4.2.1.2.3 Other PET products
4.2.2 Therapeutic Products
4.2.2.1 Alpha Emitters
4.2.2.1.1 RA-223
4.2.2.1.2 Others
4.2.2.2 Beta Emitters
4.2.2.2.1 I-131
4.2.2.2.2 Y-90
4.2.2.2.3 SM-153
4.2.2.2.4 Re-186
4.2.2.2.5 Lu-117
4.2.2.2.6 Other beta emitters
4.2.2.3 Brachytherapy
4.2.2.3.1 Cesium-131
4.2.2.3.2 Iodine-125
4.2.2.3.3 Palladium-103
4.2.2.3.4 Iridium-192
4.2.2.3.5 Other Brachytherapy Products
Chapter 5 Canada Nuclear Medicine Market - Segment Analysis, by Application, 2018-2030 (USD Million)
5.1 Canada Nuclear Medicine Market: Application Movement Analysis
5.2 Canada Nuclear Medicine Market Estimates & Forecast, by Application (USD Million)
5.2.1 Cardiovascular Disorders
5.2.2 Neurology
5.2.3 Oncology
5.2.4 Thyroid
5.2.5 Lymphoma
5.2.6 Bone Metastasis
5.2.7 Endocrine Tumor
5.2.8 Others
Chapter 6 Canada Nuclear Medicine Market - Segment Analysis, by End Use, 2018-2030 (USD Million)
6.1 Canada Nuclear Medicine Market: End-Use Movement Analysis
6.2 Canada Nuclear Medicine Market Estimates & Forecast, By End Use (USD Million)
6.2.1 Hospitals & Clinics
6.2.2 Diagnostic Centers
6.2.3 Others
Chapter 7 Canada Nuclear Medicine Market - Province Analysis, by Product, Application, End Use, 2018-2030 (USD Million)
7.1 Canada
7.1.1 Alberta
7.1.2 Saskatchewan
7.1.3 Manitoba
7.1.4 Rest of Canada
Chapter 8 Competitive Landscape
8.1 Company Profiles
8.1.1 GE Healthcare
8.1.1.1 Company Overview
8.1.1.2 Financial Performance
8.1.1.3 Product Benchmarking
8.1.1.4 Strategic Initiatives
8.1.2 Nordion (Canada), Inc.
8.1.2.1 Company Overview
8.1.2.2 Financial Performance
8.1.2.3 Product Benchmarking
8.1.2.4 Strategic Initiatives
8.1.3 Lantheus Medical Imaging, Inc.
8.1.3.1 Company Overview
8.1.3.2 Financial Performance
8.1.3.3 Product Benchmarking
8.1.3.4 Strategic Initiatives
8.1.4 Cardinal Health
8.1.4.1 Company Overview
8.1.4.2 Financial Performance
8.1.4.3 Product Benchmarking
8.1.4.4 Strategic Initiatives
8.1.5 Jubilant Life Sciences Ltd.
8.1.5.1 Company Overview
8.1.5.2 Financial Performance
8.1.5.3 Product Benchmarking
8.1.5.4 Strategic Initiatives
8.1.6 Isologic Innovative Radiopharmaceuticals
8.1.6.1 Company Overview
8.1.6.2 Financial Performance
8.1.6.3 Product Benchmarking
8.1.6.4 Strategic Initiatives
8.1.7 Curium Pharma
8.1.7.1 Company Overview
8.1.7.2 Financial Performance
8.1.7.3 Product Benchmarking
8.1.7.4 Strategic Initiatives
8.1.8 adMare BioInnovations
8.1.8.1 Company Overview
8.1.8.2 Financial Performance
8.1.8.3 Product Benchmarking
8.1.8.4 Strategic Initiatives
8.2 Company Market Share Analysis, 2023
Chapter 9 Conclusion
List of Tables
Table 1 List of secondary sources
Table 2 List of abbreviations
Table 3 Key products currently undergoing clinical trials
Table 4 Pipeline product status as on company website
Table 5 Canada Nuclear Medicine market revenue estimates and forecast, by product, 2018-2030 (USD Million)
Table 6 Canada Nuclear Medicine market revenue estimates and forecast, by application, 2018-2030 (USD Million)
Table 7 Canada nuclear medicine market revenue estimates and forecast, by end-use, 2018-2030 (USD Million)
Table 8 Company market share, 2023
Table 9 Key companies undergoing expansions
Table 10 Key companies undergoing collaborations
Table 11 Key companies undergoing new product launches
Table 12 Key companies undertaking acquisitions
Table 13 Key companies undertaking other activities
List of Figures
Figure 1 Canada Nuclear Medicine Market Segmentation
Figure 2 Market research process
Figure 3 Data triangulation techniques
Figure 4 Primary research pattern
Figure 5 Market research approaches
Figure 6 Value chain-based sizing & forecasting
Figure 7 QFD modeling for market share assessment
Figure 8 Market formulation & validation
Figure 9 Market snapshot
Figure 10 Product and end-use segment snapshot
Figure 11 Application segment snapshot
Figure 12 Competitive landscape snapshot
Figure 13 Pharmaceutical market value, 2023 (USD Billion)
Figure 14 Market dynamics
Figure 15 Most common cancer forms diagnosed in Canada, 2023
Figure 16 Porter’s Five Forces analysis
Figure 17 PESTLE analysis
Figure 18 Production of SPECT radioisotopes
Figure 19 Production of PET radioisotopes
Figure 20 Canada Nuclear Medicine market: Product outlook and key takeaways
Figure 21 Canada Nuclear Medicine market: Product movement analysis
Figure 22 Diagnostic products market estimates and forecast, 2018-2030 (USD Million)
Figure 23 SPECT market estimates and forecast, 2018-2030 (USD Million)
Figure 24 TC-99m market estimates and forecast, 2018-2030 (USD Million)
Figure 25 TL-201 market estimates and forecast, 2018-2030 (USD Million)
Figure 26 GA-67 market estimates and forecast, 2018-2030 (USD Million)
Figure 27 I-123 Market estimates and forecast, 2018-2030 (USD Million)
Figure 28 Other SPECT products market estimates and forecast, 2018-2030 (USD Million)
Figure 29 PET market estimates and forecast, 2018-2030 (USD Million)
Figure 30 F-18 market estimates and forecast, 2018-2030 (USD Million)
Figure 31 SR-82/RB-82 market estimates and forecast, 2018-2030 (USD Million)
Figure 32 Other PET products market estimates and forecast, 2018-2030 (USD Million)
Figure 33 Therapeutic products market estimates and forecast, 2018-2030 (USD Million)
Figure 34 Alpha emitters market estimates and forecast, 2018-2030 (USD Million)
Figure 35 RA-223 market estimates and forecast, 2018-2030 (USD Million)
Figure 36 Others market estimates and forecast, 2018-2030 (USD Million)
Figure 37 Beta emitters market estimates and forecast, 2018-2030 (USD Million)
Figure 38 I-131 market estimates and forecast, 2018-2030 (USD Million)
Figure 39 Y-90 market estimates and forecast, 2018-2030 (USD Million)
Figure 40 SM-153 market estimates and forecast, 2018-2030 (USD Million)
Figure 41 Re-186 market estimates and forecast, 2018-2030 (USD Million)
Figure 42 Lu-117 market estimates and forecast, 2018-2030 (USD Million)
Figure 43 Other beta emitters market estimates and forecast, 2018-2030 (USD Million)
Figure 44 Brachytherapy market estimates and forecast, 2018-2030 (USD Million)
Figure 45 Cesium-131 market estimates and forecast, 2018-2030 (USD Million)
Figure 46 Iodine-125 market estimates and forecast, 2018-2030 (USD Million)
Figure 47 Palladium-103 market estimates and forecast, 2018-2030 (USD Million)
Figure 48 Iridium-192 market estimates and forecast, 2018-2030 (USD Million)
Figure 49 Other brachytherapy products market estimates and forecast, 2018-2030 (USD Million)
Figure 50 Canada Nuclear Medicine market: Application outlook and key takeaways
Figure 51 Canada Nuclear Medicine market: Application movement analysis
Figure 52 Cardiovascular disorders market estimates and forecast, 2018-2030 (USD Million)
Figure 53 Neurology market estimates and forecast, 2018-2030 (USD Million)
Figure 54 Oncology market estimates and forecast, 2018-2030 (USD Million)
Figure 55 Thyroid market estimates and forecast, 2018-2030 (USD Million)
Figure 56 Lymphoma market estimates and forecast, 2018-2030 (USD Million)
Figure 57 Bone metastasis market estimates and forecast, 2018-2030 (USD Million)
Figure 58 Endocrine tumor market estimates and forecast, 2018-2030 (USD Million)
Figure 59 Others market estimates and forecast, 2018-2030 (USD Million)
Figure 60 Canada nuclear medicine market: End-use outlook and key takeaways
Figure 61 Canada nuclear medicine market: End-use movement analysis
Figure 62 Hospitals & clinics market estimates and forecast, 2018-2030 (USD Million)
Figure 63 Diagnostic centers market estimates and forecast, 2018-2030 (USD Million)
Figure 64 Others market estimates and forecast, 2018-2030 (USD Million)
Figure 65 Canada market estimates and forecast, 2018-2030 (USD Million)
Figure 66 Alberta market estimates and forecast, 2018-2030 (USD Million)
Figure 67 Saskatchewan market estimates and forecast, 2018-2030 (USD Million)
Figure 68 Manitoba market estimates and forecast, 2018-2030 (USD Million)
Figure 69 Rest of Canada market estimates and forecast, 2018-2030 (USD Million)
Figure 70 Key company categorization

Companies Mentioned

  • GE Healthcare
  • Nordion (Canada), Inc.
  • Lantheus Medical Imaging, Inc.
  • Cardinal Health
  • Jubilant Life Sciences Ltd.
  • Isologic Innovative Radiopharmaceuticals
  • Curium Pharma
  • adMare BioInnovations

Methodology

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Table Information