Pune, Maharashtra -- (SBWire) -- 02/10/2023 --Isotopes are crucial to any medical process, including surgery. They are used during therapy, imaging, and other types of treatment. The prevalence of cancer and heart disease patients has significantly increased, which has led to the prominence of medical isotope procedures.
The size of the Canadian medical isotope market was estimated at USD 815.74 million in 2022 and is expected to increase at a CAGR of 11.5% from 2023 to 2030 to reach USD 2.11 billion. The government's initiative is the primary driving force behind this field, along with the increased incidence of cancer patients and the significant burden of treating them, both of which have fueled the development of medical isotopes.
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Market Segmentation:
By Type
1.Stable Isotopes
2.Radioisotope
By Application
1.Medical
2.Scientific Research
3.Industrial
4.Others
worldwide increase in the number of cancer and cardiovascular patients. Furthermore, there has been an increase in the elderly population which contributes to rising demand in the isotope market. The major nations like Canada and the United States have been the major contributors to the growth of the medical isotope market. Factors like the increase in cardiovascular disease throughout the developed countries of North America because of stressful work schedules and unhealthy lifestyles are said to be the driving factor as well as the in the forecasted period, North America is expected to continue to dominate the market for medical isotopes.
Due to the rising demand for PET isotopes, which are used for imaging, the increased awareness of the advantages of using isotopes in the medical field in emerging countries, and the developed countries of Europe, is said to be the driving factor.
Though many factors have been contributing to the growth in this sector, the coming of the pandemic contributed as a hurdle in the market. During the covid pandemic, it was challenging to handle the treatment method promptly due to a global staffing shortage in the healthcare sector. Additionally, the government-imposed lockdown regulations, which also disrupted supply chain management and caused a production shortage on-site, negatively impacted the market for medical isotopes during COVID. COVID-19 economic instability of various countries and individuals also had a negative impact on the market.
Globally too, it is predicted that recession will act as a restrain to the market. The recession has a bad effect on people's views, according to our specialists and the analysis of the previous recession. It was found that individuals typically ignore minor illnesses and visit the hospital only in extreme situations.
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Conclusion:
This leads to the conclusion that the recession will negatively affect the market for medical isotopes because of prevailing economic conditions and a change in public perception brought on by the recession.
Related Report: https://www.snsinsider.com/reports/radiopharmaceuticals-market-1070
Medical Isotope Market Share Growth, Share, Analysis and Forecast 2022-2030
Canadian Medical Isotope Market Was Estimated At USD 2.11 Billion In 2030 And Is Expected To Increase At a CAGR of 11.5% From 2023 To 2030