Increasing focus on personalized medicines and technological advancements in radiotracers will drive market growth.
Increasing focus on personalized medicines and technological advancements in radiotracers will drive market growth.
The global nuclear imaging equipment market size is expected to reach USD 3.5 billion in 2028, registering a CAGR of 4.6% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are increasing focus on personalized medicines and technological advancements in radiotracers. Moreover, growing pharmaceutical industries and rising prevalence of chronic diseases such as cancer will enhance market growth. For instance, according to a report by World Health Organization (WHO), rising chronic diseases accounted for around three-quarters of all deaths in 2020 globally.
Nuclear imaging equipment and devices play significant role in the diagnosis of radioactive substances (also known as radiopharmaceuticals or radiotracers) in patients. These radiotracers are used in therapeutics and diagnosis treatment of cardiac cancer and other neurological disorders.
Rising diagnostic applications on cardiovascular diseases, shift from standalone to hybrid modalities, and development of nuclear imaging equipment due to technological advancements are expected to accelerate market growth over the forecast period. In addition, government funding for R&D activities to develop new technologies in healthcare sector will further drive market growth. In addition, growing awareness about significance of early diagnosis and developments of new radiopharmaceuticals will create growth opportunities for the market.
Moreover, the market growth is projected to register an upward trend owing to increasing demand for data integrated imaging systems. Hospitals and clinicians across the world are now using data integrated imaging systems for generation of 3D images and get detailed information on the diagnostic history of concerned patient.
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Advancement of nuclear imaging technology enables effective patient management for monitoring tumor and helps in achieving standardization and precision in imaging techniques for clinical trials. For instance, in September, 2018, Bruker introduced a preclinical PET/CT Si78 scanner at the World Molecular Imaging Congress in Seattle, the U.S., for whole-body molecular imaging. The single scanner combines Micro-Computed Tomography (CT) and Positron Emission Tomography (PET) technologies and imaging software platform ParaVision 360.
However, expensive nuclear imaging equipment, complex installation and equipment procedures and lack of trained professionals to operate such technology are major factors that will restrain the nuclear imaging equipment market growth to a certain extent over the forecast period.
Shorter half-life of radiopharmaceutical, high maintenance cost, and shortage of radionuclide Tc99m (technetium 99) also create challenges for the market growth. Tc99m is generally used in nuclear medicine scans for imaging the patient’s body.
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Some Key Highlight in the Report:
- The Single Photon-Emission Computed Tomography (SPECT) imaging systems accounted for largest revenue share in the global market in 2020 due to its lower cost compared to hybrid PET (Positron Emission Tomography) imaging systems.
- The oncology segment is projected to register a significant CAGR during the forecast period due to rising prevalence of tumors.
- The hospitals segment accounted for largest revenue share among the end user segments in the global market in 2020 due to large scale adoption of advanced nuclear imaging systems.
- North America is expected to account for largest revenue share of the market over the forecast period due to rising adoption of nuclear imaging technologies and introduction of new radiopharmaceuticals for diagnosis.
- Revenue from the Asia Pacific nuclear imaging equipment market is projected to grow at a high rate.
- Prominent players in the market are Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare, Toshiba Medical Systems Corporation, Neusoft Medical Systems Co., Ltd., Mediso Medical Imaging Systems Co., Ltd., CMR Naviscan Corporation, Digirad Corporation, SurgiEye GmbH, and Positron Corporation.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the global nuclear imaging equipment market on the basis of type, application, end user and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- SPECT Imaging Systems
- PET Imaging Systems
- Planar Scintigraphy Imaging Systems
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Neurology
- Oncology
- Cardiology
- Others
End User Outlook (Revenue, USD Billion; 2018 – 2028)
- Hospitals
- Imaging Centers
- Academic & Research Centers
- Others
Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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