Pune, July 18, 2024 (GLOBE NEWSWIRE) -- Nuclear Imaging Equipment Market Analysis:
“According to SNS Insider Research, The Nuclear Imaging Equipment Market size was valued at US$ 3.78 Billion in 2023, and is estimated to reach US$ 5.32 Billion by 2032 with growing CAGR of 3.87% over the forecast period 2024-2032.”
The Nuclear Imaging Equipment Market is experiencing robust expansion, fuelled by the escalating prevalence of chronic diseases and the imperative for accurate diagnostic tools. This burgeoning market is witnessing a surge in demand for advanced imaging technologies, such as PET and SPECT scanners, which offer unparalleled information into human physiology and pathology.
Growing Demand
The nuclear imaging equipment market is flourishing, due to its high demand, rapidly on growing prevalence of chronicle diseases. These devices provide crucial information about the human body, which facilitates early detection, on time precise diagnosis, and development of an efficient treatment plan. The growth of this market is fuelled by the following factors: the increase of geriatric population, technological advancements of imaging devices, increase of health expenditure.
The nuclear imaging equipment market comprises several products like PET scanners, SPECT scanners, hybrid systems, and related accessories. These tools serve different purposes in medicine, for example, in oncology, cardiology, neurology, and orthopaedics.
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Major Players Analysis Listed in this Report are:
The key players are DIGIRAD Corporation, Neusoft Corporation, CANON MEDICAL SYSTEMS CORPORATION, SurgicEye GmbH, CMR Naviscan., Absolute Imaging Inc., Bartec Technologies Ltd., BCL X-Ray Canada Inc., TTG Imaging Solutions, LLC., Lucerno Dynamics LLC.m, Berthold Technologies GmbH & Co.KG, Incom Inc., Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG & Other Players
The increase in demand that is associated with the number of chronic diseases, such as cancer, cardiovascular and neurological diseases is a great benefit. Due to the fact that a nuclear imaging is the most accurate way to diagnose these illnesses, the technology is in constant demand. In addition, the development of hybrid imaging systems, that will combine PET and CT functions, influence the usage of nuclear imaging systems, as they broaden the capabilities of it. Moreover, it is a globally acquired advantage as the population in whole is getting older and the elderly people have a faster pace of getting the above-mentioned diseases, so the demand for the diagnostics is tied to the age of a population. An additional point is the increasing popularity of healthcare and the growing amount of people who are afraid of getting a chronic disease. The early stages of all kinds of illnesses, including the chronic ones, can be noticed earlier due to regular check-ups that may suppose the usage of nuclear imaging systems, so the market in this sphere can be considered to be prospective.
Nuclear Imaging Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.78 billion |
| Market Size by 2032 | US$ 5.32 Billion |
| CAGR | CAGR of 3.87% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Technological advances in nuclear imaging are enhancing imaging qualities, accuracy, and diagnostic scopes. Meanwhile, they prompt applications of the technology and improve abilities to detect diseases before their occurrence. |
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The opportunities for the market include the development and production of new radiopharmaceuticals that can be much more precise in diagnosing. The usage of artificial intelligence and machine learning is also beneficial as it speeds up the work for the specialists and makes the diagnosis even more accurate.
For Example: In June 2022, Siemens Healthineers introduced the Symbia Prospect, a SPECT/CT system that combines advanced imaging technologies with automated workflow features. This launch exemplifies the ongoing innovation in the nuclear imaging equipment sector.
Segment Analysis
By Product
The largest revenue share by the type segment was occupied by the single photon emission computed tomography segment, and it was 59% in 2023. SPECT equipment is commonly more cost-effective, which allows it to be used by a bigger amount of healthcare facilities. Besides, this kind of imaging involves various radiotracers and imaging agents that are appropriate for specific diagnostic tests and provide a certain degree of advantages.
By Application
The oncology segment was leading and has the largest revenue share of 49.21% in 2023. The prevalence of cancer in the population and advanced nuclear imaging equipment to detect and stage the tumour contributed to this outcome. PET and SPECT imaging supply vital information regarding the diagnosis of cancer and the planning and control of treatment.
Nuclear Imaging Equipment Market Key Segmentation:
By Modality
- SPET
- PET
By Application
- Cardiology
- Oncology
- Neurology
- Others
By End-Use
- Hospitals
- Imaging Centers
- R&D
- Others
Regional Analysis
North America dominated the market and accounted for the largest revenue share of 42.00% in 2023 and is expected to stay dominant over the forecast period. The well-established healthcare infrastructure, high adoption of advanced technology and the high patient population suffering from chronic diseases are the factors contributing to its large revenue share in the nuclear imaging equipment market.
Asia Pacific is expected to register the highest CAGR of 4.06% moreover the forecast period. The high number of cases of cancer, increasing healthcare expenditure and the development in healthcare infrastructure in this region’s countries, such as Thailand, Malaysia, China, and India, could moreover tribute to the growth of the market.
Future Growth
The Nuclear Imaging Equipment Market is expected to grow continuously over the upcoming years. This positive development is based on several aspects. On the one hand, the aging society and, therefore, the increase in chronic diseases on the other will lead to a higher demand for diagnostic imaging services. Additionally, continuous technological advancement such as the invention of new radiotracers and improved image reconstruction algorithms will enhance the application field of nuclear imaging.
Moreover, the growing number of hybrid nuclear imaging systems and the increasing appeal of personalized medicine will contribute to market development. One another level, expansion to emerging markets will further benefit the industry.
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Recent Developments
In May 2023: Koninklijke Philips N.V., Elekta, and Mercurius Health announced a 3-year agreement to install diagnostic and therapeutic oncology equipment at Mercurius Health’s newly acquired Robert Janker Klinik cancer center in Bonn, Germany. This collaboration highlights the growing trend of comprehensive cancer care solutions incorporating nuclear imaging technologies.
Key Takeaways
- The nuclear imaging equipment market is experiencing significant growth due to the rising prevalence of chronic diseases.
- Advancements in technology and the development of hybrid imaging systems are expanding the market's potential.
- The oncology segment dominates the market, but the PET segment is expected to grow rapidly.
- North America leads the market, while Asia Pacific is poised for substantial growth.
- The report offers in-depth segment analysis, highlighting dominant and fastest-growing segments, enabling clients to identify lucrative market opportunities.
- Clients will receive detailed information on key regional developments, helping them tailor their strategies to specific market dynamics.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Nuclear Imaging Equipment Market Segmentation, By Modality
8. Nuclear Imaging Equipment Market Segmentation, By Application
9. Nuclear Imaging Equipment Market Segmentation, By End-User
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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