Global Nuclear Imaging Equipment Market to Grow at a CAGR of 5.2% during Forecast Period
Published | 08 August 2022
Global Nuclear Imaging Equipment Market is growing at a high CAGR due to the increased demand for advanced and precise technology for identification and diagnosis of diseases and treatments through radioactive tracers. Moreover, the shift from standalone to hybrid modalities has made nuclear imaging an efficient method of diagnosis due to the increased incidence and prevalence of chronic diseases like cancer, cardiac, thyroid ailments, which are driving the Global Nuclear Imaging Equipment Market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Nuclear Imaging Equipment Market was worth USD 2.7 billion in the year 2021. The market is projected to grow at a CAGR of 5.2% during the forecast period, earning revenues of around USD 3.9 billion by the end of 2028. The Global Nuclear Imaging Equipment Market is booming predominantly due to the shift from standalone to hybrid modalities. As the incidence and prevalence of chronic diseases such as cancer, cardiac, gastrointestinal, endocrine, and neurological disorders are increasing, the demand for advanced and precise nuclear imaging equipment is also increasing. Nuclear imaging equipment uses operational data at the molecular and cellular levels to diagnose and treat diseases with the help of radioactive tracers.
Technological Advancements and Increase in Incidence and Prevalence of Cancer, Cardiac, and Other Medical Ailments are Driving the Market Growth
Technological advancements in nuclear imaging equipment have resulted in a shift from standalone to hybrid modalities. This is attributed to the increased awareness of the potential of early and timely diagnosis for the management and treatment of diseases. The innovation of PET/CT modality has resulted in the success of hybrid PET/CT systems, hybrid PET/MRI, and SPECT/CT systems. The hybrid systems provide precise images with better resolution than standalone modalities. The development of cadmium-zinc-tellurium-based detectors provides simultaneous viewing of physiological and anatomical structures. For instance, a SPECT/CT system offers accurate localization and improved specificity in skeletal evaluation.
Due to the increasing incidence and prevalence of chronic diseases such as cancer, cardiac, gastrointestinal, endocrine, and neurological disorders, the nuclear imaging equipment market is estimated to grow decently. The technological advancements in nuclear imaging equipment have made it possible to identify, diagnose and treat a variety of diseases with the help of operational data at the molecular and cellular levels. For instance, in September 2021, GE Healthcare announced the launch of a novel scanner with a new automated workflow feature that offers an exceptional view of cardiac anatomy and pathology.
Nuclear imaging equipment is a premium product and is therefore costly. This is because this advanced equipment requires high installation investments, which also increases the procedural cost for patients. The developing countries are unable to adopt novel nuclear imaging systems as most healthcare facilities cannot afford such expensive systems. The third-party payers such as Medicare and Medicaid aide healthcare facilities to purchase expensive systems by providing reimbursements for the costs incurred in the diagnostic, screening, and therapeutic procedures. The continuous cuts in reimbursements for diagnostic imaging scans are also expected to hamper the market growth.
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Global Nuclear Imaging Equipment Market - By End User
Based on end users, the Global Nuclear Imaging Equipment market is segmented into hospitals, imaging centers, academic and research centers, and others. Amidst the segmentation, the hospitals accounted for the largest market share in 2021. This is attributed to the increased awareness about nuclear medicine therapies, high prevalence of chronic diseases, and shift from standalone to hybrid modalities. On the other hand, the hospitals and imaging centers segment is expected to grow with the highest CAGR during the forecast period due to the increased awareness about nuclear medicine therapies, increased investment in research and development of nuclear imaging equipment, increased number of diagnostic institutions, and high volume of nuclear imaging procedures.
Global Nuclear Imaging Equipment Market - Regional Insights
Based on region analysis, the Global Nuclear Imaging Equipment Market has been segmented into five categories- North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Amidst the segmentation, North America dominated the Global Nuclear Imaging Equipment market share in 2021. This is attributed to the robust, strong healthcare infrastructure, high volume of nuclear medicine procedures, and increased investment in research and development of nuclear imaging equipment. On the other hand, Asia-Pacific is anticipated to grow at the highest CAGR due to the rising incidence of chronic diseases, growing awareness of the benefits of early disease diagnosis, and improved healthcare systems and infrastructure.
Impact of COVID-19 on Global Nuclear Imaging Equipment Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The Global Nuclear Imaging Equipment market was unexpectedly negatively impacted during the Covid-19 pandemic. The sudden rise in infections significantly impacted the global availability of hospital resources. There was a significant shortage of hospital beds, medical staff, and necessary medical imaging equipment, and nuclear medicine scans and therapies for identification, diagnosis, and treatment of diseases declined vigorously. The world saw a reduction in the in-patient and out-patient services for other diseases as the implementation of Covid-19 infection prevention and control measures were taken up. This led to a decrease in demand for nuclear imaging equipment such as PET, SPECT, and Planar Scintigraphy Imaging Systems. However, the Nuclear Imaging Equipment Market gradually picked-up momentum in the post-COVID era due to the efforts undertaken by healthcare practitioners, governments, and market stakeholders to recover from losses caused due to the pandemic.
Competitive Landscape
The key players operating in Global Nuclear Imaging Equipment Market are
Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Star Equity Holdings, SurgicEye GmbH, Mediso Ltd., Rigaku Corporation (MILabs B.V.), MR Solutions, DDD - Diagnostics A/S, Segami Corporation, Mirion Technologies (Capintec), CMR Naviscan, Positron Corporation, Neusoft Medical Systems, Fujifilm Holdings, Digirad Corporation, Bozlu Holding and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, and partnerships to expand their customer reach and gain a competitive edge in the overall market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Nuclear Imaging Equipment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Nuclear Imaging Equipment Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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