Nuclear Imaging Equipment Market

Global Nuclear Imaging Equipment Market Size (2023 to 2028)

The size of the global nuclear imaging equipment market is estimated to be growing at a CAGR of 4.14% from 2023 to 2028 and be worth USD 4.01 billion by 2028 from USD 3.28 billion in 2023.

Nuclear imaging equipment aims to image with radioactive chemicals or tracers. Physicians and clinicians can use these photos to help detect and diagnose illness. Nuclear imaging is a type of imaging used in hospitals and medicine to provide a clinician with the tools needed to make an accurate diagnosis. This aids in the derivation of treatment suggestions and the potential of errors being repeated. In addition, simplifying the image evaluation process will aid in accurately detecting health conditions. Nuclear imaging technology advancements also help to improve the precision and consistency of imaging techniques used in clinical studies. The radiotracers are injected, inhaled, or eaten by the patient, and then they generate gamma radiation that nuclear imaging devices can detect.

Impact of COVID-19 on the global nuclear imaging equipment market:

The COVID-19 pandemic has impacted negatively on hospital resources all around the globe. This has been chiefly accomplished by drastically lowering inpatient and outpatient services for various diseases and instituting infection prevention and control methods. The majority of nuclear medicine scans and therapies are done in outpatient departments as follow-up cases, whereas new studies are usually done in inpatient departments after passing COVID-19 screening. Nuclear medicine lacks portable SPECT and PET scanners, necessitating the injection of radiopharmaceuticals into the patient so that their movement is not restricted.

Patients have hesitated to visit hospitals for diagnosis and treatment because they fear catching the Covid-19 virus. Furthermore, because of their compromised immune systems, those undergoing treatment for illnesses like cancer are at a higher risk of contracting the virus. Furthermore, the high number of COVID-19 patients in hospitals has caused hospitals to redirect expenditures from other departments, particularly Nuclear Medicine, to COVID-19 therapy. As a result, the market has had moderate growth during this pandemic.

MARKET DRIVERS:

The transition from standalone to hybrid modalities, advances in radiotracers, the growing focus on personalized medicine, public-private partnerships investments in diagnostic imaging centers, and the rising incidence and prevalence of cancer and cardiac ailments are majorly driving the global nuclear imaging equipment market forward.

The PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) markets are being driven by rising knowledge among physicians and clinical researchers about the benefits of nuclear imaging and expanding application areas such as situations in oncology and neurological diseases. In addition, increasing diagnostic applications for cardiovascular disorders, a change from standalone to hybrid modalities, and the development of nuclear imaging equipment due to technological advancements are projected to propel market expansion during the forecast period.

Imaging systems allow for image processing and reconstruction, computer-assisted medical condition recognition, 3D image generation, and the use of appropriate quality control systems. 

Clinicians request access to integrated, detailed data on the patient's diagnostic history to create a treatment plan effectively. Government support for R&D operations to develop new technology in the healthcare sector is also expected to contribute to the market expansion during the forecast period. Furthermore, rising awareness of the importance of early diagnosis and the development of new radiopharmaceuticals would provide opportunities for the market to expand.

The growing cases of chronic diseases and cancers are leading to a demand for the nuclear imaging market. For example, according to WHO, cancer was the leading cause of death, accounting for around 10 million deaths in 2020, and cardiovascular diseases claim an estimated 17.9 million lives every year. In addition, the growing preference for personalized treatment and targeted cell therapies supports the growth of the market. Furthermore, nuclear imaging is also helpful in reducing the size of tumors and the pain of the procedure, further incurring growth. Furthermore, the growing practices of radioimmunotherapies and research surrounding therapeutic nuclear medicine support the growth of the market. Additionally, nuclear diagnostics provide healthcare workers with precise and anatomical information that cannot be found using other diagnostic procedures leading to market demand. The diagnostic procedure can detect diseases at early stages and save the patients from the additional costs of major surgeries while providing the right treatment path. 

MARKET RESTRAINTS:

Because of a lack of adequate funding in developing countries, shorter half-lives of radiopharmaceuticals, unfavorable reimbursement initiatives, and even essential nuclear medicine equipment like phantoms are becoming scarce. It has also slowed the expansion of medical research facilities and radiation-protection technology. In addition, nuclear imaging equipment is expensive. Complex installation and equipment processes and a shortage of experienced personnel are significant challenges limiting market growth throughout the forecast period. Additionally, specific nuclear scans can harm pregnant patients; therefore, it is essential to determine if the woman is pregnant before performing the scan, which is a drawback to the market. 

REPORT COVERAGE:

This research report on the global nuclear imaging equipment market has been segmented and sub-segmented based on type, application, end-user, and region.

Nuclear Imaging Equipment Market – By Type:

• SPECT Imaging Systems

• PET Imaging Systems

• Planar Scintigraphy Imaging Systems

The SPECT imaging systems segment is predicted to have the most share in the global nuclear imaging equipment market during the forecast period. The significant adoption of SPECT imaging systems, which are less expensive than hybrid PET imaging systems, can be attributed to this segment's large share.

The PET imaging systems segment is also expected to grow during the forecast period due to the rising need for accurate results in cancers, cardiovascular diseases, and brain disorders. In addition, PET scans are used to determine the metabolic activity of the body. Therefore, they can help detect early and slight changes in the organs, allowing for early treatment options supporting the growth of the market. 

Nuclear Imaging Equipment Market – By Application:

• Neurology

• Oncology

• Cardiology

• Others

The oncology application segment is expected to grow at the fastest rate during the forecast period. With the rising incidence and prevalence of cancer worldwide, the public and private sectors attempt to reduce cancer prevalence. Improved technologies and radiotracers for oncology contribute to the segment's growth.

The cardiology segment is also expected to grow due to the rising cases of cardiovascular problems and heart strokes and disorders. According to WHO, around 32% of the deaths in the world in 2019 were attributed to cardiovascular diseases, and out of all the deaths, 85% were caused by heart attacks and strokes. In addition, the growing neurological disorders lead to growth for the segment. According to WHO, globally, around 50 million people suffer from epilepsy, and 24 million people suffer from Alzheimer's. 

Nuclear Imaging Equipment Market – By End-User:

• Hospitals

• Imaging Centers

• Academic & Research Centers 

• Others

Based on the end-user, the hospital segment held the largest share of the global market for nuclear imaging equipment. This is due to the desire to increase diagnostic imaging process efficiency and the increasing number of diagnostic imaging procedures conducted in hospitals.

The growing patient influx at imaging centers due to high hospital costs and long waiting lists supports the segment. Furthermore, the growing number of imaging centers worldwide also supports the growth of the market. In addition, academic and research centers are also rising due to more research in the field of nuclear imaging. 

Nuclear Imaging Equipment Market – By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa

Due to technological advances such as hybrid imaging, the launch of novel radiopharmaceuticals for diagnostics, and the development of molecular imaging, North America is expected to account for the highest share of the global nuclear imaging equipment market during the forecast period. In addition, Canada is a significant manufacturer of Technetium-99m. As a result, Tc-99 m's in radiopharmaceuticals are predicted to drive the market in Canada to new heights. It's also used in conjunction with several biologically active compounds to perform non-invasive, real-time imaging of the human body. In addition, people in this region are becoming more aware of nuclear medicine therapy and diagnosis, which has resulted in a rise in physician prescriptions. The market is likely to expand as a result.

The Asia Pacific area is expected to have the most significant CAGR during the forecast period. The rapid rise in this region can be due to rising chronic disease incidence, increased awareness of the benefits of early disease detection, and improved healthcare systems in the region. In addition, due to an aging population, an increase in chronic illness incidence, and public and private expenditures to continuously improve medical infrastructure in the region, the Asia Pacific nuclear imaging equipment market is predicted to grow at a quick pace.

KEY MARKET PARTICIPANTS:

Siemens Healthcare GmbH, General Electric Company, Koninklijke Philips N.V., Digirad Corporation, Neusoft Corporation, Canon Medical Systems Corporation, Surgiceye GmbH, DDD-Diagnostic A/S, CMR Naviscan, and Mediso Ltd are a few of the prominent companies operating in the global nuclear imaging equipment market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• Shimadzu Medical Systems (US) and Midwestern State University (MSU, US) announced to provide medical equipment and a 10-year service plan to the University in 2019.

• Curium bought the Austrian radiopharmaceutical business IASON in June 2021 to boost its diagnostic product line's European footprint.

• PYLARIFY injection was approved by the Food and Drug Administration (FDA) in May 2021. Lantheus is a US diagnostic imaging agents and equipment firm. The injection is the first PSMA PET imaging agent for commercially available prostate cancer.

• Life Healthcare Group, which is an A2X-listed major company, is acquiring TheraMed Nuclear, a nuclear medicine and molecular imaging business. The acquisition news was released on 24th march 2023, and the company aims to provide improved accessibility for nuclear diagnostics to patients for early detection of disease and improved treatment regimes.