Global Nuclear Imaging Equipment Market Size, Trends & Analysis - Forecasts to 2026 By Product (SPECT Imaging System, Hybrid SPECT Imaging System, Standalone SPECT Imaging System, PET Imaging System, Planar Scintigraphy Imaging Systems), By Application(Oncology, Neurology, Cardiology, Other Applications), By End-User (Hospital, Imaging Centers, Academic &Research Centers, Other End Users), By Region (North America, Asia Pacific, Europe, Central & South America, Middle East & Africa); End-User Landscape, Company Market Share Analysis, and Competitor Analysis
Nuclear Imaging Equipment Market Insights
Technological space in healthcare is constantly restructuring. Advanced imaging and medical apps are penetrating at a high rate to address the rising demand within the healthcare sector.
One such technique is nuclear imaging which is the process of collecting images from the body parts that receive radiation to further form a useful diagnosis. The use of radioactive substances to conduct organ functioning is termed nuclear medicine including nuclear imaging equipment. The imaging market is also tagged with the therapies that treat cancer and other diseases. Potential uses of both have seen steady demand from the American society and account for a $1.7 billion industry.
With the rising incidence of cancer rates across the globe, the early detection and diagnosis of cancer have become important. Among the many types of cancer, breast, colon, and skin cancer among others are common to have a high chance of occurrence. The rising medical costs and medical innovations pave the way for the market to record-high revenue. Nuclear medicine is quite effective in detecting disease at an early stage.
The growth of non-invasive technology in the healthcare sector would also impact the market demand. Nuclear imaging is useful as it shows if the treatment is working or not. The many benefits of the market products are that they are less expensive and have more potential to produce better results than exploratory surgery. The equipment used is radically transformed to produce better images and detect cell growth precisely.
As the manufacturers of equipment are constantly innovating with the product, the increased funding from the group of investors will bear high profit for the market. The market will also benefit from the rising medical research.
The development of outpatient clinics in developing nations would have increased outcomes for imaging technologies. The regulatory authorities are also focused on the large-scale exploitation of radiopharmaceutical and their plausible use in cancer diagnosis. The fast approval rates of the equipment by the FDA also weigh positively on the market potential.
The advancement in the CT scans and inclusion of reimbursement policies also steer head the market in a positive direction. Enhancement of the market is further laid by the technical projects carried out in the nuclear imaging field.
The rising funding in the diagnostic companies, medical device, and startups have the potential to raise the stakes of the market. The USA is riding on top of the market to record high growth potential in medical device companies. AI is another field shaping the market demand. Medical Imaging in 2017 and 2018 saw the development of ML models at a faster rate. Universities, scholars engage in deep medical research to show that nuclear imaging can identify if certain therapies will work to treat cancer patients. For example, in January 2021 researchers from a Medicine school in Washington showed that imaging proved to be useful in identifying that hormone therapy can not fully work on breast cancer. The market is fast approaching the integration of machine learning with reliable imaging techniques. Diffused Imaging technology is being used with the ML models to identify brain tumors in the pediatric population and UK scientists are building a strong market portfolio in this domain.
Computational mechanisms are also being used to create superior spectrometry imaging. The idea behind the mechanism is to fasten the process of data collection and its quality.
New technologies are also gaining momentum for COVID-19 detection. Private hospitals are engaging in developing technologies like Spectral CT that may improve the way COVID-19 is detected.
The manufacturers of the products are also being challenged by the recalling of the equipment as the product can be harmful to the patients. The high cost is another challenge that limits the entry of the companies in this space.
Nuclear Imaging Equipment Market: By Product
The SPECT type would add high value to the imaging market. The SPECT scan is highly effective in producing 3-D images. The type not just scans but also shows the organ functioning. The SPECT scan is conducted mostly to diagnose heart problems or brain disorders.
Hybrid SPECT has emerged as the preferred choice of technology in the healthcare unit. Evidence and research points to this technology is becoming a standard for bone imaging and also to target tumor cells.
Nuclear Imaging Equipment Market: By Application
Oncology would bear the large-scale application of imaging techniques. The rising cancer rate has put the medical device companies to innovate and design equipment to better diagnose cancer. Gamma camera is one such equipment that helps to not only diagnose the growing dangerous cancer cells but also produce a high-quality view of the tumor.
The use of nuclear imaging in neurology is fast growing. The neurological disabilities are detected using the radiopharmaceutical and also viewed using PET or SPECT scans.
Nuclear Imaging Equipment Market: By End User
Imaging centers would see a rising trend in this market. Imaging centers in the USA have the potential to grow owing to the rising number of people with types of cancer. The high growth is observed in the outpatient centers due to the increasing burden on the hospitals (also due to the COVID-19 situation).
Academic Institutes will bear a strong position in this market. Academic Institutes has contributed majorly to the market through collaborations with companies operating in the nuclear imaging field. Europe and USA academic institutes top the market in the collaboration domain.
Nuclear Imaging Equipment Market: By Region
The Asia Pacific’s rising growth can be explained by the increasing number of imaging centers, manufacturers, and strong medical associations in India, and China. The Neurology domain is also receiving huge investment from investors. The non-invasive technique is also gaining momentum in the region.
North America’s strong position in the market would be enhanced by the presence of leading medical associations, rising institute collaboration, and top manufacturers for nuclear imaging devices.
Market Share and Competitive Analysis
GE Healthcare, Siemens Healthineers, Neusoft Medical Systems, Mediso Medical Imaging Systems, DDD Diagnostics, Kromek, Philips, Digirad, Spectrum Dynamics, Crystal Photonics, and Spectrum Dynamics are few players operating in this market.
Please note: This is not an exhaustive list of companies profiled in the report.
In December 2020, Health Canada approved Spectrum Dynamics SPECT scanner to be sold in Canada.
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The Global Nuclear Imaging Equipment Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Nuclear Imaging Equipment Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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