Global Nuclear Imaging Equipment Market Size, Trends, and Analysis - Forecasts To 2026 By Product (Single-Photon Emission Computed Tomography (SPECT), Planar Scintigraphy Imaging Systems, Hybrid PET Imaging Systems), By Application (Oncology, Neurology, Cardiology, Others), By End-User (Hospitals, Academic & Research Centers, Imaging Centers, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Nuclear Imaging Equipment Market: Insights
A non-invasive, painless diagnostic examination that allows doctors to diagnose the medical condition of patients is the nuclear imaging technique. To provide pictures of how tissues and organs function, nuclear imaging utilizes radioisotopes that are inserted into the bloodstream, swallowed, or inhaled. For imaging, nuclear imaging equipment uses radioactive materials or tracers. These pictures help the identification and prognosis of the disease by doctors and clinicians. In the case of atherosclerosis, PET imaging may detect active vascular macrocalcification with the radioactive element 18F-sodium fluoride.
The growth of the medical imaging systems market has been fueled by a rising prevalence of chronic diseases such as neurological disorders, cardiac disorders, and cancer, technical advances, and increasing awareness of early diagnosis. Due to improved image quality and accuracy, these technologically advanced devices have overcome traditional systems. In this market, the production of advanced imaging equipment to meet the growing demand for enhanced diagnostics is leading to growth.
Market growth will be further stimulated by growing aging demographics, increasing demand for imaging device procedures, and increasing spending on health care. In clinics and medicines, nuclear imaging is used to provide a physician with tools to make an accurate diagnosis. This aids in the deduction of suggestions for care and the risk of repeating errors. Moreover, rising demand for data-integrated imaging systems. It enables image processing and restoration, 3D image creation, computer-assisted identification of health conditions, and the use of adequate quality control systems. With the assistance of data integration, physicians can easily evaluate scans to effectively observe the disease progression.
The majority of nuclear medicine scans and treatments are conducted as follow-up cases in outpatient units, while new trials are typically performed after COVID-19 screening in inpatient departments. Typically, most heart patients undergoing nuclear cardiology procedures are over 60 years of age and bear other severe health consequences such as hypertension, diabetes, and chronic lung and renal illness. All these aspects make them particularly vulnerable to COVID-19 production and have contributed to a decrease in the number of procedures for nuclear imaging. Many healthcare practitioners, however, think that this decrease in the number of treatments is temporary.
Nuclear Imaging Equipment Market: By Product
The SPECT imaging systems products accounted for the largest revenue share in 2020. The growing adoption of SPECT, due to the high-usage and lower costs, and better availability compared to hybrid PET imaging systems, is driving the market growth over the forecast era. In arteries and veins, a SPECT scan is used to detect blood flow, it is more susceptible to brain injury, in comparison with MRI and CT scans.
PET requires a huge number of cyclotrons, which is costly to manufacture for the majority of isotopes. Such systems are also based on a handful of healthcare institutions that are well-funded and specialized.
Nuclear Imaging Equipment Market: By Application
The oncology application segment is anticipated to boost market share over the forecast period. The increasing incidence and prevalence of cancer worldwide, steps taken by private and public organizations to curb the increasing cancer prevalence, and the production of advanced oncology systems and radiotracers are factors that are expected to boost this market segment. Cancer is responsible for 1 in 8 mortality globally, as per the American Cancer Society. People perform routine check-ups to search for disease-related signs, resulting in a rapid demand for equipment for nuclear imaging. In the coming years, oncology screening techniques supported by medical imaging equipment are expected to lead to substantial development.The cardiology market segment is expected to see significant growth over the projected era. This is attributable to the increasing number of people suffering from cardiovascular diseases, increasing awareness of cardiac disorders, and increasing acceptance of unhealthy diet and sedentary lifestyle, the burden of disease is expected to grow significantly over the coming years.
Nuclear Imaging Equipment Market: By End-User
The hospital segment is expected to account for the biggest share position in 2020. This is due to the highly targeted population of hospital-preferred patients especially in developing countries, the increasing amount of hospital procedures, the increasing emphasis on the effective and early detection of diseases in hospitals, and the improvement in the efficiency of diagnostic imaging procedures. Furthermore, the growing number of cancer-related research studies and the increasing number of diagnostic imaging procedures conducted in hospitals are expected to fuel hospital market development.
Moreover, imaging centers are expected to see steady growth owing to their offerings consisting of a wide range of imaging facilities with the latest technologies. To use equipment requiring a low radiation dose, these centers are continually upgrading to the new techniques.
Nuclear Imaging Equipment Market: By Region
The North American area remains a major market shareholder in the projected timeframe in terms of revenue. It is driven by factors that have led to the market due to the increasing occurrence of cancer, the increasing number of skilled professionals, and R&D facilities to build patient-centered nuclear imaging equipment. Moreover, due to increased chronic disease prevalence and fast technological adoption, the U.S. market for nuclear imaging equipment will grow significantly. The growing acceptance of unhealthy eating behaviors and physical inactivity has contributed to the increasing demand for cardiovascular disease and cancer equipment for individuals.
Furthermore, in the Asia-Pacific region, a significant CAGR rate over the expected timeframe will be demonstrated. The growth can be attributed to the elevated prevalence of cancer coupled with strategic policies and investment in the healthcare sector. The practice of nuclear medicine in Japan is highly advanced, with a significant spike in the number of hybrid SPECT/CT experiments over the past several years. Moreover, the growing medical tourism, along with the increasing digital health reforms, are some of the factors affecting the growth of the regional sector.
Nuclear Imaging Equipment Market: Share & Competitor Analysis
Koninklijke Philips N.V., Neusoft Medical Systems Co., Ltd., Surgiceye Gmbh, Cmr Naviscan Corporation, Shimadzu Corporation, Milabs B.V., GE Healthcare Digirad Corporation Canon Inc. DDD-Diagnostic, Siemens Healthineers, A/S Mediso Ltd., Perkinelmer, Inc., and Mr. Solutions Ltd., among others are the prime competitors that compete in the market.
Please note: This is not an exhaustive list of companies profiled in the report.
In February 2019, Shimadzu Medical Systems and Midwestern State University offer medical equipment through the Shimadzu School of Radiologic Sciences following a 10-year service plan for the University.
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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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