Nuclear Imaging Equipment Market to Grow at a CAGR of 6.51% During the Forecast Period | TechSci Research - Article By
Posted 04/05/2022 by

Nuclear Imaging Equipment Market to Grow at a CAGR of 6.51% During the Forecast Period | TechSci Research


Nuclear Imaging Equipment Market to Grow at a CAGR of 6.51% During the Forecast Period | TechSci Research

Growing demand for imaging system procedure for test conduction and healthcare sector expansion is driving the global nuclear imaging equipment market.

According to TechSci Research report, Nuclear Imaging Equipment Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, the global nuclear imaging equipment market stood at USD4054.46 million in 2020 and is expected to grow at a CAGR of 6.51% during the forecast period on account of the growing demand for sophisticated diagnostic imaging equipment.

The growing demand for nuclear imaging equipment to diagnose chronic diseases like cancer, cardiovascular diseases, and others is expected to drive market growth by 2026. Additionally, increasing healthcare expenditure coupled with improving healthcare scenario is further expected to support the market growth over the next few years.

Furthermore, the growing geriatric population worldwide, which is susceptible to various diseases, is expected to support the market growth during the forecast period. Besides, advancements such as increased demand for data integrated imaging systems, rising number of nuclear pharmacies, among others, are expected to create lucrative opportunities for market growth during the forecast period.

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However, the high cost of these equipment is one of the major challenges faced by the hospitals and diagnostic centers of Asia Pacific, South America and the Middle East and Africa. This, in turn, has led to an increase in demand for refurbished nuclear imaging equipment in these countries.

Also, stringent regulatory scenarios and policies for launching and marketing nuclear imaging equipment are expected to hamper market growth significantly. The regulatory framework is quite strict when it comes to product recalls.

The global nuclear imaging equipment market is segmented based on product type, application, end user, company, and regional distribution. Based on product type, the market can be split into PET Imaging Systems and Gamma Camera Imaging. The PET Imaging Systems segment dominated the market in 2020 with an overall share of 65.19% and is expected to continue its dominance through 2026 on account of its ability to provide high-resolution images, and it is mainly used in oncology as the images provided give comprehensive information of the tumor.

The Gamma Camera Imaging Systems can be further split into SPECT Imaging Systems and Planar Scintigraphy Imaging Systems. The SPECT Imaging Systems segment is expected to dominate the market during the forecast period on account of their higher adoption since they are affordable.

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Also, major companies have started improvising their SPECT Imaging Systems portfolio through the incorporation of latest technologies in them and launching new nuclear imaging equipment based on SPECT technology.

Key market players in the nuclear imaging equipment market include:

  • Siemens Healthineers AG
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Canon Medical Systems Corporation
  • Star Equity Holdings, Inc.
  • SurgicEye GmbH
  • Mediso Ltd.
  • Rigaku Corporation (MILabs B.V.)
  • MR Solutions Ltd.
  • DDD - Diagnostics A/S
  • Segami Corporation
  • Mirion Technologies (Capintec), Inc.
  • CMR Naviscan
  • Positron Corporation
  • Neusoft Medical Systems Co., Ltd.

Global nuclear imaging equipment is quite consolidated, with the market being dominated by the major diagnostic imaging equipment giants such as Siemens Healthineers AG, GE Healthcare, Koninklijke Philips NV and Canon Medical Systems Corporation. Other prominent players operating in the market include SurgicEye GmbH, Mediso Ltd., etc.

Major companies operating in the market are following strategies such as mergers & acquisitions, product launches, collaborations, spinoffs, among others, in order to stay competitive and have an edge over other players operating in the market. For instance, in March 2021, GE Healthcare launched StarGuide system, an advanced SPECT/CT system, to address the needs of new-age research-focused clinicians.

Similarly, in October 2020, Siemens Healthineers AG introduced Biograph Vision Quadra Extended Axial FoV PET/CT Scanner. This has been designed for use in both clinical purposes and translational research. The Biograph Vision Quadra can be sited in the same clinical space as traditional PET/CT scanners, so the institution does not need to construct a large new room to house the scanner.

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“The Asia Pacific region is expected to register the fastest growth during the forecast period. This can be attributed to the growing healthcare awareness among the population residing in the region. The population in the region is getting aware of different diseases and about the benefits of early diagnosis of diseases. This, in turn, has increased the number of people going for regular diagnostic checks, thereby supporting the market growth through 2026.

Additionally, Asia Pacific is home to two of the world’s highest populated countries China and India, which have a huge population base suffering from various chronic diseases such as cancer, cardiovascular diseases, etc. According to China Cardiovascular Diseases Report 2018, two in five deaths in China can be attributed to cardiovascular diseases. Also, according to the results published by the Global Burden of Disease study, the state age-standardized death rate of 272 per 100,000 population in India is much higher than that of the global average of 235.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.

Nuclear Imaging Equipment Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026 Segmented By Product Type (PET Imaging Systems, Gamma Camera Imaging Systems), By Gamma Camera Imaging Systems (SPECT Imaging Systems, Planar Scintigraphy Imaging Systems), By Application (Oncology, Cardiology, Neurology, Others), By End User (Hospitals & Clinics, Diagnostic Imaging Centers, Others), By Region”, has evaluated the future growth potential of the global nuclear imaging equipment market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global nuclear imaging equipment market.

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