Nuclear Imaging Equipment Market Analysis And Forecast To 2031: By Product (PET, SPECT, Planar Scintigraphy), By Application (Oncology, Cardiology, Neurology, Others), By End

Nuclear Imaging Equipment Market Analysis And Forecast To 2031: By Product (PET, SPECT, Planar Scintigraphy), By Application (Oncology, Cardiology, Neurology, Others), By End

The global nuclear imaging equipment market was valued at USD 2.9 billion in 2021 and it is anticipated to grow up to USD 5.2 billion by 2031, at a CAGR of 6.1% during the forecast period.

Nuclear imaging system basically involves the use of radioactive substances or tracers for the treatment of diseases. The radioactive substances are injected orally or intravenously and the imaging systems records the radiations emitted by these substances to create images of organs inside the human body. These generated images help the physician in better detection and diagnosis of the illness. The emergence of healthcare cum technology devices have addressed the increasing needs for better diagnostics. The technologically advanced imaging systems has surmounted the conventional systems in terms of precise and accurate images.

Market Trends and Drivers

Shift from standalone to hybrid modalities will drive the market growth. With technological advancements in the field of imaging, there has been a significant evolution of hybrid systems in the past decade. The major advancement in this regard is that of combined PET modalities. The innovation of PET/CT modality has been so successful that the major imaging system manufacturers do not provide standalone PET systems any longer. Based on the success of the hybrid PET/CT systems, hybrid PET/MRI and SPECT/CT systems have also gained attention. These hybrid systems can provide precise images with better resolution compared to standalone systems. They can provide morphological as well as physiological information in just one examination. For instance, in the case of skeletal evaluation, a SPECT/CT system offers accurate localization along with improving the specificity of the information provided by CT. Due to advantages such as these, many hospitals are now replacing their standalone systems with hybrid systems. The rising popularity of hybrid modalities is likely to drive the growth of the nuclear imaging equipment market.

Market Restraints and Challenges

High cost of imaging systems may hamper the market growth. Nuclear imaging systems are priced at a premium and require high investments for installations, which increases the procedural cost for patients as well. This affects the adoption rate of new systems, especially in emerging countries; most healthcare facilities in these countries, consequently, cannot afford such systems. In emerging countries like Brazil, the average cost of a PET system is between USD 400,000 and USD 600,000 while a SPECT system would cost between USD 250,000 and USD 400,000. These high costs, coupled with maintenance costs, are expected to hamper the market growth. Healthcare facilities that purchase such costly systems often depend on third-party payers (such as Medicare, Medicaid, or private health insurance plans) to get reimbursements for the costs incurred in the diagnostic, screening, and therapeutic procedures performed using these systems. As a result, factors such as continuous cuts in reimbursements for diagnostic imaging scans and the increasing cost of nuclear imaging systems are preventing medium-sized and small healthcare facilities from investing in technologically advanced nuclear imaging modalities.

Global Nuclear Imaging Equipment Market Segmental Overview

The report analyses the global nuclear imaging equipment market based on product, application, end use, and region.

Global Nuclear Imaging Equipment Market by Product

Based on product, it is segmented into PET, SPECT and Planar Scintigraphy. Among these, PET segment accounted for significant market share in 2021. PET generates computerized images of chemical alteration, such as sugar metabolism, which take place in the tissue. Usually, the patient is given an injection of a combination of sugar and radioactively labeled sugar, radioactive sugar accumulates on the tumor in the body if it is present and can be traced with the help of a scanner.

Global Nuclear Imaging Equipment Market by Application

Based on application, it is segmented into oncology, cardiology, neurology and others. Among them, The oncology application segment is expected to register the highest CAGR during the forecast period. The major factors contributing to the growth of this segment include the rising incidence and prevalence of cancer across the globe, initiatives taken by public and private organizations to curb the rising cancer prevalence, and the development of advanced systems and radiotracers for oncology. Hence aforementioned factors fuel the market growth.

Global Nuclear Imaging Equipment Market by End-use

Based on end-use, it is segmented into Imaging centers, Academic and research institute, Hospitals and Others. The hospital segment accounted for the highest share owing to the factors such as the need to improve the efficiency of diagnostic imaging procedures and the rising number of diagnostic imaging procedures performed in hospitals

Geographical Analysis of Global Nuclear Imaging Equipments Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America held the largest share in the market. The high growth in this region can be attributed to the increasing incidence of chronic diseases, rising awareness on the benefits of early disease diagnosis, and improvement of healthcare systems in the region. Also, robust, high volume of nuclear medicine procedures, and increased investment in research and development of nuclear imaging equipment. Hence, aforementioned factors will boost the market growth.

Major Players in the Global Nuclear Imaging Equipments Market

COVID-19 Impact

The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing in-patient and outpatient services for other diseases and implementing infection prevention and control measures. Both diagnostic and therapeutic nuclear medicine procedures declined precipitously, with countries worldwide being affected by the pandemic. Most of the nuclear medicine scans and therapies are carried out in outpatient departments as follow-up cases whereas new studies are usually dealt with in inpatient departments after going through COVID-19 screening. Nuclear medicine lacks portable SPECT and PET scanners, and there is a constant need to inject the patient with radiopharmaceuticals so the movement of the patient is not restricted. Hence it is very crucial for nuclear medical workers to have a thorough knowledge of precautionary measures to prevent COVID-19 transmission.

A majority of heart patients who go through nuclear cardiology procedures are usually above 60 years of age and carry other extreme health risks such as diabetes, hypertension, and chronic renal and lung diseases. All of these factors make them highly vulnerable to developing COVID-19 and have led to a decrease in the number of nuclear imaging procedures. However, many healthcare experts believe that this reduction in the number of procedures is temporary.

Recent Developments

• In June 2022, Siemens Healthineers get FDA Nod for New SPECT/CT scanner
• In November 2021, Siemens Healthineers launched the world’s earliest photon-counting CT scanner, Naeotom Alpha. It is highly superior in all technical parameters associated with image quality and is cleared for all clinical applications in U.S. and Europe.
• In September 2021, GE Healthcare acquired BK Medical, a leader in enhanced surgical imaging, from Altaris Capital Partners for USD 1.45 Billion.
• In March 2021, BWXT Medical Ltd. and Global Medical Solutions, Ltd. (GMS) have entered into a joint venture (JV) to manufacture and distribute radioisotopes and radiopharmaceuticals in the Asia-Pacific
• In 2019, Shimadzu Medical Systems (US) and Midwestern State University (MSU, US) to provide medical equipment along with a 10-year service plan for the University through the Shimadzu School of Radiologic Sciences.
• In 2018, Royal Philips (Netherlands) and Illawarra Shoalhaven Local Health District (Australia) and Nepean Blue Mountains Local Health District (Australia) entered into two 20-year agreements for Managed Equipment Services, where Philips has agreed to provide, upgrade, deliver, optimize, replace, and offer maintenance services for all major medical imaging solutions in Australia and the ASEAN Pacific region.

Frequently Asked QuestionsQ1. How big is the orthopedic braces & supports market?Ans. The global nuclear imaging equipment market size was USD 5.4 billion in 2021 and is anticipated to reach USD 12.8 billion in 2031, growing at a rate of 9.0% from 2022 to 2031.Q2. What is the nuclear imaging equipment market growth rate?Ans. The growth rate of the nuclear imaging equipment market is 9.0%.Q3. Which region holds a major market share for the sepsis diagnostics market?Ans. North America holds a major market share of the nuclear imaging equipment market in 2021.Q4. Which segment accounted for the largest nuclear imaging equipment market share?Ans. By end user, the healthcare segment accounted for the largest nuclear imaging equipment market share.Q5. Who are the key players in the orthopedic braces & supports market?Q6. What are the factors driving the nuclear imaging equipment market growth?Ans. The major factors driving the growth of the market are the rising prevalence of cancer in women across the globe.Q7. What are the key growth strategies of nuclear imaging equipment market players?Ans. The key growth strategies of nuclear imaging equipment market players are product launch and product approval.Q8. Which region will provide more business opportunities for the nuclear imaging equipment market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the nuclear imaging equipment market during the forecast period.

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