The global nuclear imaging equipment market is to increase from US$ 2,734 million in 2020 to US$ 3,465 million by 2025 with a compound annual growth rate (CAGR) of 4.9% for the period 2020-2025. The market growth has been mainly propelled by the transition from single to hybrid modalities, the progression of radiotracers, the rising attention placed on personalized medicine, investments from public-private partnerships to update diagnostic imaging systems, and the rising incidence and prevalence of cancer and cardiac conditions. Nevertheless, the high cost of nuclear imaging equipment is predicted to impede the development of this market.
The rising prevalence of chronic diseases, the growing geriatric population, and the increasing rate of road accidents have sparked greater demand for improved imaging technologies. NCDs (noncommunicable diseases) account for approximately 70% of global deaths each year, with cardiovascular diseases, cancers, respiratory diseases, and diabetes being the major contributors. Consequently, SPECT, PET, and planar scintigraphy are among the advanced imaging techniques that are necessary to diagnose such illnesses effectively. WHO (World Health Organization) acknowledges the importance of these imaging technologies, as they are key to saving the lives of individuals suffering from chronic illnesses. The growing prevalence of chronic diseases and aging populations, along with a heightened demand for PET, SPECT, and planar scintigraphy nuclear imaging equipment, are fuelling the global nuclear imaging equipment market.
Imaging technology is employed by an array of end users, including hospitals, diagnostic centers, and research facilities. In hospitals, nuclear imaging instruments are used to image body parts in cases of chronic illnesses. Diagnostic centers regularly utilize nuclear imaging tools to analyze particular body parts or the entire body. In research centers, imaging instruments are utilized for molecular imaging to aid in drug discovery.
Over the past decade, there has been a significant advancement in hybrid imaging systems, due to technological advancements in the field of imaging. The most notable of these is the PET/CT modality, which has been so successful that major imaging system manufacturers no longer provide standalone PET systems. Following the success of PET/CT, hybrid PET/MRI, and SPECT/CT systems have also gained traction. These hybrid systems are superior to standalone systems in terms of resolution and accuracy, providing both morphological and physiological information in just one examination. For example, with skeletal evaluation, SPECT/CT systems offer accurate localization and improved specificity of the information provided by CT. The increasing demand for hybrid modalities has resulted in many hospitals transitioning from standalone to hybrid systems, due to the numerous advantages they offer. This shift is expected to further fuel the growth of the nuclear imaging equipment market.
The high price and installation costs associated with nuclear imaging systems, along with the associated expenses for patients, have been found to reduce the adoption rate of such systems in emerging countries, where many healthcare facilities are unable to bear the cost. This, coupled with the maintenance costs, is expected to adversely affect the market growth.
The COVID-19 outbreak has had a major effect on hospital resources globally, necessitating alterations to in-patient and outpatient services for other diseases and the enforcement of infection prevention and control measures. Both diagnostic and therapeutic nuclear medicine procedures experienced a considerable decrease, with countries worldwide being affected by the pandemic. In outpatient departments, most nuclear medicine scans and therapies are performed as follow-up cases, while new studies are usually conducted in inpatient departments after passing through COVID-19 screening. Given the lack of portable SPECT and PET scanners and the need to inject the patient with radiopharmaceuticals without restricting their movement, nuclear medical personnel must be well-versed in the necessary precautions to avoid COVID-19 transmission. The majority of heart patients who have undergone nuclear cardiology procedures are typically over 60 years of age and have additional medical challenges such as diabetes, hypertension, and chronic renal and lung diseases, making them particularly susceptible to contracting COVID-19. Consequently, the number of nuclear imaging procedures has decreased. Nevertheless, healthcare professionals contend that this reduction should be viewed as temporary.
Some of the prominent players in the nuclear imaging equipment market are Canon Medical Systems Corporation, Cmr Naviscan Corporation, Ddd-Diagnostic A/S, Digirad Corporation, Ge Healthcare, Koninklijke Philips N.V., Mediso Ltd., Milabs B.V., Mr Solutions Ltd., Neusoft Medical Systems Co., Ltd. The research report on the global nuclear imaging equipment market provides extensive competition analysis and competitive conditions. The report includes information on significant products, players, challenges and developments, and other information specific to the nuclear imaging equipment market. The global economy is highly affected by the COVID-19. Various sectors in the economy are much affected by this pandemic. It is anticipated that the global economy will decline because of the loss of trillions of dollars. The growing extension and imposition of lockdown in various countries directly affect the economy all over the world. The report consists of a chapter that provides a detailed study of the impact of COVID-19 on the nuclear imaging equipment market. The data in this report is targeted for business and industry practitioners and specifically intended to assist in the explanation, direction, and to understand the potential of the nuclear imaging equipment markets. The study focuses on providing readers with an understanding of developments in the industry, market segments, market forecasts, leading players, and market drivers and inhibitors.
- Goals and objectives of the study
- Understanding the opportunities and advancements of nuclear imaging equipment is determining the market highlights, along with the foremost regions and countries involved in the growth of the market.
- To study the diverse segments of the nuclear imaging equipment market and the dynamics of nuclear imaging equipment in the market.
- To categorize segments of nuclear imaging equipment with escalating growing potential and to value the futuristic market of the segments.
- To analyze the major trends related to different segments that help in figuring and persuading the nuclear imaging equipment market.
- To check region-specific growth and development in the nuclear imaging equipment market.
- To understand the foremost stakeholders of the nuclear imaging equipment market and the value of the competitive landscape of the leaders of the nuclear imaging equipment market.
- To study the key plans, initiatives, and strategies for the development of the nuclear imaging equipment market.
Chapter 2, Market Overview provides an overview of the nuclear imaging equipment market. The chapter includes macro-economic factors, market determinants (includes market drivers, restraints, opportunities, and challenges), value chain analysis, technology/product roadmap, Porter 5 force model analysis, market growth opportunity analysis.
Chapter 3, Segment Analysis of the study deals with the different sub-segments of the market to calculate reliable market forecasts. The chapter provides an in-depth analysis of the market segments of the nuclear imaging equipment market, year-on-year growth projections that enable readers to identify potential market growth areas.
- Market Segmentation
- Based on product, the global nuclear imaging equipment market is segmenting into pet imaging systems, planar scintigraphy imaging systemsa, spect imaging systems.
- Based on platform, the nuclear imaging equipment market is segmenting into cardiology, neurology, oncology, other.
- Based on end user, the nuclear imaging equipment market is segmenting into academic & research centers, hospitals, imaging centers, other.
Chapter 4, Regional Analysis includes an in-depth analysis of the nuclear imaging equipment market by regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The report also includes a comprehensive analysis of the market in key countries such as the United States, Canada, Germany, France, Italy, Spain, China, India, Japan, the GCC, South Africa, Brazil, Mexico, and the rest of the world. Regional insight helps market competitors to make crucial decisions about their company. Individualized, country-wise, and segment-wise analyses by region allow readers of the nuclear imaging equipment market report to explore the potential of the market in different geographies. For each year's growth projections and a global share of value, this section is a vital part of the report.
Chapter 5, Competitive Analysis of the report includes company shares analysis, a list of acquisitions, mergers, collaboration, and the introduction of new products.
Chapter 6, Company Profile of the report also covers key industry players working on the nuclear imaging equipment market. The report also discusses the business strategies adopted by the players at the global, regional, and country-level. The study also focuses on various businesses or inorganic business development strategies for expanding consumer networks through product formation, organization extension, partnerships, mergers, and acquisitions.
The study offers an exhaustive summary and estimate of the global nuclear imaging equipment market. It includes in-depth qualitative and quantitative analyses in the report that aligned with the goals and objectives of our customers. Projections have been confirmed by comprehensive primary and secondary analysis. The study will encourage clients to invest in the nuclear imaging equipment market based on the current business situation, trends, and potential developments in the segments. Understanding the requirement of the client, the report delivers specialist insights into the global nuclear imaging equipment market, its products, and market patterns.
