PUBLISHER: The Business Research Company | PRODUCT CODE: 1429573
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429573
Nuclear imaging devices and equipment play a crucial role in disease diagnosis, utilizing small amounts of radioactive substances administered to patients. They find extensive applications in various medical fields, including cardiology, obstetrics/gynecology, vascular studies, urology, and other medical applications.
The primary product categories within nuclear imaging devices and equipment include SPECT systems, PET systems, and planar scintigraphy. SPECT systems are employed to capture images and generate 3D scans, serving a range of applications such as oncology, cardiology, neurology, as well as other medical domains such as orthopedics, urology, thyroid-related disorders, and gastroenterology. These devices are utilized in diverse healthcare settings, including hospitals, imaging centers, academic and research institutes, as well as other end-users such as pharmaceutical/biotechnology companies and Contract Research Organizations (CROs).
The nuclear imaging devices and equipment market research report is one of a series of new reports from The Business Research Company that provides nuclear imaging devices and equipment market statistics, including nuclear imaging devices and equipment industry global market size, regional shares, competitors with a nuclear imaging devices and equipment market share, detailed nuclear imaging devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear imaging devices and equipment industry. This nuclear imaging devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The nuclear imaging devices and equipment market size has grown strongly in recent years. It will grow from $4.52 billion in 2023 to $4.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The expansion observed in the historical period can be credited to the increasing utilization of diagnostic medical imaging, elevated occurrences of cancer and cardiovascular diseases, and the implementation of government initiatives.
The nuclear imaging devices and equipment market size is expected to see strong growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be linked to the upward trajectory in healthcare expenditure, the growing geriatric population, and improved healthcare accessibility. Key trends expected in this period involve advancements in PET/CT (Positron Emission Tomography/Computed Tomography), the creation of innovative spectral detector angio CT solutions, the integration of Artificial Intelligence (AI)-enabled applications, a strategic focus on the utilization of the latest digital technologies, an emphasis on product innovation, and a dedicated focus on fostering partnerships and collaborations.
The growth of the nuclear imaging devices and equipment market is expected to be propelled by the increasing prevalence of chronic conditions in the foreseeable future. Chronic conditions, also referred to as chronic diseases, encompass persistent medical conditions lasting for an extended period, typically three months or more. Nuclear imaging devices and equipment play a crucial role in diagnosing and monitoring chronic diseases, offering valuable insights into disease progression, treatment effectiveness, and patient management. For example, as of September 2022, the World Health Organization (WHO) reported that chronic diseases contribute to 74% of global deaths, with 41 million annual fatalities. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, the increasing prevalence of chronic conditions is a significant driver of the nuclear imaging devices and equipment market's growth.
The rising geriatric population is expected to contribute to the growth of the nuclear imaging devices and equipment market. The geriatric population, comprising individuals typically aged 60 years or older, drives the demand for nuclear imaging systems and equipment due to the higher incidence of age-related diseases and conditions requiring advanced diagnostic and monitoring tools provided effectively by nuclear imaging. As of October 2022, the World Health Organization (WHO) projected that the global population of people aged 60 years and older will double, reaching 2.1 billion by 2050. Hence, the increasing geriatric population serves as a significant factor propelling the growth of the nuclear imaging devices and equipment market.
Companies within the nuclear imaging devices and equipment market are employing hybrid imaging technologies, including positron emission tomography/computed tomography (PET/CT), single-photon emission computed tomography/computed tomography (SPECT/CT), and positron emission tomography/magnetic resonance imaging (PET/MRI) for nuclear medical imaging. These hybrid systems offer precise images with improved resolution, providing both morphological and physiological information in a single testing instance. For example, a SPECT/CT system utilized for skeletal evaluation ensures accurate localization and enhances the specificity of information provided by CT.
Major companies in the nuclear imaging devices and equipment market are emphasizing product innovations, such as PET or CT systems, to enhance accuracy in medical imaging. A PET or CT system, combining positron emission tomography and computed tomography, integrates two potent imaging techniques to offer detailed information about the body's structure and function. In October 2022, GE Healthcare Technologies Inc., a US-based manufacturing company, introduced Omni Legend, an innovative all-digital PET or CT system designed to improve diagnostics, enhance efficiency, and align with sustainability goals. This system, featuring a cutting-edge digital detector design, promises heightened diagnostic accuracy and patient care by seamlessly integrating the capabilities of PET and CT imaging in an all-digital format. The system's digital detector design delivers high resolution and unprecedented true NEMA sensitivity, providing the highest sensitivity per centimeter.
In May 2022, Mediso Ltd., a Germany-based manufacturer of nuclear medicine imaging equipment, successfully acquired Bartec Technologies Ltd. for an undisclosed amount. This strategic acquisition aims to bolster Mediso's market position, access new expertise, expand global reach, and leverage the capabilities of Bartec Technologies Ltd., a UK-based developer and supplier of nuclear medicine imaging equipment.
Major companies operating in the nuclear imaging devices and equipment market report are Siemens Healthineers AG, Koninklijke Philips N.V., Canon Inc., General Electric Company, Cardinal Health, Inc., Agfa-Gevaert Group, NTP Radioisotopes SOC Ltd., SurgicEye GmbH, DongCheng Pharmaceutical Group, Cura, Neusoft Medical Systems Co., Ltd., Digirad Corporation, Abbott India Limited, BioMerieux India, Philips Healthcare, Edan Diagnostics, Mediso Medical Imaging Systems Ltd., Shimadzu Corporation, TestLine Clinical Diagnostics s.r.o., Toshiba Medical Systems Corporation, Bangs Laboratories Inc., Cepheid, BCL X-Ray Canada Inc., Absolute Imaging Inc., Alliar Medicos a Frente, Boris Berenstein, BP Medicina Diagnostica, Cepem, CETAC, Clinica da Imagem do Tocantins, Curium, DB Diagnosticos do Brasil, DDD Diagnostics, DASA, Roche Diagnostics India Pvt Ltd., Bracco Imaging SpA, CMR Naviscan Corporation, Canon Medical Systems Corporation
Western Europe was the largest region in nuclear imaging devices and equipment market in 2023. North America was the second-largest region in nuclear imaging devices and equipment market. The regions covered in the nuclear imaging devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the nuclear imaging devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The nuclear imaging devices and equipment market consist of sales of SPECT (single-photon emission computed tomography) systems, hybrid PET systems, and planar scintigraphy imaging systems. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Nuclear Imaging Devices And Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nuclear imaging devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nuclear imaging devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The nuclear imaging devices and equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.