Nuclear Imaging Equipment - Market Insights, Competitive Landscape, and Market Forecast - 2030

Nuclear Imaging Equipment Market By Product Type (Single-Photon Emission Computerized Tomography (Spect), Positron Emission Tomography (Pet)), By Application (Oncology, Cardiology, Neurology And Others), By End-User (Hospitals, Diagnostic Imaging Centers, And Research Centers), and by geography is expected to grow at a steady CAGR forecast till 2030 owing to rising prevalence of cardiovascular diseases and the increasing prevalence of cancers

The global Nuclear Imaging Market was valued at USD 2.57 billion in 2023, growing at a CAGR of 3.34% during the forecast period from 2024 to 2030, to reach USD 3.13 billion by 2030. The nuclear imaging equipment market is witnessing a positive growth owing to the factors such as, the rising prevalence of cardiovascular diseases, the increasing prevalence of cancers, increasing geriatric population and technological advancements in the product offerings. Thus, all these factors mentioned above are contributing to the growth of nuclear imaging equipment market during the forecast period from 2024-2030.

Nuclear Imaging Equipment Market Dynamics:

One of the main drivers of the nuclear imaging equipment market is the increasing prevalence of cardiovascular diseases. According to World Health Organization (WHO) data published in 2022, as per the latest statistics, cardiovascular diseases (CVDs) are the most common cause of mortality across the world. According to the above mentioned source, in 2019, 17.9 million people died from CVDs, accounting for 32% of all fatalities worldwide and 85% of these deaths were caused by heart attacks and strokes. Therefore, to reduce the number of people suffering with cardiovascular diseases and deaths associated with it, nuclear imaging equipment are used to diagnose coronary artery disease, cardiomyopathy in the heart (diseases of the heart muscle) and others. This will cause a surge in the demand for nuclear imaging equipment, which increases the nuclear imaging equipment overall market growth during the forecast period (2024-2030).

Moreover, another key factor that is responsible for the growth of the nuclear imaging equipment market can be the increasing prevalence of cancers. As per WHO 2022, cancer is the biggest cause of mortality globally, with approximately 10 million fatalities in 2020, accounting for roughly one in every six deaths. Breast, lung, colon, rectum, and prostate cancers are the most frequent malignancies. According to the above mentioned source, every year, approximately 400,000 children develop cancer. Thus, to overcome the increasing cancer rates & deaths linked with it, nuclear imaging equipment are used by doctors to identify the tumor spread in the patient's body and help to find the treatment associated with it, this approach tends to increase the demand for nuclear imaging equipment which leads to surge in the nuclear imaging equipment overall market during the forecast period (2024-2030).

However, the market will face certain barriers to growth as well, such as high cost of nuclear imaging equipment and strict regulations by the Nuclear Regulatory Commission (NRC) that can slow down the market growth.

The ongoing coronavirus pandemic has impacted the market for nuclear imaging equipment lockdown restrictions as it had led to cancellation of outpatient visits and the suspension of non-emergency hospitals and procedures. Elective surgeries were not on priority as COVID-19 patients were given more weightage pertaining to receiving adequate treatment. However, with masses being vaccinated, lockdown restriction relaxation has initiated the process of economic recovery and the return of normalcy in the economic landscape which has initiated the process of resumption of regular healthcare services such as outpatients visits and resumption of healthcare services, allowing the nuclear imaging equipment market to pick momentum and grow in the forecast period.

Nuclear Imaging Equipment Market Segment Analysis:

Nuclear Imaging Equipment Market by Product Type (Single-Photon Emission Computerized Tomography (SPECT), Positron Emission Tomography (PET)), Application (Oncology, Cardiology, Neurology and Others), End-User (Hospitals, Diagnostic Imaging Centers, and Research Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In by-product type segment of nuclear imaging equipment market, the demand of Positron Emission Tomography (PET) is high as compared to the Single-Photon Emission Computerized Tomography (SPECT). This can be ascribed to several advantages that are offered by PET as it is a more flexible tool, because new tracers are easier to synthesize for PET than for SPECT. Furthermore, the spatial resolution, along with the capability to provide quantitative estimates of blood flow, PET is significantly superior to that of SPECT. This is owing to the physical nature of positron nuclear decay. The most significant benefit of PET imaging over SPECT is that it has a substantially better sensitivity (by two to three orders of magnitude) that is, it can detect and record a much larger percentage of the emitted events, which has major ramifications.

In November 2022, Telix Pharmaceuticals, a biopharmaceutical company, announced that the Australian Therapeutic Goods Administration (TGA) has approved Illuccix® (Kit for the preparation of 68Ga PSMA-11 Injection) is a positron emission tomography (PET) agent for the diagnostic imaging of men with prostate cancer.

Furthermore, the benefits associated with PET over SPECT, increases its demand which enhance the nuclear imaging equipment overall market during the forecast period from 2024-2030.

North America is expected to dominate the overall Nuclear Imaging Equipment Market:

Among all the regions, North America is expected to dominate the global nuclear imaging equipment market in the year 2023 and is expected to do the same during the forecast period from 2024 to 2030. Factors such as the rising prevalence of cardiovascular diseases and technological advancements in the product offerings will drive the use of nuclear imaging equipment which increases the demand of nuclear imaging equipment in the North America market.

According to the Centers for Disease Control and Prevention (CDC) 2022, in the United States, as per the latest statistics, one person dies from cardiovascular disease in every 36 seconds. According to the above mentioned source, heart disease claim the lives of around 659,000 people in the United States each year, accounting for one out of every four fatalities. As per CDC, the most frequent kind of heart illness, coronary heart disease had killed 360,900 people in the year 2019. Furthermore, it had affected about 18.2 million people aged 20 and above (about 6.7%). Therefore, in order to treat the number of people suffering from cardiovascular diseases and to reduce the number of deaths related to it, nuclear imaging equipment are used to evaluate coronary artery disease, cardiomyopathy in the heart (diseases of the heart muscle) and others, this has further led to an increase in the demand of nuclear imaging equipment, which would surge the nuclear imaging equipment overall market during the forecast period (2024-2030).

Furthermore, another factor such as the technological advancements in the nuclear imaging equipment such as, in March 2022, at RSNA 2022, Philips, a health-tech company, highlighted the launch of two new cutting-edge CT systems: the multi-energy Spectral CT 7500 and the CT 5100 Incisive with integrated artificial intelligence.

Apart from this, in March 2022, NeuroLogica Corp, a Samsung Electronics Co. Ltd. subsidiary, announced that its state-of-the-art OmniTom Elite has received 510(k) clearance for the addition of Photon Counting Detector (PCD) technology. The company introduces the first single-source photon counting computed tomography (CT) scanner with single detector on a transportable device. OmniTom Elite with PCD is capable of producing spectral CT pictures at various energy levels. Therefore, such technological advancements in the nuclear imaging equipment, can increase the demand for nuclear imaging equipment, which could drive the nuclear imaging equipment overall market growth.

Therefore, due to interplay of the factors mentioned above, the demand for nuclear imaging equipment could boost, which in turn would provide a conducive growth environment in North American region for the nuclear imaging equipment during market forecast 2024-2030.

Nuclear Imaging Equipment Market Key Players:

Some of the key market players operating in the nuclear imaging equipment market include Siemens Medical Solutions USA Inc, General Electric Company, Koninklijke Philips N.V., DIGIRAD CORPORATION, Neusoft Corporation, CANON MEDICAL SYSTEMS CORPORATION, SurgicEye GmbH, DDD-Diagnostic A/S, CMR Naviscan, Mediso Ltd, Shimadzu Corporation, MR Solutions, segamicorp, Spectrum Dynamics Medical, Cardinal Health, Curium SAS, BCL X-Ray Canada Inc, NeuroLogica Corp, Computerized Imaging Reference Systems, Inc, and among others.

Recent Developmental Activities in the Nuclear Imaging Equipment:

• In May 2022, Mediso Ltd, a Hungarian manufacturer of nuclear medicine imaging equipment, announced the acquisition of Bartec Technologies Ltd, UK based company specialized in the supply, installation and support of Nuclear Medicine and Molecular Imaging equipment and accessories.
• In December 2022, Computerized Imaging Reference Systems, Inc., a leading provider of medical imaging and radiation therapy phantoms serving the medical industry, has been acquired by Mirion Technologies, Inc., a global provider of detection, measurement, analysis, and monitoring solutions to the medical, nuclear, defense, and research end markets.
• In April 2020, TTG Imaging Solutions, LLC, announced that it has acquired Nuclear Imaging Services and its Texas-based radiopharmacy. The company also announced it had acquired Molecular Imaging Specialists, a medical imaging equipment and service provider in Ft. Lauderdale.

Key Takeaways from the Nuclear Imaging Equipment Market Report Study

• Market size analysis for current nuclear imaging equipment market size (2023), and market forecast for 5 years (2024-2030).
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Nuclear imaging equipment.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint venture happened for last 3 years.
• Key companies dominating the global nuclear imaging equipment.
• Various opportunities are available for the other competitor in the Nuclear imaging equipment Market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030.
• Which are the top-performing regions and countries in the current nuclear imaging equipment Market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Nuclear imaging equipment Market growth in the coming future?

Target Audience who can be benefited from this Nuclear Imaging Equipment Market Report Study

• Nuclear imaging equipment products providers
• Research organizations and consulting companies
• Nuclear imaging equipment-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in nuclear imaging equipment
• Various End-users who want to know more about the nuclear imaging equipment Market and latest technological developments in the nuclear imaging equipment.

Frequently Asked Questions for Nuclear Imaging Equipment:

1. What are Nuclear Imaging Equipment?

A unique gamma camera and single-photon emission computed tomography (SPECT) imaging methods are used in nuclear medicine. The gamma camera captures and transforms the energy emitted by the radiotracer in the body into a picture.

2. What is the market for Global Nuclear Imaging Equipment?

The global nuclear imaging equipment Market was valued at USD 2.57 billion in 2023, growing at a CAGR of 3.34% during the forecast period from 2024 to 2030 to reach USD 3.13 billion by 2030.

3. What are the drivers for the Global Nuclear Imaging Equipment Market?

The nuclear imaging equipment market is witnessing a positive market growth owing to the factors such as, the rising prevalence of cardiovascular diseases, the increasing prevalence of cancers, increasing geriatric population and technological advancements in the product offerings

4. Who are the key players operating in the Nuclear Imaging Equipment Market?

Some of the key market players operating in the nuclear imaging equipment market include Siemens Medical Solutions USA Inc, General Electric Company, Koninklijke Philips N.V., DIGIRAD CORPORATION, Neusoft Corporation, CANON MEDICAL SYSTEMS CORPORATION, SurgicEye GmbH, DDD-Diagnostic A/S, CMR Naviscan, Mediso Ltd, Shimadzu Corporation, MR Solutions, segamicorp, Spectrum Dynamics Medical, Cardinal Health, Curium SAS, BCL X-Ray Canada Inc, NeuroLogica Corp, Computerized Imaging Reference Systems, Inc, and among others.

5. Which region has the highest share in Nuclear Imaging Equipment Market?

North America is expected to dominate the global nuclear imaging equipment market. Factors contributing to the growth are the rising prevalence of cardiovascular diseases and technological advancements in the product offerings drives the nuclear imaging equipment market growth in this region.