North America Nuclear Imaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

The North American nuclear imaging market size is estimated at USD 3.76 billion in 2024 and is expected to reach USD 4.54 billion by 2029, registering a CAGR of 3.83% during the forecast period.

Key Highlights

• The COVID-19 pandemic had a moderate impact on the North American nuclear imaging market initially. With the outbreak of COVID-19, the North America Nuclear Imaging market experienced a moderate decline in growth. This was primarily due to the temporary cancellation of non-COVID medical condition diagnoses such as cancer, cardiology, and others. The pandemic shifted most of the focus of healthcare and research to COVID-19-related diagnosis and treatment, which adversely impacted the nuclear medicine departments in the region. For instance, a study published in the Journal Seminars in Nuclear Medicine in June 2021 highlighted the decrease in nuclear cardiac studies volume amid the United States pandemic. The study further mentioned that the pandemic led to a decrease in the distribution of essential supplies, which caused a shortage of necessary tracers,99mTc/99Mo and 131I. However, during the pandemic, nuclear imaging diagnosis and studies were more focused on COVID-19 patients, which has kept a high demand for nuclear imaging.
• For instance, a study published in the Journal of Nuclear Medicine by researchers from British Columbia, Canada, in June 2022 stated that the F-FDG PET/CT (Flourine-18 fluorodeoxyglucose positron emission tomography/computed tomography) has been successful for the evaluation of the lung inflammation and monitoring of the treatment in the patients who were suffering from post-COVID-19 lung disease. F-FDG PET/CT showed metabolic activity of lung lesions and assisted in the evaluation of the treatment regime using steroids and antifibrotic drugs for the management of post-COVID-19 lung disease. In the pandemic and post-pandemic period, the number of COVID-19-positive patients has decreased.
• Also, the lifting of the lockdown and gradual resumption of nuclear medicine and nuclear diagnosis for other medical conditions are expected to restore the normal growth rate of the market. For instance, data published by the Radiological Society of North America (RSNA) in December 2022 stated that Radiologic Research in the North American region has resumed. Thus, the COVID-19 outbreak has moderately impacted the market's growth in its preliminary phase. Moreover, the market is expected to grow further at a stable pace with the increasing demand for nuclear imaging in North America.
• Further, the market is expected to grow with technological advancements, increasing diagnostic applications in various diseases, such as cancer and cardiovascular diseases, and increasing government support. The prevalence of chronic diseases is on the rise in the North America Region, which is expected to create more demand for nuclear imaging. For instance, according to data published by the Canadian Cancer Society in May 2022, it was estimated that over 30,000 individuals in Canada would be diagnosed with lung and bronchus cancer. This represented an increase of 13% in the cases of lung and bronchus cancer from 2021 to 2022. It was also estimated that over 20,700 lives would be claimed by the disease in 2022. The high prevalence of such chronic diseases has created a huge demand for nuclear imaging diagnosis for the management of diseases in the region. For instance, data published in the Canadian Medical Imaging Inventory Service Report in January 2022 mentioned that demand for PET-CT services has been rising in Canada. The report stated that there is a need for more PET systems. It was mentioned that in Canada, there were 1.5 PET units per million population. The country ranked 16th out of 25 in the list of the volume of PET-CT exams, with over 3.3 scans per 1,000 population. Thus, the vast patient base and the increasing demand for nuclear imaging are expected to create more growth opportunities in the North American region.
• Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the regulatory issues and lack of reimbursement are likely to impede market growth.

North America Nuclear Imaging Market Trends

The Oncology Segment of the PET Applications is Expected to Witness Significant Growth Over the Forecast Period

• Positron emission tomography (PET) scanning is carried out for the diagnosis and study of cancer by revealing the biochemical or metabolic functions of the tissue under study. The abnormal biochemical or metabolic activities in the tissue enable the identification or location of the tumor or cancer site/tissue. The wide applications of PET scans in cancer studies, increasing cases of cancer, and advancing research are expected to create more demand for PET scans for cancer. Several research studies have highlighted the wide applications and advantages of PET scans alone and in combination with other techniques for the management of the treatment and diagnosis of cancer.
• A study published in the Journal of Cancer in March 2021 mentioned that PET and computer tomography (CT) scans enabled the assessment of the treatment of head and neck squamous cell carcinoma using chemoradiation. The study further mentioned that the repetitive PET/CT scans offered the clarity of the diagnosis in the patients who had an incomplete post-treatment scan, and it decreased the need for biopsies and neck dissections, which are often not necessary. Further, another study published in the Journal of Cancer in June 2022 underlined that PET/CT has diverse oncologic applications with its advanced imaging modality. PET/CT enables the staging, restaging, longitudinal surveillance, and therapeutic assessment of cancer therapy.
• Therefore, the oncology segment of PET applications is expected to witness significant growth over the forecast period due to the abovementioned factors, including the wide applications of PET in the management of a wide variety of cancer and diagnostic benefits offered by PET.

The United States is Expected to Dominate the North America Nuclear Imaging Market

• The United States is expected to dominate the market owing to factors such as the high prevalence of chronic diseases, high healthcare expenditure, advanced medical infrastructure and research, and the presence of leading players in the country. The country has a high prevalence of chronic diseases, which necessitates the use of nuclear imaging for the diagnosis and management of the disease.
• For instance, as per the data published by the National Brain Tumor Society in 2023, over 700,000 were estimated to have primary brain tumors, and over 88,970 more patients were estimated to be diagnosed in the United States in 2022. According to data published by the World Nuclear Association in April 2022, over 20 million procedures of nuclear medicine are performed every year in the United States.
• Furthermore, the presence of the leading players in the country and their key developments are boosting the growth of the market. For instance, in September 2021, GE Healthcare launched its next-generation cardiac-dedicated nuclear medicine scanner, MyoSPECT. The scanner offers extended field-of-view processing and automated workflow features, which provide a high-speed and comfortable nuclear imaging experience.
• Further, in March 2021, NorthStar Medical Radioisotopes, LLC, announced its organizational changes to increase the focus on the growth of its therapeutic and specialized SPECT (single photon emission computed tomography) radioisotopes business. The new organizational structure changes would enable the company to improve its radioisotope development and commercialization as well as its ongoing expansion programs for increased molybdenum-99 (Mo-99) capacity and production in the United States. These continuous developments in the region are anticipated to drive the growth of the market in the country.
• Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.

North America Nuclear Imaging Industry Overview

The North American nuclear imaging market is moderate in nature due to the presence of several companies operating in the region. The key players operating in the market include Bracco Imaging SpA, Cardinal Health Inc., GE Healthcare, Koninklijke Philips NV, and Siemens Healthineers.

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