Nuclear Imaging Equipment Market to Grow at a CAGR of 6.51% During the Forecast Period
Growing demand for imaging system procedure for test conduction and
healthcare sector expansion is driving the global nuclear imaging equipment market.
According to TechSci Research report, “Nuclear
Imaging Equipment Market - Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2016-2026”,
the global nuclear imaging equipment market stood at USD4054.46 million
in 2020 and is expected to grow at a CAGR of 6.51% during the forecast period
on account of the growing demand for sophisticated diagnostic imaging
equipment.
The growing demand for
nuclear imaging equipment to diagnose chronic diseases like cancer,
cardiovascular diseases, and others is expected to drive market growth by 2026.
Additionally, increasing healthcare expenditure coupled with improving
healthcare scenario is further expected to support the market growth over the
next few years.
Furthermore, the
growing geriatric population worldwide, which is susceptible to various
diseases, is expected to support the market growth during the forecast period.
Besides, advancements such as increased demand for data integrated imaging
systems, rising number of nuclear pharmacies, among others, are expected to
create lucrative opportunities for market growth during the forecast period.
However, the high cost
of these equipment is one of the major challenges faced by the hospitals and
diagnostic centers of Asia Pacific, South America and the Middle East and
Africa. This, in turn, has led to an increase in demand for refurbished nuclear
imaging equipment in these countries.
Also, stringent
regulatory scenarios and policies for launching and marketing nuclear imaging
equipment are expected to hamper market growth significantly. The regulatory
framework is quite strict when it comes to product recalls.
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The global nuclear
imaging equipment market is segmented based on product type, application, end
user, company, and regional distribution. Based on product type, the market can
be split into PET Imaging Systems and Gamma Camera Imaging. The PET Imaging
Systems segment dominated the market in 2020 with an overall share of 65.19%
and is expected to continue its dominance through 2026 on account of its
ability to provide high-resolution images, and it is mainly used in oncology as
the images provided give comprehensive information of the tumor.
The Gamma Camera
Imaging Systems can be further split into SPECT Imaging Systems and Planar
Scintigraphy Imaging Systems. The SPECT Imaging Systems segment is expected to
dominate the market during the forecast period on account of their higher
adoption since they are affordable. Also, major companies have started
improvising their SPECT Imaging Systems portfolio through the incorporation of
latest technologies in them and launching new nuclear imaging equipment based
on SPECT technology.
Key market players
in the nuclear imaging equipment market include:
·
Siemens Healthineers AG
·
GE Healthcare
·
Koninklijke Philips N.V.
·
Canon Medical Systems Corporation
·
Star Equity Holdings, Inc.
·
SurgicEye GmbH
·
Mediso Ltd.
·
Rigaku Corporation (MILabs B.V.)
·
MR Solutions Ltd.
·
DDD - Diagnostics A/S
·
Segami Corporation
·
Mirion Technologies (Capintec), Inc.
·
CMR Naviscan
·
Positron Corporation
·
Neusoft Medical Systems Co., Ltd.
Global nuclear imaging equipment is quite consolidated, with the
market being dominated by the major diagnostic imaging equipment giants such as
Siemens Healthineers AG, GE Healthcare, Koninklijke Philips NV and Canon
Medical Systems Corporation. Other prominent players operating in the market
include SurgicEye GmbH, Mediso Ltd., etc.
Major companies operating in the market are following strategies
such as mergers & acquisitions, product launches, collaborations, spinoffs,
among others, in order to stay competitive and have an edge over other players
operating in the market. For instance, in March 2021, GE Healthcare launched
StarGuide system, an advanced SPECT/CT system, to address the needs of new-age
research-focused clinicians.
Similarly, in October 2020, Siemens Healthineers AG introduced
Biograph Vision Quadra Extended Axial FoV PET/CT Scanner. This has been
designed for use in both clinical purposes and translational research. The
Biograph Vision Quadra can be sited in the same clinical space as traditional
PET/CT scanners, so the institution does not need to construct a large new room
to house the scanner.
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“The Asia Pacific
region is expected to register the fastest growth during the forecast period.
This can be attributed to the growing healthcare awareness among the population
residing in the region. The population in the region is getting aware of
different diseases and about the benefits of early diagnosis of diseases. This,
in turn, has increased the number of people going for regular diagnostic
checks, thereby supporting the market growth through 2026.
Additionally, Asia
Pacific is home to two of the world’s highest populated countries China and
India, which have a huge population base suffering from various chronic
diseases such as cancer, cardiovascular diseases, etc. According to China
Cardiovascular Diseases Report 2018, two in five deaths in China can be
attributed to cardiovascular diseases. Also, according to the results published
by the Global Burden of Disease study, the state age-standardized death rate of
272 per 100,000 population in India is much higher than that of the global
average of 235.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based Global management consulting firm.
“Nuclear Imaging
Equipment Market - Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2016-2026 Segmented By Product Type (PET
Imaging Systems, Gamma Camera Imaging Systems), By Gamma Camera Imaging Systems
(SPECT Imaging Systems, Planar Scintigraphy Imaging Systems), By Application
(Oncology, Cardiology, Neurology, Others), By End User (Hospitals &
Clinics, Diagnostic Imaging Centers, Others), By Region”,
has evaluated the future growth potential of the global nuclear imaging
equipment market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global nuclear imaging
equipment market.
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