During the period 2022-2032, the nuclear medicine equipment market is estimated to grow at a steady CAGR of 4.1 percent.
The global nuclear medicine equipment market size is expected to expand from US$ 2.3 billion in 2022 to US$ 3.4 billion in 2032. The nuclear medicine equipment market grew at a CAGR of 3.6 percent from 2016 to 2021, resulting in a market size of US$ 2.2 billion in 2021.
One of the primary aspects driving the nuclear medicine equipment market's favourable outlook is the rising prevalence of chronic medical conditions around the world.
Furthermore, the growing elderly population, which is more susceptible to age-related and linked disorders, is propelling the sales of nuclear medicine equipment forward. In line with this, the growing demand for tailored medications among healthcare professionals and patients is fuelling the nuclear medicine equipment market's expansion.
Other growth-inducing aspects include technology improvements such as the introduction of data integrated imaging systems and radiotracers. These systems allow for the reconstruction and processing of computer-assisted pictures as well as the accurate recognition of medical diseases in order to compare diagnostic scans and track illness development. These are driving the nuclear medicine equipment market trends globally.
As per nuclear medicine equipment market analysis, in order to provide precise and high-resolution images, healthcare facilities are rapidly transitioning from standalone to hybrid imaging technologies. Other factors, such as increased biotechnology research and development (R&D) activities, as well as major advances in medical infrastructure, particularly in developing nations, are expected to propel the nuclear medicine equipment market forward.
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The global nuclear medicine equipment market is expected to grow due to an increase in the prevalence of chronic diseases such as cancer and cardiovascular diseases, increased awareness of the efficacy of nuclear medicine equipment for early diagnosis of various types of cancers, and technological advancements.
However, the expensive cost of nuclear medicine equipment and the absence of reliable data and proof are limiting the nuclear medicine equipment market's expansion. Increased investments in research and technical breakthroughs, on the other hand, will open up new prospects in the coming years and change the nuclear medicine equipment market outlook.
- The nuclear medicine equipment market growth is likely to be hampered by high installation and running expenses, as well as product recalls, over the forecast period.
- One of the primary reasons projected to drive nuclear medicine equipment market expansion over the forecast period is the rising prevalence of chronic disorders.
- SPECT segment leads the nuclear medicine equipment market share with the projected CAGR of 4.92% by 2032.
- Oncology leads the nuclear medicine equipment market with the projected CAGR of 4.3% by 2032.
- From 2021 to 2032, the academic and research institutes segment is expected to grow at the fastest rate of 6.1 percent. This is attributable to an increase in nuclear medicine research and development activities.
To enhance their nuclear medicine equipment market share, leading players in the worldwide nuclear medical equipment market are focused on new product introductions. Several companies are prioritising new releases, product approvals, and other organic growth techniques like patents and events.
In the nuclear medicine equipment market, acquisitions, partnerships, and collaborations were viewed as inorganic growth strategies. These initiatives have paved the road for market players to develop their business and client base and transform the nuclear medical equipment market picture.
Key Players in the nuclear medicine equipment companies include Philips Healthcare, GE Healthcare, Siemens Healthineers AG, Digirad Corporation, Mediso Medical Imaging Systems Ltd, DDD-Diagnostics A/S, Neusoft Medical Systems Co. Ltd., SurgicEye GmbH, and CMR Naviscan Corporation.
With high entry hurdles, advanced technical advances, and significant clinical and nonclinical unmet needs to meet, the nuclear medicine equipment market appears to have a bright future.
Recent Development in the Nuclear Medicine Equipment Market:
Curium purchased IASON, an Austrian radiopharmaceutical company, in June 2021 to expand its diagnostic product portfolio in Europe.
Lantheus, a company that makes diagnostic imaging agents and equipment in the United States, received FDA approval for PYLARIFY injectable in May 2021. The injection is the first commercially available PSMA PET imaging agent for prostate cancer.
- Hybrid SPECT
- Standalone SPECT
- Hybrid PET
- Planar Scintigraphy
By End User:
- Imaging Centers
- Academic & Research Institutes