Luton, Bedfordshire, United Kingdom, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Nuclear Imaging Equipment Market.
The global Nuclear Imaging Equipment Market is estimated to reach USD 4.43 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.31%. Nuclear imaging is a noninvasive medical technology that assesses and diagnoses biological functioning and disorders by using radioactive tracers (often F-18 Fluorodeoxyglucose). Cancers, heart diseases, gastrointestinal, endocrine, and neurological ailments are among the illnesses.
Growth Factors
- Growing preference for hybrid modalities over standalone equipment, as well as the development of radiotracers
- The prevalence and incidence of diseases such as cancer, cardiovascular disease (CVD), and neurological disorders are increasing.
- Growing emphasis on individualized care and the utilization of cutting-edge technologies to improve imaging equipment and patient experiences.
- Increased investment in diagnostic centre modernization is expected to boost market expansion.
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| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2020 to 2029 CAGR | 6.31 % |
| 2028 Value Projection | USD 4.43 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.60 Billion |
| Historical Data for | 2018-2020 |
| Segments covered | By Product; By Application; by End Use Industry and Regional |
Trends
In the most recent devices Nuclear Medicine pictures can be merged with a CT scan taken at the same time to overlay physiological information on anatomical structures to increase diagnosis accuracy.
Reconstruction approaches magnify gamma camera flaws such as inadequate uniformity and spatial resolution, resulting in substantial artefacts.
SPECT rotation motion generates artefacts such as detector head tilt and COR that are not evident in planar imaging.
Electrical and mechanical camera performance is more demanding for SPECT imaging.
Market Overview
The global nuclear imaging equipment market is expected to expand rapidly. This is owing to the rising use of nuclear imaging in Alzheimer's disease early detection. Nuclear Imaging techniques are often used to evaluate specific disorders in the heart, lungs, thyroid, liver, gallbladder, and bones. While anatomical detail is limited in these studies, nuclear medicine is beneficial in demonstrating physiological activity. As a result, activities such as tumour growth can frequently be followed, even when the tumour cannot be adequately visualised using any of the other modalities.
The global nuclear imaging equipment market is fragmented, with Siemens Healthineers AG, GE Healthcare, Koninklijke Philips NV, and Canon Medical Systems Corporation accounting for 47% of the market in 2021.
Segmentation
Based on Product Type
- PET systems
- PET/CT systems
- PET/MRI systems
- SPECT systems
- SPECT/CT systems
- SPECT/MRI system
SPECT systems will have the largest market share on the global market for nuclear imaging equipment in 2021. Because the cost of a SPECT scan system is lower than that of a PET scan system, the demand for SPECT is increasing. Furthermore, unlike PET radiotracers, which have a half-life of about 75 seconds, SPECT system radiotracers can provide imaging time of up to 6 hours, boosting medical precision. The market is expanding because SPECT systems have high sensitivity in assessing myocardial vitality and can be employed in the presence of cardiac implantable electronic devices (CIED).
Based on Application
- Oncology - Nuclear imaging equipment sales will be dominated by the oncology segment in 2021.
- Cardiology - The second-largest market share in the world belongs to the cardiology sector.
- Neurology
- Other Application
Based on End-User
- Hospitals - The hospital sector is anticipated to hold the largest share position.
- Imaging Centers
- Academic And Research Centers
- Others
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The adoption of nuclear imaging systems in small and middle-sized hospitals is anticipated to be constrained by high installation and running costs and product recalls, which would restrain the market's expansion. For instance, GE Healthcare reported in November 2018 that it was recalling its Millennium Nuclear Medicine Systems due to the possibility of a detector separation, which could result in patients suffering severe injuries.
Key Players
GE Healthcare, Siemens Healthineers AG, Philips Healthcare, Canon Medical Systems Corp, Neusoft Medical Systems Co Ltd and others are major key players of the Nuclear Imaging Equipment Market.
Recent Developments
- 30 November 2022, UK laser systems integrator Cyan Tec has unveiled a fully autonomous robotic sort and segregation system for handling nuclear waste remotely.
- October 18, 2022, Spectrum Dynamics announced its newest development in digital nuclear medicine imaging: the capability to image high energy isotopes using solid-state detector technology in a 3600-CZT based, wide-bore SPECT/CT configuration. This functionality is available in the new VERITON-CT 400 Series Digital SPECT/CT scanners, enabling total body, brain, heart and other imaging applications.
- 24 March 2021, GE Healthcare unveiled StarGuide, a next-generation SPECT/CT system that uses the latest digital technologies to help clinicians improve patient outcomes in bone procedures, cardiology, neurology, oncology, and other medical specialties. The system’s cutting edge 12 CZT Digital Focus Detectors not only scan patients in 3D to provide more information to clinicians but they are also optimised for Theranostic procedures, which combine the delivery of therapy to patients with diagnosis to monitor disease.
Industry News
- November 29, 2022, Siemens Healthineers and Atrium Health, a leading nonprofit health provider known for its top-ranked paediatric, cancer and heart care programs, have announced a multi-year Value Partnership agreement. This strategic agreement will focus on driving access to care in Atrium Health’s service region across the southeastern U.S., improving health equity and enhancing economic mobility. Atrium Health will purchase more than $140 million in Siemens Healthineers devices and equipment, including advanced imaging technology, radiation oncology and precision endovascular robotics.
- November 27, 2022, Otawara, Tochigi Prefecture, Japan, November 27th 2022 -- Canon Medical Systems Corporation has announced the release of two new Canon branded X-Ray products1 into the US market – the Mobirex i9 mobile system, and the brand-new CXDI-Elite series of detectors to be shown at RSNA 2022.
- Nov 21, 2022, Block Imaging is thrilled to announce its partnership as an official Fujifilm Healthcare Solutions Channel Partner. This partnership will grow a long-lasting relationship between Block Imaging and Fujifilm.
Market Drivers
According to the WHO, 17.9 million deaths worldwide occur each year as a result of cardiovascular disease (CVD). The SPECT scan is mostly utilised for CVD because it provides a 3D representation of the myocardial blood flow, making it easier to see abnormalities and driving the segment's expansion.
Demographics that are getting older, the demand for imaging device treatments, and rising health care spending will all help to fuel market expansion.
Regional Analysis
- North America includes the United States, Canada and Mexico
- Europe includes Germany, France, UK, Italy and Spain
- South America includes Colombia, Argentina, Nigeria and Chile
- Asia-Pacific includes Japan, China, Korea, India, Saudi Arabia and Southeast Asia
The US market is the key driver of the North American market. The market is anticipated to keep expanding because of the rising prevalence of neurological, cardiac, and cancerous illnesses in the population.
The European market for nuclear medicine is currently doing well, and market growth is predicted for the foreseeable future. The market expansion of brand-new devices could be hampered by intense pricing pressures and policies regarding refurbished equipment.
The Asia-Pacific (APAC) region's nuclear imaging equipment market is anticipated to increase from $0.7 billion in 2022 to $1.5 billion by 2028 at a compound annual growth rate (CAGR) of 8.9 percent. Because of the region's evolving infrastructure, technological advancements, and advancements in medical research, the market in APAC is anticipated to rise steadily. The market's expansion in the APAC regions is constrained by the absence of public health insurance programmes in developing nations and the high cost of cutting-edge treatment options. In this area, the market cannot expand due to a lack of healthcare facilities.
The largest market for nuclear imaging is in Brazil, but rising incidence of cardiovascular disease and cancer may cause demand for PET and SPECT systems in South and Central America.
Due to the difficulty in accessing medical facilities, the expensive cost of the equipment, and the limited patient awareness of the advantages of nuclear medicine, the Middle East and Africa's market for nuclear imaging equipment is growing extremely slowly. However, growing investments in the Middle East and Africa's healthcare infrastructure and medical research facilities will enhance healthcare facilities and drive the market for nuclear imaging equipment during the forecast period.
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FAQ
- What equipment is used in nuclear medicine?
- Who is the target audience in the Nuclear Medicine Imaging Equipment Market?
- What will be the growth of the Nuclear Medicine Imaging Equipment Market in the coming years?
- Who are the key players in the Nuclear Imaging Equipment Market?
- Which application type is expected to register significant growth in the Nuclear Medicine Imaging Equipment Market?
- Which region accounted for the largest share in the Nuclear Imaging Equipment Market?
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