The nuclear imaging devices market is likely to record a CAGR of 5% during the forecast period, up from US$ 2.6 Bn in 2021 to reach a valuation of US$ 3.4 Bn by 2024.
Report Attribute
Details
Estimated Base Year Value (2021)
US$ 2.6 Bn
Expected Market Value (2024)
US$ 3.4 Bn
Projected Growth Rate (2022-2032)
5%
Sales of nuclear imaging devices are expected to rise due to advancements in radiotracers with the transition from solo to hybrid methods. In addition to this, demand for nuclear imaging devices is rising on account of investments in diagnostic imaging centers through public-private partnerships and the rising incidence and prevalence of cancer and heart disease.
Increasing focus on personalized medicine is also projected to contribute to the growth of the nuclear imaging devices market share.
The report sheds light on the factors improving the sales of nuclear imaging devices, and, in turn, the opportunities for the market players. However, the nuclear imaging devices market also faces some challenges, which might limit the nuclear imaging devices market share from reaching its potential.
Some of the key nuclear imaging devices market trends promoting the demand for nuclear imaging devices include the major evolution of hybrid systems due to technological advancements in the field of imaging. In comparison to solo systems, hybrid systems can deliver more exact images with higher resolution. They can provide both morphological and physiological data in a single evaluation. In the case of skeletal examination, for example, a SPECT/CT system provides accurate localization while also enhancing the specificity of CT information.
Many hospitals are now replacing standalone systems with hybrid systems due to benefits like these. The nuclear imaging equipment market is expected to rise due to the growing popularity of hybrid modalities.
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What are the Key Growth Propellers to the Nuclear Imaging Devices Market Share?
Ageing population, increase prevalence of disease such as cancer, technological advancement, innovation, rising patient awareness, increasing healthcare expenditure, new imaging agents, increasing demand for cancer diagnostic tests, are the most important driving factors in the sales of nuclear imaging devices. Since nuclear imaging devices have high importance in medical imaging techniques, the demand for nuclear imaging devices has increased.
Nuclear Imaging is the branch of medical imaging that uses radioactive material to diagnose the severity of the diseases such as cancer, cardiovascular disease, gastrointestinal, endocrine, neurological disorders and other abnormalities within the body.
Nuclear imaging procedures are non-invasive and painless medical tests that help physicians diagnose and evaluate medical conditions, thus leading to a rise in sales of nuclear imaging devices.
With so many advantages of nuclear imaging devices, it has few disadvantages too. Insurance company lobbying to reduce unnecessary changing, reimbursement legislation, greater payer scrutiny of EMRs, loss of nuclear medicine skills, high cost of instruments, supply difficulties and cost of radiopharmaceutical, medical device excise tax are acting as a barrier to the demand for nuclear imaging devices.
The sales of nuclear imaging devices have grown substantially at a healthy CAGR due to growing ageing population and increasing prevalence of diseases. With rapid technological advancement and innovation, the nuclear imaging devices market is expected to grow globally. Asia Pacific would be the fastest growing market in the forecast period due to increase advancement in neurological applications, improving healthcare infrastructure and rapid economic growth.
Which is the Key Growing Region in the Nuclear Imaging Devices Market?
The nuclear imaging devices market is expected to register a modest CAGR for the forecast period.
Depending on geographic regions, the demand for nuclear imaging devices is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
North America has the largest market for the sales of nuclear imaging devices and is contributing the most as compared to other regions. The Asia Pacific and Japan are the fastest-growing region in the forecast period for the sales of nuclear imaging devices.
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How is the Competitive Landscape in the Nuclear Imaging Devices Market?
Nuclear imaging is a fiercely competitive business with only a few large competitors driving the sales of nuclear imaging devices.
Few big firms currently dominate the market in terms of demand for nuclear imaging devices. The nuclear imaging devices market is dominated by companies such as Bracco Imaging SpA, Curium, Cardinal Health Inc., Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers, among others.
Various market developments have recently occurred which have impacted the sales of nuclear imaging devices, such as Curium's acquisition of Cyclopharma's French commercial and production activities in May 2018, which strengthened Curium's position in the French PET market by catering to the strong demand for nuclear imaging devices.
The report consists of key players contributing to the nuclear imaging devices market share. It also consists of organic and inorganic growth strategies adopted by market players to improve their market positions.
This exclusive report analyses the competitive landscape and nuclear imaging devices market share acquired by players to strengthen their market position.
Report Attribute
Details
Growth rate
CAGR of 5% from 2022 to 2032
Base year for estimation
2021
Historical data
2015 - 2020
Forecast period
2022 - 2032
Quantitative units
Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032
Report coverage
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,
Segments covered
Technique, application, region
Regional scope
North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand
Country scope
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa
Key companies profiled
CMR Naviscan, GE Healthcare, Digirad, SurgicEye, Siemens Healthcare, Nucare Medical System, GVI Medical Devices, Neurologica, Shimadzu, Philips Healthcare, CardiArc, DDD-diagnostic.
Customization scope
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs.
