The nuclear imaging devices market is projected to reach USD 2473.83 Million by 2030 at 5.10% CAGR during the forecast period 2022-2030.
Nuclear imaging, also known as molecular imaging, is a scanning procedure in which a small amount of radioactive material is injected into a vein, and then pictures are taken with the help of a gamma camera.
The increasing prevalence of cardiovascular disorders is one of the key factors driving the nuclear imaging devices market. As per the report published by the Centers for Disease Control and Prevention (CDC) in 2017, nearly 92.1 million adults were dealing with at least one type of cardiovascular disease.
Various other factors such as the advancements in radiotracers, acceptance of nuclear imaging devices in ambulatory settings, increasing geriatric population, untapped emerging markets, rise in regulatory approvals, and increasing investment on diagnostic imaging centers are also expected to propel the growth of the market.
However, the high cost of the nuclear imaging device, shorter half-life of radiopharmaceuticals can hamper market growth over the forecast period.
The nuclear imaging devices market is segmented based on technology, application, end user, and region.
The global market for nuclear imaging devices, by technology, is segmented into positron emission tomography (PET), single photon emission computed tomography (SPECT), and planar scintigraphy. The single-photon-emission computed tomography (SPECT) are further classified as hybrid SPECT systems and standalone SPECT systems.
Based on application, the market is segmented into oncology, cardiology, neurology, and others.
Based on end user, the market is segmented into hospitals, diagnostic imaging centers, and others.
In the current scope of the study, the segments mentioned above are covered into the four global regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and African region.
The nuclear imaging devices market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European nuclear imaging devices market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The nuclear imaging devices market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The nuclear imaging devices market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Nuclear Imaging Devices Market Share (%), by Region, 2018
Sources: MRFR Analysis
The Americas dominated the global market for nuclear imaging devices owing to the rising geriatric population within the region. As per the data suggested by the United Census Bureau, by 2060, the US is projected to grow by 79 million people, from about 326 million today to 404 million. The population is projected to cross the 400-million threshold in 2058. Rising Participation of market players is also strongly impacting the growth of the Americas nuclear imaging devices market. For instance, in 2018, GE Healthcare highlighted the upgradable configuration of Discovery MI at the Society of Nuclear Medicine and Molecular Imaging (SNMMI). Discovery MI is the highest sensitivity digital PET in the industry that helps delivering the vision of precision health, giving personalized, and quantitative data to clinicians.
In 2018, it was estimated that Europe stood second in the global nuclear imaging market. Technological advancements, along with the availability of funding opportunities in research and innovation, will support market growth. The rising awareness about the nuclear bone scan and radiology nuclear medicine is also boosting the market growth.
Asia-Pacific (APAC) is expected to represent the phenomenal market growth throughout the forecast period due to rising prevalence of chronic conditions, growing awareness about nuclear imaging, and increasing healthcare expenditure. During 2016-2017, Australia spent nearly USD181 billion on health, which is more than USD 7,400 per person and 10% of overall economic activity.
On the other hand, the Middle East and Africa held the least share in the global nuclear imaging devices market due to the low economic development, especially within the African region.
Market Research Future research is conducted by industry experts who offer insights into industry structure, market segmentation, assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews ( 80%) and secondary research ( 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years by analyzing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on the primary and secondary research.
Nuclear Imaging Devices Market, by Technology
Nuclear Imaging Devices Market, by Application
Nuclear Imaging Devices Market, by End User
|Market Size||USD 2473.83 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Application, End user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Philips Healthcare, General Electric Company, Digirad Corporation, Neusoft Medical Systems Co. Ltd., Cannon Inc., Surgiceye GmbH, CMR Naviscan, Mediso Medical Imaging Systems Ltd., Agfa-Gevaert Group, DDD-Diagnostic A/S, Segamicorp, Spectrum Dynamics Medical|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Nuclear Imaging Devices Market was valued at close to USD 2473.83 Million by 2030.
Nuclear Imaging Devices Market is expected to exhibit a strong 5.10% CAGR over the forecast period from 2022 to 2030.
Nuclear imaging devices are used for the imaging of certain internal organs through the injection of a radioactive tracer.
The increasing prevalence of cardiovascular diseases is the major driver for the global nuclear imaging devices market.
The high cost of nuclear imaging devices is the major restraint on the global market.