Nuclear Medicine Equipment Market Research, 2030
The global Nuclear Medicine Equipment Market size was valued at $2.5 billion in 2020, and is projected to reach $3.4 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030. Nuclear medicine is a branch of medical science, that deals with the study of radiotracer for the treatment & diagnosis of disease. The use of nuclear medicine for the treatment of chronic disease, cardiovascular disease, and gastrointestinal cancer .Nuclear medicine equipment is used for treatments related to cardiovascular disease, gastrointestinal disease, and various types of cancers. Nuclear medicine equipment such as imaging technologies is used in the study of metabolism, tissue blood flow, expression of cell receptors in normal and abnormal cells, neurotransmitter activity, homing, cell trafficking, and apoptosis. Radioactive substances introduced inside a patient's body mostly has two components, including a radionuclide, which is an excited state of the atom that emits energy so that the atom gets converted into a stable form, and a carrier molecule that travels through the body until it interacts with its target cell tissue or organ system.
The key factors that drive Nuclear Medicine Equipment Market growth include rise in the prevalence of chronic diseases such as cancer and cardiovascular diseases. Moreover, increase in awareness about use of nuclear medicine equipment for early diagnosis of various type of cancers and advanced technology in nuclear medicine equipment accelerate the market growth However, high cost of nuclear medicine equipment and reduced half-life of radiopharmaceuticals along with lack of efficient data and evidence are factor that declines the nuclear equipment market growth. Furthermore, increase in investments to promote research and technological advancement in the innovative nuclear medical equipment products which provides Nuclear Medicine Equipment Market opportunity.
Segment Review by Product
By product type, the market is bifurcated into single-photon emission computed tomography (SPECT) and positron emission tomography (PET). SPECT is further segmented into standalone and hybrid SPECT, while PET into standalone and hybrid PET
The single-photon emission computed tomography (SPECT) segment holds the Nuclear Medicine Equipment Market share, whereas PECT segment is estimated to witness the highest CAGR during the forecast period The use of single-photon emission computed tomography (SPECT), enhances the accuracy of nuclear medicine imaging in the field of clinical oncology and diagnosis of brain tumor .
By Application Segment Review
By application, the market is categorized into cardiology, neurology, oncology, and others. The oncology segment holds the largest market share in 2020 & cardiology is expected to witness the highest CAGR during forecast period. Owing to rise in demand for more advanced technologies such as nuclear medicine equipment to detect cancer at an early stage is increasing, owing to the high prevalence rate of cancer in most developed countries like the U.S., thus fueling the market growth.
Segment Review by End User
By end user, it is classified into hospitals, imaging centers, and academic & research institutes. Hospital segment was the highest contributor to the global nuclear medicine equipment market, owing to the increase in prevalence of cancer and growth in demand for nuclear medicine equipment in hospitals.
Segment Review by Region
Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest contributor to the global market in 2020. Asia-Pacific is projected to grow at a significant CAGR of 4.5 % during the forecast period. There is growth in demand for nuclear medicine equipment, owing to the rise in prevalence of cancer& other chronic diseases, the rise in awareness toward early diagnosis of cancer and the presence of untapped opportunities
The key players in the global Nuclear Medicine Equipment Industry include General Electric Company, Koninklijke Philips N.V., Siemens Healthineers, Digirad Corporation, Mediso Medical Imaging Systems, Ltd., Toshiba Corporation, Bozlu Holding, Neusoft medical systems, Conon, Inc, and SurgicEye GmbH.
The nuclear medicine equipment market is segmented into Product, Application and End User.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the nuclear medicine equipment market analysis from 2020 to 2030 to identify the prevailing nuclear medicine equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the nuclear medicine equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global nuclear medicine equipment market trends, key players, market segments, application areas, and market growth strategies.
Nuclear Medicine Equipment Market Report Highlights
| Aspects | Details |
 By Product |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Nuerosoft Medical Systems, Digirad Corporation, General Electric Company, Koninklijke Philips N.V., Canon Inc, Mediso Medical Imaging Systems, Simen Healthineers, SurgicEye GmbH, bozlu holding, Fujifilm Holdings |
Analyst Review
According to CXOs, the market for nuclear medicine equipment is growing, owing to advancements in the technology, development of radiotracers, rise in prevalence of chronic diseases, and growth in awareness toward benefits of early diagnosis.
Furthermore, increase in the use of nuclear medicine equipment such as PET/CT provides highly detailed images for the tumor or diseased location and their use for diagnosis & therapeutic assessment of diseases, such as cancer, cardiovascular, and neurovascular disorders. In addition, growth of nuclear medicine equipment market is driven by availability of high-quality equipment, rise in adoption of nuclear medicine equipment, and emergence of innovative & advanced equipment. However, high cost of these equipment and their short half-life, high hospital expense, and high cost related to diagnostic imaging services hinder the market growth.
In addition, the market is projected to gain traction in the developing regions of the Asia-Pacific, Africa, and Latin America. The large pool of cancer population, rise in disposable income, and increase in awareness toward motion preservation device are expected to drive the market growth in these regions.
$ 2,522.49 Million is the estimated industry size of Nuclear Medicine Equipment Market in 2020
$ 3,447.58 Million is the estimated industry size of Nuclear Medicine Equipment Market in 2030
The upcoming trends of Nuclear Medicine Equipment Market are are increase in prevalence of cancer, heart-related diseases, and neurological disorders has increased the importance of early disease diagnosis, which is expected to positively impact the market growth
North America is the largest regional market for Nuclear Medicine Equipment Market
include General Electric Company, Koninklijke Philips N.V., Siemens Aktiengesellschaft, Digirad Corporation, Mediso Medical Imaging Systems, Ltd.are the top companies to hold the market share in Nuclear Medicine Equipment Market
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