NUCLEAR IMAGING EQUIPMENT MARKET ANALYSIS

Global nuclear imaging equipment market size is expected to reach US$ 4.29 Bn by 2030, from US$ 3.07 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period. Nuclear imaging devices are the devices which are commonly employed in radioactive materials to assess the severity of illnesses including cancer, endocrine, gastrointestinal, cardiovascular, neurological, and other brain disorders. By providing operational data at the molecular and cellular levels, these non-invasive devices help the clinicians to assess and diagnose medical issues. In the field of nuclear imaging, positron emission tomography (PET) systems, single photon emission computed tomography (SPECT) systems and planar scintigraphy are the main product categories. 

Global Nuclear Imaging Equipment Market Regional Insights:

• North America is expected to be the largest market for nuclear imaging equipment market during the forecast period, accounting for over 40% of the market share in 2023. The market growth in North America is due  to increasing product launches.
• The Europe market is expected to be the second-largest market for nuclear imaging equipment market, accounting for over 27.3% of the market share in 2023. The  market growth in  Europe is due to increasing inorganic strategies by the market players.
• The Asia Pacific market is expected to be the fastest-growing market for nuclear imaging equipment market, with a CAGR of over 6.1 % during the forecast period. The market growth in Asia Pacific is due to increasing prevalence of hepatitis C in the region.

Figure 1. Global Nuclear Imaging Equipment Market Share (%), By Region, 2023

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Analysts’ Views on the Global Nuclear Imaging Equipment Market:

Global nuclear imaging equipment market is expected to propel over the forecast period due to increasing prevalence of cancers globally and increasing research and development (R&D) activities by the market players, which will aid in the market growth over the forecast period. Moreover, increasing awareness among the people for the diagnosis and treatment of chronic disease will aid in the market growth over the forecast period.

Global Nuclear Imaging Equipment Market Drivers:

• Increasing incidence of cancer & cardiac disease: Rising cancer cases globally is expected to propel the market growth over the forecast period. For instance, in 2020, according to the World Health Organization (WHO), cancer burden rose to 19.3 Mn cases and 10 Mn cancer deaths in 2020. Similarly, cardiovascular diseases (CVD) also account for over 17.9 Mn  deaths annually. With increasingly sedentary lifestyles and unhealthy diets becoming commonplace globally, the incidence of these non-communicable diseases is projected to further increase in the near future.
• Technological advancements in imaging modalities:  Technological advancements in the field of medical imaging have significantly boosted the global nuclear imaging equipment market. Recent innovations have allowed doctors to gain improved visualization of internal organs and tissues. This provides valuable insights for effectively detecting and diagnosing various cancers and cardiovascular diseases at early stages. Advanced systems like PET and SPECT scanners are capable of combined anatomical and functional imaging. The high resolution images obtained from these hybrid modalities enable precise localization and characterization of tumors. This integrated approach has vastly enhanced the accuracy and efficacy of clinical diagnosis. For example, PET/CT is widely used in oncology for staging, restaging, and monitoring therapy response in cancers like lung cancer and lymphoma.

Global Nuclear Imaging Equipment Market Opportunities:

• Hybrid imaging modalities: Hybrid imaging modalities have a tremendous opportunity to drive growth in the global nuclear imaging equipment market. Combining anatomical and functional imaging techniques allows providers to gain a more comprehensive view of patients' conditions as compared to standalone modalities. This integrated approach provides better diagnostic accuracy and clinical outcomes. The use of hybrid positron emission tomography (PET) / computed tomography (CT) and PET/MRIs is growing rapidly in both developed and developing countries. According to data published by World Health Organization in 2022, the number of PET/CT and PET/MRI procedures globally increased by over 15% annually between 2020-2021. These hybrid modalities provide clearer images to diagnose diseases like cancer at earlier stages. Oncology accounts for over 50% of nuclear imaging scans performed worldwide. With rising cancer incidence projected to increase by over 25% by 2030, there will be significant need for high-quality cancer diagnostics and monitoring treatments.

Global Nuclear Imaging Equipment Market Trends:

• Increasing adoption of PET: Rising adoption of positron emission tomography (PET) scanners for diagnostic imaging is having a major positive impact on the global nuclear imaging equipment market. PET provides superior functional imaging as compared to other modalities and allows clinicians to diagnose diseases early and accurately. It has replaced several invasive diagnostic procedures. According to the National Cancer Institute, over 750,000 PET scans are performed in the U.S. each year till 2021. Nuclear medicine procedures using PET have increased by over 50% in the past decade alone. According to the Hospital Authority in Hong Kong, the number of PET examinations conducted rose from around 16,000 in 2015 to over 30,000 in 2020. Similarly, the National Health Service England review noted that MRI and PET imaging increased substantially post-pandemic to clear backlogs. This increased clinical demand which is driving more expenditure on nuclear medicine technologies across both developed and emerging markets. Major original equipment manufacturers (OEMs) have reported strong order books for PET and hybrid PET systems over the last two years.

 Global Nuclear Imaging Equipment Market Restraints:

• High cost of nuclear imaging modalities: The exorbitantly high cost of nuclear imaging modalities and equipment is a major factor hampering the growth of the nuclear imaging market worldwide. Setting up a basic nuclear medicine department requires an investment of several million dollars mainly which is due to costly imaging devices. For example, a recent study by the World Health Organization estimated that a single-photon emission computed tomography (SPECT) scanner costs between US$ 800,000 to US$ 1.2 Mn  while a positron emission tomography (PET) scanner ranges from US$ 1-3 million. Moreover, specialized radiotracers and trained professionals further drive up operational expenses. These steep capital and operational expenses make nuclear imaging far beyond the reach of small healthcare facilities and hospitals in developing nations.

Counterbalance: As a result, the operational expenses of the global nuclear imaging equipment needs to be cut down in order to lower the exorbitant cost of the nuclear imaging equipments.

Recent Developments:

New product launches:

• In June 12, 2022, Siemens Healthineers, a medical device company, introduces Symbia Pro.specta, a single photon emission computed tomography/computed tomography (SPECT/CT) system with CE mark and Food and Drug Administration (FDA) clearance that has advanced SPECT and CT imaging technologies.
• In October 15, 2019, Pliant Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies for the treatment of fibrosis, announced publication of a study evaluating the use of a positron emission tomography (PET) tracer for the detection of idiopathic pulmonary fibrosis (IPF) through the recognition of protein integrin avb6.

Acquisition and Partnerships:

• In October 10, 2023, Medicines Discovery Catapult (MDC), the Medical Research Council (MRC) and Innovate U.K. via partnership launched A US$ 35.1 million total-body positron emission tomography (PET) imaging platform for drug discovery

Figure 2. Global Nuclear Imaging Equipment Market Share (%), By Product Type, 2023

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Top Companies in Global Nuclear Imaging Equipment Market:

• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Canon Medical Systems
• Mediso Medical Imaging Systems
• MIE America
• DDD Diagnostic
• Segami
• Digirad

Definition: Nuclear imaging devices are commonly employed in radioactive materials to assess the severity of illnesses including cancer, endocrine, gastrointestinal, cardiovascular, neurological, and other brain disorders is called a nuclear imaging device. By providing operational data at the molecular and cellular levels, these non-invasive devices help clinicians assess and diagnose medical issues. In the field of nuclear imaging, PET systems, SPECT systems, and planar scintigraphy are the main product categories. 

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