NUCLEAR IMAGING EQUIPMENT MARKET ANALYSIS

Market Challenges And Opportunities

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 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.

• High cost of nuclear imaging modalities