Report Overview

According to the deep-dive market assessment study conducted by Growth+ Reports, the global nuclear imaging equipment device market was pegged at US$ 2.9 billion in 2021. The market is expected to witness a CAGR of 4.5% from 2022 to 2030. 

Market Fundamentals

Nuclear imaging is a non-invasive technique used to produce images by detecting radiation from various body parts after the patient is given a radioactive tracer. A radiotracer or radiopharmaceutical is a substance that contains small amounts of radioactive material combined with a carrier molecule. Nuclear imaging equipment are used to diagnose, evaluate, and treat a variety of diseases including cancer, heart disease, gastrointestinal, endocrine, and neurological disorders.

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Market Dynamics

The rising preference for the hybrid modalities over standalone equipment and the advancement in radiotracers is the major driving factor of the global nuclear imaging equipment market. Moreover, the rising prevalence and incidence rate of diseases such as cancer, cardiovascular diseases (CVDs) and neurological disorders is also a key factor boosting the market growth. The increasing focus on personalized medicine and adoption of advanced technology to improve imaging equipment and patient’s experiences is increasing the demand for nuclear imaging equipment. Furthermore, the rising investment in the modernization of the diagnostic center is also expected to fuel the market growth. However, the high cost of the nuclear imaging equipment is the major restricting factor to the global nuclear imaging market growth. Moreover, the patient experience for nuclear imaging is also restricting the market growth as some patients are intimidated by the requirement to fast, avoid caffeine, or even take pre-medication before undergoing a procedure.

Market Ecosystem

The global nuclear imaging equipment market has been analyzed from four perspectives: product, application, end user, and region.

Nuclear Imaging Equipment Market by Product

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Based on product type, the global nuclear imaging equipment market is bifurcated into PET systems, PET/CT systems, PET/MRI systems, SPECT systems, SPECT/CT systems, SPECT/MRI system. The SPECT systems dominates the global nuclear imaging equipment market with the largest market share in 2021. The large share of the SPECT system segment can largely be attributed to lower cost of the SPECT system over the other nuclear imaging system. Moreover, the half-life of SPECT system radio tracers is up to 6 hours which provide more imaging time compared to PET as the half-life of tis radiotracer is only 75 seconds, thus indicating demand for SPECT systems. Additionally, SPECT systems provide good sensitivity in the assessment of myocardial viability, and it can be used in the presence of cardiac implantable electronic devices (CIED) thus propelling the segment growth. 

Nuclear Imaging Equipment Market by Application

Based on application, the global nuclear imaging equipment market is segmented into oncology, cardiology, neurology, and other applications. The oncology segment has the largest market share of the global nuclear imaging equipment market in 2021. The large share of the segment can majorly be attributed to the rising prevalence of cancer worldwide according to WHO around 19,292,789 new cancer patients were detected in 2020 in which approximate 9,958,133 deaths were caused by cancer. Moreover, the rise in the innovation related to nuclear imaging to improve the diagnosis and treatment of cancer. The growing initiatives by the public and private organizations to create awareness regarding early diagnosis of cancer are also fueling the segment growth.

Nuclear Imaging Equipment Market by End User

Based on end user, the global nuclear imaging equipment market is divided into hospitals, imaging centers, academic & research centers, and other end users. The hospitals segment is dominating the global nuclear imaging equipment market with the largest market share in 2021. The dominating share of the hospitals segment can be attributed to preference to hospitals over other end user due presence of experience healthcare professionals. Moreover, nuclear imaging equipment are expensive in terms of maintenance, thus most of the other end users cannot bear the cost. The overall footfall in hospitals is more in compared to other end users thus supporting faster return on investment.

Nuclear Imaging Equipment Market by Region

Based on regions, the global nuclear imaging equipment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global nuclear imaging equipment market in 2021, followed by Europe. Asia Pacific is the fastest growing regional market. The large share of North America in the global nuclear imaging equipment market can largely be attributed rising prevalence of diseases such as cancer and cardiovascular diseases. According to the American Cancer Society, there are an estimated 1.9 million new cancer patients in U.S. and around 608,570 cancer deaths in 2021. Furthermore, rising awareness regarding early diagnoses of chronic diseases and rise in the spending expenditure on healthcare is also increasing the demand for nuclear imaging procedures. Rising investment in the research and development in the region and presence of top manufacturers is also expected to drive the regional growth.

Competitive Landscape

Some of the prominent players operating in the global nuclear imaging equipment market are:

• Siemens Healthineers
• GE Healthcare
• Koninklijke Philips N.V.
• Digirad Corporation
• Neusoft Medical Systems Co. Ltd
• Canon Medical Systems Corporation
• SurgicEye GmbH
• DDD-Diagnostic A/S
• CMR Naviscan Corporation
• Mediso Ltd.
• Shimadzu Corporation
• PerkinElmer Inc.
• MILabs B.V.
• MR Solutions Ltd.

Strategic Developments

• In June 2022, Siemens Healthineers got FDA approval for SPECT/CT system called Symbia Pro.specta this technology can be configured for tailored image acquisition, reconstruction and post-processing in cardiology, neurology, oncology, orthopedics, and other specialties. 
• In May 2021, GE Healthcare acquired Zionexa and its molecular imaging agent. Zionexa has an FDA approved PET imaging agent Cerianna but it present is limited to a quarter if the breast cancer patients in America thus GE Healthcare want to expand the reach of the equipment. 

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