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(Medical-NewsWire.com, March 01, 2022 ) The Nuclear Medicine Equipment Market size is projected to reach $2.6 billion by 2026, with a CAGR of 4.6% during the forecast period 2021-2026. Nuclear medicine involves the use of radioactive substances called radiotracers used in the diagnosis and treatment of illnesses such as cardiovascular diseases, neurological diseases, cancers, and so on. The radiotracers are injected, inhaled, or swallowed by the patient and then emit gamma radiation that can be detected by nuclear imaging devices. Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET) scans are the most widely used nuclear imaging devices. Technological advancements in radiotracer development are one of the major drivers of the market. However, high equipment costs are predicted to challenge the market growth during the forecast period.
Nuclear Medicine Equipment Market Segment Analysis-By Product Type
The Nuclear Medicine Equipment Market-based on the Product Type can be further segmented into Hybrid PET, Planar Scintigraphy and Single Photon-Emission Computed Tomography (SPECT). The market was estimated to be dominated by the SPECT segment in 2020 and is anticipated to continue leading the market with a CAGR of 4.7% during the forecast period. This is owing to its usage in a wide range of applications while also being relatively inexpensive. The increase in technological advancement in the segment is another factor causing its growth. For instance, innovation in the segment has led to the development of digital SPECT which offers higher image detail and sensitivity. The Hybrid PET segment is projected to witness the highest growth rate during the period owing to its ability to generate 3D images and accurate full-body scans.
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Nuclear Medicine Equipment Segment Analysis - By End-User Type
On the basis of end-user, the Nuclear Medicine Equipment market is segmented into Hospitals, Imaging Centers, Research Centers, and Others. The hospital segment accounts for the largest market share during the forecast period 2021-2026 owing to the increase in healthcare investment by emerging global economies and the presence of highly developed and advanced healthcare infrastructure in developed nations. Moreover, the increase in lifestyle diseases such as cardiovascular illnesses and cancer globally has resulted in the surge of the target patient population and the demand for early diagnostics and treatment by hospitals. This rise in lifestyle illnesses have also led to increased investment by public and private entities in Research Centers which makes the segment the fastest growing with a CAGR of 4.8% during the forecast period 2021-2026.
Nuclear Medicine Equipment Market Segment Analysis-By Geography
The Nuclear Medicine Equipment based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North American market held the largest share in 2020 with 31% of the market. The growth in this geographic segment is owing to the developed healthcare system and high investment levels in research and development by the governments. The growth in prevalence and spending on diseases such as cancer and cardiovascular illnesses are a major reason for the region’s high market share. For instance, around $186 billion was spent on cancer treatment in the US in 2015 and this is predicted to reach more than $246 billion by 2030. Nuclear medicine plays a vital part in both diagnostics and treatment of such illnesses. The Asia Pacific market is anticipated to be the fastest-growing during the forecast period. This growth is credited to an increase in the elderly population, disposable income, and awareness of nuclear medicine in the region.
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Nuclear Medicine Equipment Market Drivers
Increase in the Prevalence of Target Patient Population is Projected to Drive Market Growth
According to the World health Organization (WHO), cancer alone accounted for over 10 million deaths worldwide. The increase in cancer cases is predicted to occur in both the developed and developing world alike. For instance, it is estimated that 1 in 9 Indians will develop cancer during their lifetime. Cardiovascular disease is the leading cause of death worldwide with heart disease being responsible for 16% of all deaths. The chances of survival significantly increase with early detection and Nuclear Medical Equipment play a vital role in it.
Advancements in Nuclear Imaging Systems Expected to Boost Product Demand.
Innovative advancements in nuclear imaging systems such as PET and SPECT have enabled this equipment to be used beyond the scope of Oncology, Cardiology, and Neurology. For instance, the development of cadmium zinc telluride-based detectors for SPECT have helped in the simultaneous visualization of physiological and anatomical structures. This will drive the global demand for Nuclear Medicine Equipment during the forecast period.
Nuclear Medicine Equipment Market Challenges
Lack of Research Facilities and Funding in Developing Regions is Anticipated to Hamper Market Growth
The lack of proper funding in the developing regions has led to the reduction in the availability of even the basic equipment for Nuclear Medicine like phantoms. It has also caused the diminished growth of medical research facilities and radiation protection equipment. Furthermore, the average patient healthcare expense in developing regions is almost 1000 times lower than that in a developed country like the US. This has led to low incentive among hospitals to invest in expensive Nuclear Medicine Equipment.
Fear of contracting Covid-19 in hospitals is Projected to Limit Growth Opportunities.
The Covid-19 pandemic has caused patients to be reluctant to visit hospitals for diagnostics and treatment over the fear of contracting the virus. Moreover, the risk of the virus to individuals who are undergoing treatment for illnesses such as cancer is significantly higher owing to their weakened immune systems. Moreover, the high influx of Covid-19 patients into hospitals has resulted in the hospital establishments diverting funds into Covid-19 treatment from other departments, including Nuclear Medicine.
Nuclear Medicine Equipment Market Competitive Landscape Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Nuclear Medicine Equipment Market. Top 10 companies of this market are-
Toshiba Medical Systems Corporation
CMR Naviscan Corporation
Siemens AG (Siemens Healthcare)
Mediso Medical Imaging Systems Ltd.
In June 2021, Curium acquired the Austrian radiopharmaceutical company IASON in order to strengthen their European presence for its diagnostic products line.
In May 2021, Lantheus, a US diagnostic image agents and equipment company received the Food and Drug Administration (FDA) approval of PYLARIFY injection. The injection is the first commercially available PSMA PET imaging agent for prostate cancer.
Geographically, North America was estimated to have the highest Nuclear Medicine Market share in 2020 and it is poised to dominate the market over the forecast period 2021-2026 owing to the highly developed healthcare system along with the increase in the target patient population in the region.
Global rise in lifestyle diseases such as cancer and cardiovascular illnesses are forecast to drive the market but the Covid-19 pandemic is a major challenge faced by the Nuclear Medicine Equipment Industry owing to the fear of infection-causing fewer patient visits to hospitals.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Nuclear Medicine Equipment Market report.
A. Nuclear Imaging Market
B. Diagnostic Imaging Equipment Market
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