The Nuclear Medicine Equipment Market size is estimated to reach $2.8Billion by 2025, growing at a CAGR of 4.7% during the forecast period 2020-2025. Nuclear Medicine Device is used to detect and cure multiple disorders, such as cardiovascular diseases, Medication Growth, and Neurological Diseases. Moreover, this equipment is used to examine distinct procedures such as neurotransmitter interaction, Home cell smuggling, apoptosis, and tissue blood flow. Factors such as the development of new radiotracers and increasing incidence and prevalence of cancer & cardiovascular diseases are the factors driving the overall nuclear medicine equipment market during the forecast period 2020-2025.
Nuclear Medicine Equipment Market Segment Analysis - By Product Type
Based on Product Type, Nuclear Medicine Equipment Market is segmented into Hybrid Pet, Planar Scintigraphy, (SPECT). Planar Scintigraphy dominated the Nuclear Medicine Equipment Market owing to the clinically available planar scintigraphy systems in the market and performed. Planar scintigraphy Systems is also set to be the fastest growing with a CAGR of 5.4% during the forecast period 2020-2025. This is owing to the higher cost compared to echocardiography and better features might stagnate the demand for Planar Scintigraphy systems across the globe.
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Nuclear Medicine Equipment Market Segment Analysis - By End User Type
Based on End User Type, Nuclear Medicine Equipment Market is segmented Hospitals, Imaging centres, Research Centres, and other End Users, among others.The Hospital segment contributed the largest share to the Medicine Equipment market in 2019. This is owing to improving healthcare facilities in emerging economies and well-established medical settings in the developed nations. Research centers is set to be the fastest growing during the forecast period 2020-2025. This is owing to the increasing incidence and prevalence of cancer & cardiovascular diseases.
Nuclear Medicine Equipment Market Segment Analysis - By Geography
Based on Geography the Nuclear Medicine Equipment Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America dominated the Nuclear Medicine Equipment market in 2019 with share of 38.9%. This is owing to improved healthcare facilities in emerging economies and well-established medical settings in U.S. Asia Pacific region is set to register the fastest growth during the forecast period 2020-2025. This is owing to the increasing demand for treatment and diagnosis of Alzheimer’s and Parkinson’s disease in Asian countries.
Nuclear Medicine Equipment Market Drivers
Advancements in radiopharmaceuticals:
Key players in Nuclear Medicine Equipment market are growingly focusing on the development of radiopharmaceuticals. Moreover, Radiopharmaceuticals have the potential of providing better quality results is set to drive the demand for nuclear imaging procedures for the diagnosis of various diseases. This is set to drive the demand of Nuclear medicine equipment market during the forecast period 2020-2025.
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Nuclear Medicine Equipment Market Challenges
The main challenge facing the Medicine Equipment Market in a developing nation is the area of limited availability of basic equipment such as phantoms and some important radiation sources for quality control of equipment; radiation protection and medical physics research facilities.
Nuclear Medicine Equipment Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Nuclear Medicine Equipment Market. Key companies of this market are Toshiba Medical Systems Corporation, CMR Naviscan Corporation, GE Healthcare, Siemens AG (Siemens Healthcare), Philips Healthcare, Digirad Corporation, Surgiceye GMBH, Mediso Medical Imaging Systems Ltd, Ddd-Diagnostic A/S, and Bozlu Holding among others.
Nuclear Medicine Equipment Market Developments:
In November 2020, CMR Naviscan Corporation has acquired certain Gamma Medica (GM) assets and intellectual property. This acquisition positions CMR Naviscan to provide a comprehensive solution for the diagnosis and care of breast cancer patients. The GM Molecular Breast Imaging (MBI) technology, including the LumaGEM MBI scanner complements the existing CMR Naviscan organ-specific positron emission tomography (PET) product portfolio, including its Solo II® Breast PET Imaging (BPI) system, positioning CMR Naviscan as a comprehensive solutions provider to the diagnosis and care of breast cancer patients.
Key Takeaways
North America is anticipated to dominate the Nuclear Medicine Equipment Market in the forecast period 2020-2025. This is owing to improved healthcare facilities in emerging economies and well-established medical settings in the U.S.
Factors such as the most basic, planar scintigraphy, images the distribution of radioactive material in a single two- dimensional image, analogous to a planar X-ray scan. These types of scan are mostly used for whole-body screening for tumors, particularly bone and metastatic tumors.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Nuclear Medicine Equipment Market.
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