Mobile Gamma Cameras Market Projected to Grow at a CAGR of 4.8% During the Forecast Period 2021-2026
Mobile Gamma Cameras Market Projected to Grow at a CAGR of 4.8% During the Forecast Period 2021-2026
Mobile Gamma Cameras Market size is estimated at $62.4 million in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. The mobile gamma camera system is an imaging technique that can be used to create functional scans of small and large organs, such as the brain, cardiac imaging, nervous system, chest imaging, thyroid scanning, pancreas, and kidneys. Mobile gamma cameras, which were recently developed, are highly efficient and allow accurate disease diagnosis, easing the treatment process. Without moving the patient, the gamma camera can be placed at the hospital bed. As a result, the Mobile Gamma Cameras Industry grows as the number of complications associated with handheld mobile gamma cameras decreases. The body is scanned with the handheld gamma camera using a technique that involves injecting a radionucleotide into the body or organ and then imaging the resultant radioactivity. The average examination time for a handheld gamma camera is ten minutes from start to finish. In addition, a handheld gamma camera device can be used at the patient's bedside and is more common in clinical settings. Nuclear imaging is used as it has a higher selectivity and resolution than other types of imaging. As a result, it is widely used in the healthcare industry during surgery. The growth of the Mobile Gamma Cameras Industry is fueled by technological advances to broaden imaging options, a rise in the prevalence of chronic diseases, and advantages over conventional gamma cameras. A strong bedside decision-making tool, the 3D mobile gamma camera is particularly useful in emergency situations. The images produced by today's gamma cameras are of excellent quality. Demand for mobile gamma cameras is boosted by the aforementioned factors. Furthermore, the invention of mobile gamma cameras is gradually replacing traditional cameras specially for cardiac imaging, and this represents the most significant technological advancement in the industry, accompanied by miniaturization and various advances in radionucleotide, both of which are expected to open up new opportunities in both emerging and developed markets.
Mobile Gamma Cameras Market Segment Analysis - By Product Type
Based on Product Type, Mobile Gamma Cameras Market is segmented into Single Head Mobile Gamma Camera, Double Head Mobile Gamma Camera, Triple Head Mobile Gamma Camera and Hand Held Mobile Gamma Camera. Single Head Mobile Gamma Camera accounted for the largest revenue market share in 2020 owing to its low cost, accessibility, and reliability, it is widely used in hospitals and surgical centres. Owing to the smaller field of view, single head mobile gamma cameras are often used for organ-specific screening, such as cardiac and renal applications. It is becoming increasingly popular owing to their higher resolution, sensitivity, and faster scanning times. Owing to their faster scanning speed, they also result in less radionucleotide exposure thus, driving the segment growth. Triple Head Mobile Gamma Camera segment is anticipated to grow with the fastest CAGR of 4.9% in the forecast period 2021-2026. This is attributed to the high quality of the chest imaging obtained, the high speed of the imaging resolution, and the low cost. As a result, there is a strong demand for triple-head mobile gamma cameras among healthcare providers and patients, which drives the Mobile Gamma Cameras Industry.
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Mobile Gamma Cameras Market Segment Analysis – By Application
Based on Application, Mobile Gamma Cameras Market is segmented into GI Imaging, Renal Imaging, Brain Imaging, Cardiac Imaging, Chest Imaging, Thyroid Scanning, Intraoperative Imaging, Hepatobiliary Imaging and Others. Cardiac Imaging accounted for the largest revenue market share in 2020. This is due to a rise in cardiac-related diseases and a higher mortality rate as disease intensity increases across the world. According to the World Health Organization, 23.6 million people will die from CVD conditions each year by 2030, the majority of whom will die from stroke and heart disease. In addition, Digirad Corporation has introduced the cardius 3XPO high-definition, triple-headed solid-state detector, which is designed specifically for cardiac imaging and is expected to boost segmental development. Furthermore, the prevalence of cardiac diseases is increasing, which drives up demand for quick and compact mobile gamma cameras and propels the mobile gamma camera industry forward. Intraoperative Imaging segment is anticipated to grow with the fastest CAGR of 5.3% during the forecast period 2021-2026 owing to an increase in the prevalence of chronic diseases, injuries, and accidents around the world, surgical procedures are becoming more common. Furthermore, intraoperative imaging increases surgical precision and patient results, resulting in increased demand for handheld gamma cameras thus enhancing the Mobile Gamma Cameras Industry.
Mobile Gamma Cameras Market Segment Analysis - By Geography
Based on Geography, North America Mobile Gamma Cameras Market accounted for the 43% revenue share in 2020 is attributed towards the increasing healthcare awareness. Furthermore, an increase in the prevalence of chronic diseases, faster technological adoption, and an increase in the prevalence of cancer and cardiopathies is accelerating market expansion across the region. Industry growth would be fuelled by rising adoption of technologically advanced goods and rising disposable income in emerging economies. In addition, favorable demographic patterns, combined with an increase in the prevalence of chronic diseases such as cardiac, neural, and renal disease, have a positive impact on regional market development. According to the National Center for Biotechnology Information, approximately 82.6 million People in the U.S. have one or more types of cardiovascular disease (CVD), making it the leading cause of death for both men and women driving the regional growth. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards the government initiatives in chest imaging and cardiac imaging and an increase in the number of research partnerships.
Mobile Gamma Cameras Market Drivers
Increasing Adoption of Technological Advanced Products in Healthcare Industry:
The market is anticipated to develop owing towards the technological advances that broaden imaging options like chest imaging, brain imaging and others, along with an increase in the prevalence of chronic diseases, and the advantages of mobile gamma cameras over conventional gamma cameras. The handheld mobile gamma camera market is expected to gain momentum and growth opportunities as research and development investments increase, as well as the entry of deep-pocketed companies into the market. Manufacturers are concentrating on producing smaller, more technologically advanced products has accelerated the industry's growth. Product production is becoming quicker, and product lifecycles are becoming shorter as a result of technological advances aiding growth towards the Mobile Gamma Cameras Market.
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Mobile Gamma Cameras Market Challenges
Stringent Regulation:
Strict regulatory requirements and a shortage of standardization resources in some developed and developing countries are two major factors that are expected to hinder Mobile Gamma Cameras industry growth. Other factors restricting the growth of the global mobile gamma cameras market include side effects such as decreased organ activity, hair loss, and skin burns. The global mobile gamma cameras market is hampered by exposure to a lethal dose of gamma radiation, deterioration in organ function, hair loss, and skin burn caused by mobile gamma cameras.
Mobile Gamma Cameras Market Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Mobile Gamma Cameras Market. Mobile Gamma Cameras Market top 10 companies are Beijing Hamamatsu Photon Techniques, Dilon Technologies, Spectrum Dynamics Medical, DDD-Diagnostic A/S, Digirad Corporation, GAEDE Medizinsysteme, Dilon Technologies, Inc, General Electric Company (GE Healthcare), Adolesco AB and Gamma Medica, Inc.
Acquisitions/Product Launches:
In September 2019, Digirad Corporation acquired ATRM Holdings, Inc. that restructured the business into a diversified holding firm. In addition, as part of the Merger, Digirad issued approximately 1.6 million shares of its newly approved 10.0 percent Series A Cumulative Perpetual Preferred Stock, with a reported value of $10 per share.
Key Takeaways
The demand for Mobile Gamma Cameras is expected to increase as the number of chronic diseases increases around the globe.
Geographically, North America Mobile Gamma Cameras Market held the largest revenue share of 43% in 2020 owing to the involvement of potential players who are developing innovative products and more government schemes and investments in healthcare.
Various advancements in radio nucleotides are expected to increase demand for both stationary and portable gamma cameras.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Mobile Gamma Cameras Market.
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