Nuclear Imaging Market Size And Forecast
Nuclear Imaging Market size was valued at USD 2.56 Billion in 2021 and is projected to reach USD 3.86 Billion by 2030, growing at a CAGR of 5.26% from 2022 to 2030.
Increasing government initiatives to deploy modern healthcare technologies, expand infrastructure, and increase the incidence of various life-threatening illnesses such as cancer and tumors is the factor driving the market growth of the Nuclear Imaging Market. The Global Nuclear Imaging Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Nuclear Imaging Market Definition
Nuclear imaging concerns the examining of many organs and tissue structures and functions. It requires a small amount of a radioactive substance called a radioactive substance to be introduced into the bloodstream. The body structure is examined as a radiation sensor moves through the area or gathers to provide a reading in the form of gamma rays. An instrument determines these gamma rays, and the rays are projected onto a digital system. Certain diseases such as cancer and cardiovascular disease can be identified in their early stages by unique information obtained with nuclear medicine imaging, which is difficult to get using surgical procedures.
Except for the intravenous route, all other ways of administration used for nuclear medicine imaging are noninvasive. Nuclear imaging devices use radioactive substances or tracers to create images: these images help doctors and clinicians detect and diagnose disease. Nuclear imaging devices are used in oncology, cardiology, neurology, and other disciplines. Nuclear imaging is an emerging imaging technology that uses small amounts of radioactive substances that bind to compounds used by cells in the body or compounds that attach to tumor cells. Using a particular detection device, radioactive substances can be located in the body to see when and where they are concentrated. This technique could improve disease prevention, clinical research, diagnosis, and medical treatment.
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Global Nuclear Imaging Market Overview
The primary factor driving the market growth is the increasing prevalence of chronic diseases such as heart disease and cancer. The growing prevalence of chronic diseases is expected to grow the nuclear imaging equipment market. According to a 2012 report by the Center for Chronic Disease Prevention and Health Promotion, about 117 million people had at least one chronic disease. One in four adults in the United States has more than one chronic health condition. In addition, according to the World Health Organization (WHO), chronic diseases are expected to account for about three-quarters of the world’s deaths by 2020. WHO further stated that about 71% of these deaths are due to ischemic heart disease (IHD), and 75% are due to stroke.
In addition, increased innovations in nuclear imaging equipment and research grants are expected to drive market growth. North America is expected to dominate the global nuclear imaging equipment market. This is due to the increasing introduction of new imaging devices expected to improve cancer treatment with enhanced image quality. In addition, increasing cancer prevalence in North America is expected to spur demand for nuclear imaging equipment over the predicted period. In addition, increasing funding for developing advanced nuclear imaging equipment will drive market growth. For example, the National Institute of Biomedical Imaging and Biological Engineering focuses on funding to create new radiotracers and techniques to improve image quality from nuclear imaging equipment.
However, high installation and operating costs and product recalls are expected to limit the adoption of nuclear imaging systems in small and medium-sized hospitals, thereby hindering the growth of the Nuclear Imaging Market. In addition, reduced reimbursement for medical imaging, lack of cost-effective data and evidence to support that nuclear medicine will improve patient outcomes, and lack of training for physicians and radiologists regarding anatomic and molecular imaging will restrain the market growth of the Nuclear Imaging Market.
Global Nuclear Imaging Market: Segmentation Analysis
The Global Nuclear Imaging Market Segmented on the basis of Product, Application, And Geography.
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Nuclear Imaging Market, By Product
• Positron Emission Tomography
• Single-photon Emission Computed Tomography
• Planar Scintigraphy Systems
Based on Product, the market is bifurcated into Positron Emission Tomography, Single-photon Emission Computed Tomography, and Planar Scintigraphy Systems. Single-photon Emission Computed Tomography holds a large number of shares in the market because of its low cost, better availability, and high utilization compared to PET. However, long scan times and low-resolution images are expected to affect the growth of the SPECT segment, which boost the market growth of the Nuclear Imaging Market.
Nuclear Imaging Market, By Application
• Oncology
• Cardiology
• Neurology
• Others
Based on Application, the market is bifurcated into Oncology, Cardiology, Neurology, and Others. the Oncology segment holds a large number of shares in the market because the burden of cancer-related disease is responsible for the growth of the nuclear medicine equipment market. The cancer screening methods provided by nuclear medicine equipment will boost the market growth of the Nuclear Imaging Market.
Nuclear Imaging Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the World
On the basis of Geography, the Global Nuclear Imaging Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. the Asia-Pacific region holds a large number of shares in the market because Japan is the largest consumption market in Asia – Pacific. The increasing occurrence of life-threatening diseases like cancer and tumors in this area is expected to increase demand. In addition, China and India are driving the growth of the Asia-Pacific market with growing demand for the treatment and diagnosis of Alzheimer’s and Parkinson’s diseases, which will boost the market growth of the Nuclear Imaging Market.
Key Players
The “Global Nuclear Imaging Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are GE, Siemens Healthcare, Philips Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical, Digirad, DDD-Diagnostics, Neusoft Medical Systems, Mediso, and SurgicEye.
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