Nuclear Medicine Equipment Market - Forecast(2022 - 2027)

Report Code: HCR 0572 Report Format: PDF + Excel

Nuclear Medicine Equipment Market Overview

Nuclear Medicine Equipment Market size is estimated to reach $2.3 billion by 2027, growing at a CAGR of 3.9% during the forecast period 2022-2027. Nuclear medicine equipment utilizes progressive nuclear technology for diagnostic medical imaging and ailment treatment. Distinct kinds of nuclear medicine equipment are planned for application together with particular radioisotopes for an assortment of imaging purposes. Specially designed sensors serve as cameras to discover and track radiation emitted by tiny quantities of radioisotopes or radionuclides in medical dyes. Single photon emission computed tomography (SPECT, or less typically, SPET) is a nuclear medicine tomographic imaging technique utilizing gamma rays. It is very much like traditional nuclear medicine planar imaging utilizing a gamma camera (that is, scintigraphy). However, it is capable to offer real 3D information. Positron Emission Tomography (PET) is a nuclear medicine technology that utilizes short-lived radioisotopes to allow the non-invasive imaging of metabolic functions within the body. A positron emission tomography (PET) scan is an example of a nuclear medicine method utilized to diagnose disease. Microencapsulation is the protective technology of encapsulating solid, liquid, or gas materials into micro particles with a diameter of 1–1000 m, and has been extensively utilized in the fields of medicine, cosmetics, food, textile, and progressive materials (Campos et al., 2013; Dubey et al., 2009). The rare benefit of microencapsulation lies in that the core material is entirely coated and secluded from outside surroundings. The electron–positron annihilation technique is the physical phenomenon depended on as the basis of positron emission tomography (PET) and positron annihilation spectroscopy (PAS). Electron–positron annihilation happens when an electron (e?) and a positron (e+, the electron's antiparticle) bang.

The increasing predominance of incessant medical diseases across the world and the expanding application of nuclear medicine tomographic techniques like single photon emission computed tomography is set to drive the Nuclear Medicine Equipment Market. The expanding demand for accurate diagnostic techniques is set to propel the growth of the Nuclear Medicine Equipment Market during the forecast period 2022-2027. This represents the Nuclear Medicine Equipment Industry Outlook.

Report Coverage

The report: Nuclear Medicine Equipment Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Nuclear Medicine Equipment Market.

By Product Type: Single-Photon Emission Computed Tomography (SPECT) (Standalone, Hybrid), Positron Emission Tomography (PET) (Standalone, Hybrid), Planar Scintigraphy.
By Application: Neurology, Oncology, Cardiology, General Imaging, Others.
By End User: Hospitals, Imaging Centers, Academic And Research Institutes, Others.
By Geography: North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).

Key Takeaways

  • Geographically, North America Nuclear Medicine Equipment Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the accelerated deployment of efficient nuclear imaging technologies and nuclear medicine tomographic techniques like single photon emission computed tomography in conjunction with the surging application of technologically progressive and efficient therapeutic radiopharmaceuticals in the North American region.
  • Nuclear Medicine Equipment Market growth is being driven by the increasing predominance of cancer and cardiovascular disease and the burgeoning application of nuclear medicine tomographic techniques like single photon emission computed tomography. However, the soaring cost incurred by medical institutions to bring in the nuclear medicine equipment to utilize in the first place resulting in nuclear medicine being high-priced is one of the major factors hampering the growth of the Nuclear Medicine Equipment Market. 
  • Nuclear Medicine Equipment Market 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 report

Nuclear Medicine Equipment Market: Market Share (%) by Region, 2021


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Nuclear Medicine Equipment Market Segment Analysis – By Product Type:

The Nuclear Medicine Equipment Market based on product type can be further segmented into Single-Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET), and Planar Scintigraphy. The Single-Photon Emission Computed Tomography (SPECT) Segment held the largest market share in 2021. This growth is owing to the reduced cost, superior accessibility, and greater application in comparison with positron emission tomography. The superior sensitivity and specificity of single photon emission computed tomography are further propelling the growth of the Single-Photon Emission Computed Tomography (SPECT) segment.

Furthermore, the Positron Emission Tomography (PET) segment is estimated to grow with the fastest CAGR of 4.5% during the forecast period 2022-2027 owing to the superior characteristics of positron emission tomography and its greater spatial resolution together with the provision of a technique to carry out quantitative calculations even at maximum stress and speed levels.

Nuclear Medicine Equipment Market Segment Analysis – By End User:

The Nuclear Medicine Equipment Market based on end user can be further segmented into Hospitals, Imaging Centers, Academic And Research Institutes, and Others. The Hospitals Segment held the largest market share in 2021. This growth is owing to the surging utilization of nuclear medicine procedures like single photon emission computed tomography in hospital -based settings. Positron emission tomography may also be performed. The proliferating application of progressive facilities and state-of-the-art machinery to perform different nuclear medicine procedures is further propelling the growth of this segment.

Furthermore, the Imaging Centers segment is estimated to grow with the fastest CAGR of 4.9% during the forecast period 2022-2027 owing to the soaring offerings including a complete range of imaging services with the most recent technology with consistent upgrades to the latest techniques to engage machinery needing low radiation dose apart from the application of techniques like positron emission tomography.

Nuclear Medicine Equipment Market Segment Analysis – By Geography:

The Nuclear Medicine Equipment Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. North America (Nuclear Medicine Equipment Market) held the largest share with 35% of the overall market in 2021. The growth of this region is owing to the soaring technological progress in the U.S. in the North American region. Techniques like positron emission tomography have been developed and extensively applied. The accelerated launch of novel radiopharmaceuticals for diagnostics and therapeutics is further propelling the growth of the Nuclear Medicine Equipment Market in the North American region.

Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the greatly developed nuclear medicine practice in Japan with a considerable boost in numerous hybrid Single Photon Emission Computed Tomography / Computed Tomography (SPECT/CT) examinations in the Asia-Pacific region. The increasing demand for treatment and diagnosis of Alzheimer’s Disease and Parkinson’s Disease in China and India is further fuelling the progress of the Nuclear Medicine Equipment Market in the Asia-Pacific region.

Nuclear Medicine Equipment Market Drivers

Surging Significance Of Single Photon Emission Computed Tomography / Computed Tomography In Benign And Malignant Bone Disease Is Projected To Drive The Market Growth:

Radiological (plain radiographs, computed tomography [CT], magnetic resonance imaging [MRI]) and nuclear medicine techniques (bone scan, leukocyte scan) both offer rare information regarding the status of the skeleton. Both possess usual strengths and weaknesses, which frequently result in the sequential application of distinct processes in everyday routine. This application brings about the unessential loss of time and sometimes money if redundant information is acquired without organizing a final diagnosis. Currently, novel devices for hybrid imaging (single-photon emission computed tomography/computed tomography [SPECT/CT], positron emission tomography/computed tomography [PET/CT]) were launched, which permit for the direct fusion of morphological (CT) and functional (SPECT, PET) data sets. Regarding skeletal abnormalities, this approach seems to be greatly beneficial owing to it integrating the benefits of both techniques (high-resolution imaging of bone morphology and high sensitivity imaging of bone metabolism). By the precise correlation of both, a novel quality of bone imaging has presently become available. Though researchers attempting the initial investigations exclusively utilized low-dose CT equipment, a novel generation of SPECT/CT devices has appeared currently. By combining high-resolution spiral CT, the quality of bone imaging may enhance once again. Now, hybrid imaging utilizing SPECT/CT has been put to a test to boost the sensitivity and specificity of bone scintigraphy. This was principally accomplished by recognizing benign bone conditions with raised bone turnover. Thus, SPECT/CT needs to be used whenever equivocal findings of planar bone imaging happen. It also assists to enhance the precision of leukocyte scanning to discover/exclude osteomyelitis and to define sites of inflammation. SPECT/CT is therefore considered a valuable tool to make perfect bone imaging, which might become even more significant if novel radiopharmaceuticals become accessible to image specific cell functions. There are around 85% of radiopharmaceuticals in clinical practice are being discovered by SPECT camera. The surging significance of single photon emission computed tomography/computed tomography in benign and malignant bone disease is therefore fuelling the growth of the Nuclear Medicine Equipment Market during the forecast period 2022-2027.

Proliferating Applications Of Positron Emission Tomography (PET) Are Expected To Boost The Demand For Nuclear Medicine Equipment:

Positron emission tomography (PET) is a kind of nuclear medicine procedure that assesses the metabolic activity of the cells of body tissues. PET is really an integration of nuclear medicine and biochemical analysis. Utilized mostly in patients with brain or heart conditions and cancer, PET assists to envision the biochemical alterations taking place in the body, like the metabolism (the process by which cells alter food into energy after food is digested and absorbed into the blood) of the heart muscle. PET is most frequently utilized by oncologists (doctors specializing in cancer treatment), neurologists and neurosurgeons (doctors specializing in treatment and surgery of the brain and nervous system), and cardiologists (doctors specializing in the treatment of the heart). However, as progress in PET technologies continues, this process is commencing to be utilized more extensively in additional areas. PET may also be utilized in conjunction with additional diagnostic tests, like computed tomography (CT) or magnetic resonance imaging (MRI) to offer more definitive information regarding malignant (cancerous) tumors and other lesions. More novel technology integrates PET and CT into one scanner, termed PET/CT. PET/CT demonstrates specific potential in the diagnosis and treatment of lung cancer, evaluating epilepsy, Alzheimer's disease, and coronary artery disease. PET/CT has a great specificity of 94% and complements CT. The proliferating applications of positron emission tomography (PET) are therefore driving the growth of the Nuclear Medicine Equipment Market during the forecast period 2022-2027.

Nuclear Medicine Equipment Market Challenges

Disadvantages Of Positron Emission Tomography (PET ) And Single Photon Emission Computed Tomography Are Hampering The Market Growth:

The continued soaring application of rest-stress single photon emission computed tomographic (SPECT) myocardial perfusion imaging (MPI) is backed by its recognized clinical advantages, developed reimbursement, and extensive accessibility of cameras and radiopharmaceuticals. However, conventional rest-stress SPECT protocols tend to be lengthy and ineffective, and the predominance of equivocal investigations persists as an issue. In the restaging of mediastinal lymph nodes, combined PET/CT has a sensitivity of up to 70%, with a specificity of up to 90%. More extensive application of Positron Emission Tomography -Myocardial Perfusion Imaging (PET MPI) is prevented by a soaring cost of entry, soaring ongoing costs, and an immature reimbursement structure. These issues are thus hampering the growth of the Nuclear Medicine Equipment Market.

Nuclear Medicine Equipment Industry Outlook:

Increased financing in R&D activities, production sires and facilities, production capacities, product launches and application dominance are key strategies adopted by players in the Nuclear Medicine Equipment Market. Key companies of this market are:

  1. DDD- Diagnostics A/S
  2. Digirad Corporation
  3. GE Healthcare
  4. Philips Healthcare
  5. Siemens Healthineers
  6. Toshiba Medical Systems Corporation
  7. Mediso Medical Imaging Systems, Ltd.
  8. Bozlu Holding
  9. Neusoft Corporation
  10. Compañía Mexicana de Radiología CGR

Recent Developments

  • In April 2022, Mediso Ltd declared the acquisition of Bartec Technologies Ltd, U.K. based firm specializing in the supply, installation, and backing of Nuclear Medicine and Molecular Imaging equipment and accessories. The gain enhances Mediso’s market position in the U.K. and Ireland. Financial details of the acquisition were not revealed.
  • In November 2021, Siemens Healthineers introduced Naeotom Alpha, the world’s earliest photon-counting CT scanner. Presently, the system is cleared for clinical application in the U.S. and Europe. Naeotom Alpha is superior in all technical parameters associated with image quality.  
  • In May 2021, Siemens Healthineers demonstrated Somatom X.ceed, a novel high-resolution, high-speed CT (computed tomography) scanner engineered particularly for the most challenging clinical areas where time and precision are of significance use. To back medical staff in their workflows at the time of crucial situations, two "companions" for automated user guidance are combined: myExam Companion leads users by way of diagnostic processes; myNeedle Companion backs targeted needle path planning and laser-guided insertion across diversified modalities. As a result, the quickest single-source CT scanner from Siemens Healthineers can help healthcare providers with their clinical decisions particularly well in areas like emergency imaging, cardiac CT, and CT-guided interventions, all of them burgeoning clinical fields.

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1. Nuclear Medicine Equipment Market Overview
    1.1 Definitions and Scope
2. Nuclear Medicine Equipment Market - Executive Summary
3. Nuclear Medicine Equipment Market – Market Landscape
    3.1 Company Benchmarking- Key Companies
    3.2 Key Company Financial Analysis
    3.3 Market Share Analysis
    3.4 Patent Analysis
    3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Nuclear Medicine Equipment Market – Startup Company Scenario (Premium)
    4.1 Investment
    4.2 Revenue
    4.3 Venture Capital and Funding Scenario
5. Nuclear Medicine Equipment Market – Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Scenario
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Nuclear Medicine Equipment Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Nuclear Medicine Equipment Market – By Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle Analysis
8. Nuclear Medicine Equipment Market – By Product Type (Market Size –$Million/$Billion) 
    8.1 Single-Photon Emission Computed Tomography (SPECT)
        8.1.1. Standalone
        8.1.2. Hybrid
    8.2 Positron Emission Tomography (PET)
        8.2.1. Standalone
        8.2.2. Hybrid
    8.3 Planar Scintigraphy
9. Nuclear Medicine Equipment Market – By Application (Market Size –$Million/$Billion) 
    9.1 Neurology
    9.2 Oncology
    9.3 Cardiology
    9.4 General Imaging
    9.5 Others
10. Nuclear Medicine Equipment Market - By End User (Market Size –$Million/$Billion) 
    10.1 Hospitals
    10.2 Imaging Centers
    10.3 Academic And Research Institutes
    10.4 Others
11. Nuclear Medicine Equipment Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 Germany
        11.2.2 France
        11.2.3 UK
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 South Korea
        11.3.4 India
        11.3.5 Australia & New Zealand
        11.3.6 Rest of Asia-Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Chile
        11.4.4 Colombia
        11.4.5 Rest of South America
    11.5 Rest Of The World
        11.5.1 Middle East
        11.5.2 Africa
12. Nuclear Medicine Equipment Market - Market Entropy
    12.1 New product launches
    12.2 M&A's, collaborations, JVs and partnerships
13. Nuclear Medicine Equipment Market – Industry Competition Landscape (Premium)
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key Companies
        13.1.3 Market Share by Countries – Key Companies
    13.2 Competition Matrix
    13.3 Best Practices for Companies
14. Nuclear Medicine Equipment Market – Key Company List by Country Premium (Premium)
15. Nuclear Medicine Equipment Market - Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials would be provided on a best-efforts basis for private companies"