Nuclear Medicine Equipment Market worth 2.13 Billion USD by 2020

The report The report “Nuclear Medicine Equipment Market by Product (SPECT (Hybrid SPECT, Standalone SPECT), hybrid PET, & Planar Scintigraphy), by Application (Cardiology, Oncology & Neurology), by End user (Hospitals, Imaging Centers) - Global Forecasts to 2020”, this report studies the global nuclear medicine equipment market for the forecast period of 2015 to 2020. This market is expected to reach USD 2.13 Billion by 2020 from USD 1.78 Billion in 2015, and is poised to grow at a CAGR of 3.6% during the forecast period.

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Nuclear medicine equipment make use of radioactive substances (also called as nuclear medicine or radiopharmaceuticals) that are inserted into the body orally or intravenously. These systems capture the radiations emitted by radiopharmaceuticals to create images of the structures and activities inside the human body. These images enable physicians to look inside a human body to help determine the cause of an illness or injury and provide an accurate diagnosis.

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The global nuclear medicine equipment market is segmented on the basis of product, application, end user and geography. The global medicine equipment market is valued at an estimated USD 1.7 billion in 2015. The major factors driving the growth of this market are:

  • Introduction of new and advanced products: Companies in the market are increasingly focusing on developing technologically advanced imaging equipment. New product launches with advanced technologies or advanced features mainly deal with the development of more economical and easy-to-use nuclear medicine equipment that provides improved patient safety.
  • Advancements in radiotracers: Players operating in the market are increasingly focusing on the development of novel radiopharmaceuticals. The launch of novel radiopharmaceuticals that have the potential of providing better quality results will in turn drive the demand for nuclear imaging procedures for the diagnosis of various diseases.
  • Rising prevalence/incidence of cancer, cardiac disorders, and neurological disorders: With the growing prevalence of cancer, cardiac disorders, and neurological disorders, the demand for various diagnostic procedures, including nuclear imaging procedures, is expected to increase across the globe.

The high cost of nuclear medicine equipment is a major factor restraining the growth of this market. This is because small hospitals and imaging centers have restricted budgets owing to which the adoption of nuclear medicine equipment is low among these end users. Moreover, the shorter half-life of radiopharmaceuticals is another factor restraining the growth of the global market.

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Based on product, the nuclear medicine equipment market is categorized into SPECT, hybrid PET, and planar scintigraphy. The SPECT segment is further categorized into hybrid SPECT and standalone SPECT. In 2015, the SPECT products segment is estimated to account for the largest share of market. However, the hybrid PET segment is expected to grow at the fastest rate during the forecast period.

The nuclear medicine equipment market is expected to reach USD 2.13 Billion in 2020, growing at a CAGR of 3.6%. The market is dominated by North America, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is expected to grow at the fastest rate during the forecast period.

Some of the major players in the global nuclear medicine equipment market include Philips Healthcare (Netherlands), GE Healthcare (U.K.), Siemens Healthcare (Germany), Digirad Corporation (U.S.), Mediso Medical Imaging Systems, Ltd. (Hungary), Toshiba Medical Systems Corporation (Japan), DDD-Diagnostics A/S (Denmark), Neusoft Medical Systems Co. Ltd. (China), SurgicEye GmbH (Germany), and CMR Naviscan Corporation (U.S.) among others.

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