Reportstack has announced a new market research report on MediPoint: Nuclear Imaging- PET and SPECT Equipment - Global Analysis and Market Forecasts,
The global market for nuclear imaging equipment, which covers Positron Emission Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT) systems, will expand from $1.83 billion in 2013, at a modest Compound Annual Growth Rate (CAGR) of 3.3%, to reach $2.2 billion by 2020.
The report states that while the US market will remain steady at around $1.15 billion throughout the forecast period, the country will see its global share fall from 69% in 2013 to 53% by 2020. Meanwhile, the Asia-Pacific (APAC) region will see its share rise from 16% to 29% over the same time frame.
A period of rapid increase in US procedures, particularly using PET, has led to measures to decrease the number of procedures that can be reimbursed, therefore reducing the demand for nuclear imaging systems.
“The economic downturn has been a continued concern within the entire diagnostic imaging space, and the high cost of nuclear imaging equipment and procedures has made this market more susceptible to the downturn. US nuclear imaging market growth is heavily dependent on the replacement of existing systems because the capacity for new installations is limited.
“As the US economy recovers, it can be expected that the equipment will be replaced. However, key opinion leaders interviewed are reported that not all equipment is replaced at the end of the average product lifecycle, which will negatively impact sales.”
While the US market is likely to remain static, with a CAGR of only 0.08% from 2014 to 2020, APAC economies, especially China and Japan, will continue to provide immense opportunities for increasing sales within the global nuclear imaging arena.
“Japan will see the fastest growth over the forecast period, with its market value more than doubling from $191.3 million in 2013 to $392.1 million by 2020.
“In global terms, the rising prevalence of disease, along with an aging and growing population, will act as major drivers of increased nuclear imaging use during the forecast period.”
Complete report with TOC available @ Nuclear Imaging Market to Stagnate in US While Asia-Pacific Sees Strong Growth by 2020.