Nuclear Imaging Equipment Market worth 2.85 Billion USD by 2021

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In the coming years, the nuclear imaging equipment market is expected to witness the highest growth in the Asia-Pacific region. This can be attributed to the increasing incidence/prevalence of various diseases (such as cancer and CVD), increasing government initiatives for the modernization of healthcare infrastructure, and increasing focus of the market players.

The report “Nuclear Imaging Equipment Market by Product (SPECT (Hybrid SPECT, Standalone SPECT), Hybrid PET, & Planar Scintigraphy), Application (Oncology, Cardiology & Neurology) & End user (Hospitals, Imaging Centers) – Global Forecasts to 2021″, that analyzes and studies the major market drivers, restraints/challenges, and opportunities.

This report studies the global nuclear imaging equipment market for the forecast period of 2016 to 2021. This market is expected to reach USD 2.85 Billion by 2021 from USD 2.25 Billion in 2016, growing at a CAGR of 4.8%.

The global nuclear imaging equipment market is segmented on the basis of product, application, end user, and region.

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Based on product, the nuclear imaging equipment market is categorized into SPECT systems, hybrid PET systems, and planar scintigraphy. In 2016, the SPECT systems segment is expected to account for the largest share of the nuclear imaging equipment market. The SPECT systems are further segmented into hybrid SPECT and standalone SPECT systems. In 2016, the hybrid SPECT segment is expected to account for the largest share of the SPECT nuclear imaging equipment market. Advantages such as better imaging ability, high resolution, and the ability to show molecular processes in vivo render hybrid SPECT systems superior than standalone systems.

Based on application, the nuclear imaging equipment market is segmented into oncology, cardiology, neurology, and other applications (orthopedics, urology, thyroid-related disorders, and gastroenterology). In 2016, the oncology application segment is expected to account for the largest share of the nuclear imaging equipment applications market. The rising incidence and prevalence of cancer across the globe, initiatives taken by public and private organizations to curb the same, and development of advanced systems and radiotracers for oncology are the key factors contributing to the large share of the oncology segment.

Based on end user, the nuclear imaging market is segmented into hospitals, imaging centers, academic & research centers, and other end users (pharmaceutical & biotechnology companies and CROs). In 2016, the hospitals segment is expected to account for the largest share of the market. The rise in the use of advanced imaging solutions and hybrid imaging systems in hospitals and enhanced care quality is driving the growth of this segment.

Based on region, the nuclear imaging equipment market is divided into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The RoW region comprises Latin America, the Middle East and Africa. In 2016, North America is projected to account for the largest share of the nuclear imaging equipment market, followed by Asia-Pacific and Europe. Increase in adoption of nuclear imaging technologies and rapid growth in aging population, along with high incidence and prevalence of chronic diseases, are propelling the growth of the North American nuclear imaging equipment market.

Factors driving the global market include introduction of new and advanced products, investment for the modernization of diagnostic imaging centers, development of new radiotracers, and increasing incidence and prevalence of cancer & cardiovascular diseases. However, factors such as shutdown of National Research Universal (NRU) reactor, high cost of nuclear imaging equipment, and shorter half-life of radiopharmaceuticals are hindering the growth of the market.

The major players in the global nuclear imaging equipment market are Siemens Healthineers (Germany), Philips Healthcare (Netherlands), and GE Healthcare (U.S.).These companies are dominant in the nuclear imaging market mainly due to their well-established presence in the field of medical imaging, presence in over 50 countries, high R&D investments, and strong sales and distribution force. The other players in the market include Toshiba Medical Systems Corporation (Japan), Neusoft Medical Systems Co., Ltd. (China), Mediso Medical Imaging Systems Ltd. (Hungary), Digirad Corporation (U.S.), CMR Naviscan Corporation (U.S.), SurgicEye GmbH (Germany), and DDD Diagnostics (Denmark).

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