The nuclear medical equipment market is estimated to grow at a stable CAGR of 4.1% between 2022 and 2032. The market for nuclear medical equipment is expected to expand from USD 2.3 Billion in 2022 to USD 3.4 Billion in 2032, supported by:
During the COVID-19 pandemic, there was a decline in traditional nuclear imaging operations in electric surgery for cardiovascular disorders and cancer diagnosis. As a result, demand for a variety of equipment, including SPECT, has fallen. This has had a detrimental impact on the nuclear medical equipment market forecast.
During the pandemic, hospitals and healthcare institutions throughout the world postponed non-elective treatments in order to focus on treating the large number of corona virus patients. As a result, the use of nuclear medical equipment has declined.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2022 | USD 2.3 Billion |
| Projected Market Value in 2032 | USD 3.4 Billion |
| Growth Rate (2022 to 2032) | 4.1% CAGR |
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Nuclear medicine equipment’s primary market is North America. The United States is one of the main radioisotope consumer markets in North America, and Canada is one of the primary manufacturers of Tc-99m.
The robust growth of the healthcare sector in the United States, rising cancer incidences, a growing geriatric population, and an increase in product launches leading to increased use of radioisotopes, as well as increased initiatives and investments in advanced cancer treatment, are expected to drive market growth.
The hospital sector will account for the largest nuclear medicine equipment market share during the forecast period 2022-2032, owing to increased healthcare spending by emerging global economies and the presence of highly established and sophisticated healthcare infrastructure in developed nations.
Furthermore, the rise in lifestyle conditions such as cardiovascular disease and cancer has increased the target patient population as well as the need for early identification and treatment by hospitals worldwide.
Because of the rise in lifestyle diseases, governmental and corporate organisations have increased their investment in Research Centers, making this the fastest growing sector with a CAGR of 4.8%. The market for nuclear medical equipment is expanding.
As per nuclear medicine equipment market study, the nuclear medicine's success can be ascribed to the fact that it supplies a unique and non-invasive approach to information at the molecular and cellular level that is unique and cannot be replicated by other imaging technologies.
It also aids in the early detection of sickness and is one of the market's most favourable drivers, as public awareness of chronic diseases grows. Increased diagnostic nuclear medicine procedures around the world will help to propel the demand for nuclear medicine equipment forward in the coming years.
According to supporting data, the usage of radiopharmaceuticals in diagnostics is increasing at a rate of over 10% per year over the world. Reduced funding for medical imaging, a lack of cost-effectiveness statistics and evidence to prove that nuclear medicine improves patient outcomes, and a dearth of anatomic and molecular imaging training among physicians and radiologists are all likely to slow the nuclear medicine equipment market expansion.
The adoption of nuclear medicine equipment has been rising at a rapid rate, which is both stimulating and boosting the market for nuclear medical equipment. Furthermore, the growing awareness of the necessity of early disease diagnosis, as well as the high acceptance of nuclear medicine equipment by end users, leads the nuclear medicine equipment market to have a high adoption rate among the patients.
Increased investment in diagnostic imaging centre renovations, as well as the development of new radiotracers, will additionally fuel demand for nuclear medicine equipment. The constant development of new and upgraded goods is also having a significant impact on the nuclear medicine equipment market size.
Through the emerging trends in the nuclear medicine equipment market, a long-term product pipeline, rising disease incidence among the ageing population, and increased demand for nuclear medical operations are all contributing to the said market growth.
While the prohibitive cost of nuclear medicine equipment and reduced half-life radiopharmaceuticals, as well as a lack of effective data and proof that nuclear medicine improves patient outcomes, are projected to stymie the target market's growth throughout the forecast period. Furthermore, the introduction of new and sophisticated goods is boosting the sales of nuclear medicine equipment.
Nuclear imaging system advancements are expected to boost product demand for nuclear medicine equipment. Nuclear imaging technologies such as PET and SPECT have advanced to the point where they can now be employed in fields other than oncology, cardiology, and neurology.
For example, the introduction of SPECT detectors based on cadmium zinc telluride has aided in the simultaneous viewing of physiological and anatomical systems. During the forecast period, this will drive global demand for nuclear medicine equipment.
In developing regions, a lack of research facilities and funding is expected to stifle the nuclear medicine equipment market growth.
Because of a lack of adequate funding in developing countries, even basic nuclear medicine equipment like as phantoms is becoming scarce. It has also slowed the expansion of medical research centres and radiation-protection technology.
Furthermore, the average cost of patient healthcare in poor countries is 1000 times lower than in affluent countries like the United States. As a result, hospitals have little motivation to invest in costly nuclear medicine equipment. This is reducing the market opportunities for sales of nuclear medicine equipment.
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The market for nuclear medicine equipment is expected to be fuelled by an increase in the prevalence of the target patient population.
Cancer alone claimed the lives of approximately 10 million people globally, according to the World Health Organization (WHO). Both the developed and developing worlds are expected to see a rise in cancer cases.
It is expected that one out of every nine Indians will develop cancer at some point in their lives. Heart disease is the leading cause of death worldwide, accounting for 16 percent of all deaths. Early detection increases the odds of survival dramatically, and nuclear medicine equipment plays a critical part in this. This has led to a rapid rise in the adoption of nuclear medicine equipment.
During the projection period 2021 to 2026, the hospital sector will account for the biggest nuclear medicine equipment market share, owing to rising healthcare spending by emerging global economies and the presence of highly established and advanced healthcare infrastructure in developed countries.
Furthermore, the rise in lifestyle disorders such as cardiovascular disease and cancer has led in an increase in the target patient population and a demand for early detection and treatment by hospitals around the world.
As a result of the increase in lifestyle illnesses, governmental and private entities have boosted their investment in Research Centers, making this area the fastest expanding with a CAGR of 4.8 percent. The nuclear medicine equipment market opportunities are on the rise.
The SPECT segment was forecasted to dominate the said market in 2020, and it is expected to continue to do so with a CAGR of 4.7 percent over the forecast period. This is because it is used in a wide range of applications and is also quite inexpensive. Another aspect driving the segment's rise is the surge in technical advancement.
In the category, innovation has resulted in the creation of digital SPECT, which supplies more image detail and sensitivity. Because of its ability to generate 3D images and correct full-body scans, the Hybrid PET segment is expected to increase at the fastest rate during the forecast period. SPECT segment leads the nuclear medicine equipment market with the projected CAGR of 4.92% by 2032.
North America is a significant regional segment due to the rapid rise of nuclear medicine in the United States because of technical advancements. Furthermore, North America's supremacy is due to the quick release of new radiopharmaceuticals for diagnostics and therapies.
During the projected period, Asia Pacific, on the other hand, is expected to increase at the fastest rate. In the Asia Pacific, Japan has the largest consumer nuclear medicine equipment market.
The practise of nuclear medicine in Japan has advanced significantly in recent years, with a significant increase in the frequency of hybrid SPECT/CT exams. Furthermore, rising demand for Alzheimer's and Parkinson's disease treatment and diagnostics in China and India is fuelling the Asia Pacific sales of nuclear medicine equipment.
| Regions | CAGR (2022 to 2032) |
|---|---|
| United States | 3.7% |
| United Kingdom | 3.3% |
| China | 3.6% |
| Japan | 2.7% |
| South Korea | 2.4% |
To increase their market share, key players in the worldwide are focusing on new product launches. Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritised by several companies.
Acquisitions, as well as partnerships and collaborations, were seen as inorganic growth tactics in the target market. These initiatives have paved the road for market players to expand their business and client base and change the nuclear medicine equipment market outlook.
The Nuclear Medicine Equipment market is projected to have a CAGR of 4.1% in 2032.
North America is the leading region, with an anticipated CAGR of 3.7% by 2032.
Oncology leads the Nuclear Medicine Equipment market with the projected CAGR of 4.3% by 2032.
The Nuclear Medicine Equipment market is predicted to grow USD 3.4 Billion by 2032.
SPECT segment leads the market with the projected CAGR of 4.92% by 2032.
| Market Value for 2024 | USD 1.32 billion |
|---|---|
| Market Value for 2034 | USD 1.97 billion |
| Market Forecast CAGR for 2024 to 2034 | 4.10% |
| Market Value (2023) | USD 326.7 Billion |
|---|---|
| Market Value (2033) | USD 690.9 Billion |
| Market CAGR (2023 to 2033) | 7.8% |
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Nuclear Medicine Equipment Market
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