Nuclear Medicine Equipment Market Size, Share & Trends Analysis Report By Product (SPECT - Hybrid SPECT, Standalone SPECT; Hybrid PET; Planar Scintigraphy), By Application, By End-Use, By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global nuclear medicine equipment market size was valued at USD 1.7 billion in 2015 and is expected to witness an attractive growth over the forecast period. Nuclear medicine has witnessed rapid changes in the past two decades, owing to technological advancements, such as hybrid imaging, the launch of new radiopharmaceuticals to aid in therapy & diagnosis, and development of molecular imaging that does not require radioisotopes.

The growth of nuclear medicine can be attributed to the fact that it specifically delivers unique and noninvasive approach to information at the molecular and cellular level, which is exclusive and cannot be reproduced using other imaging procedures. It also helps detect the presence of disease in its earliest stages and is one of the most favorable drivers of the market, as public awareness about chronic diseases is increasing. Increasing diagnostic nuclear medicine procedures worldwide will have a positive impact supporting the growth of the market in the coming years. Supporting data indicates that use of radiopharmaceuticals in diagnosis is growing at over 10% per year throughout the world. However, decreased reimbursement for medical imaging, lack of cost-effectiveness data & evidence to support that nuclear medicine will improve patient outcomes, and lack of training among physicians & radiologists regarding anatomic and molecular imaging is expected to restrain growth.

U.S. nuclear medicine equipment market, by product, 2014-2025 (USD Million)

Product Insights

The product segment is branched into Single Photon Emission Computed Tomography (SPECT), Hybrid Positron Emission Tomography (PET), and planar scintigraphy. The SPECT segment held the largest share in the year 2015 owing to factors such as low cost, better availability, and high usage when compared to PET. However, long scan times and low- resolution images are expected to affect the growth of the SPECT segment.

On the other hand, PET is expected to overtake SPECT owing to the better features. PET has higher spatial resolution and offers a method to perform quantitative measurements even at maximum stress and speed levels.

Application Insights

The application segment is bifurcated into cardiology, oncology, neurology, and general imaging. In 2015, the cardiology segment held a major share of the industry. Nuclear medicine is utilized in cardiology for the evaluation of Coronary Heart Disease (CHD) and cardiomyopathy. CHD is a chronic disease and affects a major proportion of the public leading to death and disability in the population of developed nations.

However, oncology is anticipated to emerge as the fastest-growing segment in 2015. A large disease burden associated with cancer is responsible for the growth of the nuclear medicine equipment market. According to the American Cancer Society, cancer is responsible for 1 in 8 deaths worldwide. People are conducting regular check-ups to look for symptoms associated with the disease, resulting in a rapid demand for nuclear medicine equipment. Screening methods for oncology offered through nuclear medicine equipment are expected to result in fast growth in the coming years.

End-use Insights

The end use segment is categorized into hospitals, imaging centers, and others. Hospitals hold the largest share. Nuclear medicine procedures are performed mainly in hospital-based settings. Modern hospitals offer advanced facilities and state- of- the- art equipment to carry out various nuclear medicine procedures. With new instruments and software, hospitals are capable enough to diagnose many chronic diseases using methods such as myocardial perfusion, bone scans, radioisotope renal imaging, and thyroid scans.

On the other hand, imaging centers are expected to witness stable growth owing to their offerings consisting of a full range of imaging services with the latest technology. These centers are constantly upgrading to the latest techniques in order to employ equipment requiring low radiation dose.

North America nuclear medicine equipment market, by application, 2015 (%)

Regional Insights

The nuclear medicine equipment industry by region is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America is a major regional segment owing to the fact that nuclear medicine in the U.S. has witnessed high growth because of various technological advancements. In addition, the rapid introduction of new radiopharmaceuticals for diagnostics and therapeutics is responsible for North America’s dominance.

Asia Pacific, on the other hand, is expected to register the fastest growth during the forecast period. Japan represents the largest consumer market in the Asia Pacific. Nuclear medicine practice in Japan is highly developed with a significant increase in a number of hybrid SPECT/CT examinations in the past few years. Furthermore, China and India are boosting the growth of the Asia Pacific market with increasing demand for treatment and diagnosis of Alzheimer’s and Parkinson’s disease.

Nuclear Medicine Equipment Market Share Insights

Some of the key players in this industry include DDD- Diagnostics A/S; Digirad Corporation; GE Healthcare; Philips Healthcare; Siemens Healthineers; and Toshiba Medical Systems Corporation. The nuclear medicine market represents a secular market. This market is characterized by determinants that are consistent in nature and dictate price trends and other important factors in the market.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global nuclear medicine equipment market on the basis of product, application, and end use:

• Product Outlook (Revenue, USD Million; 2014 -  2025)

  • SPECT

    • Hybrid SPECT

    • Standalone SPECT

  • Hybrid PET

  • Planar Scintigraphy

• Application Outlook (Revenue, USD Million; 2014 -  2025)

  • Oncology

  • Cardiology

  • Neurology

  • General Imaging

• End-use Outlook (Revenue, USD Million; 2014 -  2025)

  • Hospitals

  • Imaging Centers

  • Others

• Regional Outlook (Revenue, USD Million; 2014 -  2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia