Latest Study on “Nuclear Imaging Equipment Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Nuclear Imaging Equipment market size is expected to be worth around US$ 5.6 billion by 2027, according to a new report by nova one advisor.
The global Nuclear Imaging Equipment market size was valued at US$ 2.9 billion in 2020 and is anticipated to grow at a CAGR of 5.2% during forecast period 2021 to 2027.
Overview of Nuclear Imaging Equipment Market Study
Nuclear Imaging Equipment market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The growth in this market is mainly driven by the the shift from standalone to hybrid modalities, advances in radiotracers, the increasing focus on personalized medicine, investments through public-private partnerships to modernize diagnostic imaging centers, and the increasing incidence and prevalence of cancer and cardiac ailments. However, the high cost of nuclear imaging equipmentis expected to limit the growth of this market.
Nuclear Imaging Equipment Market Dynamics
Drivers: Shift from standalone to hybrid modalities
With technological advancements in the field of imaging, there has been a significant evolution of hybrid systems in the past decade. The major advancement in this regard is that of combined PET modalities. The innovation of PET/CT modality has been so successful that the major imaging system manufacturers do not provide standalone PET systems any longer. Based on the success of the hybrid PET/CT systems, hybrid PET/MRI and SPECT/CT systems have also gained attention. These hybrid systems can provide precise images with better resolution compared to standalone systems. They can provide morphological as well as physiological information in just one examination. For instance, in the case of skeletal evaluation, a SPECT/CT system offers accurate localization along with improving the specificity of the information provided by CT. Due to advantages such as these, many hospitals are now replacing their standalone systems with hybrid systems. The rising popularity of hybrid modalities is likely to drive the growth of the nuclear imaging equipment market.
Restrains: High cost of imaging systems
Nuclear imaging systems are priced at a premium and require high investments for installations, which increases the procedural cost for patients as well. This affects the adoption rate of new systems, especially in emerging countries; most healthcare facilities in these countries, consequently, cannot afford such systems. In emerging countries like Brazil, the average cost of a PET system is between USD 400,000 and USD 600,000 while a SPECT system would cost between USD 250,000 and USD 400,000. These high costs, coupled with maintenance costs, are expected to hamper the market growth.
Healthcare facilities that purchase such costly systems often depend on third-party payers (such as Medicare, Medicaid, or private health insurance plans) to get reimbursements for the costs incurred in the diagnostic, screening, and therapeutic procedures performed using these systems. As a result, factors such as continuous cuts in reimbursements for diagnostic imaging scans and the increasing cost of nuclear imaging systems are preventing medium-sized and small healthcare facilities from investing in technologically advanced nuclear imaging modalities.
Opportunities: Growing demand for data integrated imaging systems
Data integrated imaging systems enable the processing and reconstruction of images, computer-assisted recognition of medical conditions, generation of 3D images, and the use of appropriate quality control systems. With the help of data integration, physicians can easily compare the scans to effectively observe the progression of the disease. To effectively devise a treatment plan, clinicians are demanding access to integrated, comprehensive data on the patient’s diagnostic history. In addition to data integration, there lies a huge opportunity on making data available through mobile technologies. This will help doctors to view and study scans wherever they are. Due to the advantages and convenience of integrated systems and a huge demand from clinicians, companies are focusing on developing systems with integrated technologies.
By product, the SPECT imaging systems segment is expected to account for the largest share of the Nuclear Imaging Equipment market in 2020
Based on product, the nuclear imaging equipment market is segmented into hybrid PET imaging systems, SPECT imaging systems, and planar scintigraphy imaging systems. The SPECT imaging systems segment is further categorized into standalone and hybrid imaging systems. The SPECT imaging systems segment is expected to the largest share in 2019. The large share of this segment can be attributed to high adoption of SPECT imaing systems on account of lower cost as compared to hybrid PET imaging systems.
By application, the oncology segment is expected to account for the largest share of the nuclear imaging equipment market in 2020
Based on application, the nuclear imaging equipment market is segmented into oncology, cardiology, neurology, and other applications. The oncology application segment is expected to register the highest CAGR during the forecast period. The major factors contributing to the growth of this segment include the rising incidence and prevalence of cancer across the globe, initiatives taken by public and private organizations to curb the rising cancer prevalence, and the development of advanced systems and radiotracers for oncology.
By end-user, the hospitals end-user segment is expected to account for the largest share of the Nuclear Imaging Equipment market in 2020
Based on end user, the nuclear imaging equipment market is segmented into hospitals, imaging centers, academic & research centers, and other end users. Hospitals accounted for the largest share of the global nuclear imaging equipment market in 2019. This can be attributed to factors such as the need to improve the efficiency of diagnostic imaging procedures and the rising number of diagnostic imaging procedures performed in hospitals.
Asia Pacific to register highest growth rate during the forecast period
Geographically, North America is expected to dominate the global the nuclear imaging equipment market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing incidence of chronic diseases, rising awareness on the benefits of early disease diagnosis, and improvement of healthcare systems in the region
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COVID-19 Impact on Nuclear Imaging Equipment Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Nuclear Imaging Equipment market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Nuclear Imaging Equipment market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Nuclear Imaging Equipment market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Nuclear Imaging Equipment market include:
Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips (Netherlands), Digirad Corporation (US), Neusoft Medical Systems Co., Ltd (US), Canon Medical Systems Corporation (Japan), SurgicEye GmbH (Germany), DDD-Diagnostic A/S (Denmark), CMR Naviscan Corporation (US), Mediso Ltd. (Hungary), Shimadzu Corporation (Japan), PerkinElmer (US), MILabs B.V. (Netherlands), and MR Solutions Ltd. (UK).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- SPECT Imaging Systems
- Hybrid SPECT Imaging Systems
- Standalone SPECT Imaging Systems
- PET Imaging Systems
- Planar Scintigraphy Imaging SystemsA
- Other Applications
- Imaging Centers
- Academic & Research Centers
- Other End Users
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Why Buy this Report?
The purpose of Nova one advisor’s Nuclear Imaging Equipment market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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