Increasing focus on personalized medicines and technological advancements in radiotracers will drive market growth.
The global nuclear imaging apparatus market size is expected to reach USD 3.5 billion by 2028, registering a CAGR of 4.6% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are increasing focus on personalized medicines and technological advancements in radiotracers. Furthermore, demand growth is expected to enhance by expansion of pharmaceutical industries and rising prevalence of chronic diseases such as cancer. According to a World Health Organization (WHO) survey, chronic diseases accounted for roughly three-quarters of all deaths globally in 2020.
Nuclear imaging apparatus and instruments (also known as radiopharmaceuticals or radiotracers) are important in the diagnosis of radioactive substances in patients. These radiotracers are used in treatment of heart cancer and other neurological conditions, both therapeutically and diagnostically.
Increasing diagnostic applications for cardiovascular disorders, transition from standalone to hybrid modalities, and expanding production of nuclear imaging apparatus as a result of technological advances are expected to drive market growth over the forecast period. In addition, support from governments worldwide for RD activities in the healthcare sector for development of new technologies is expected to further enhance market growth. Growing awareness regarding significance of early detection of diseases and emergence of new radiopharmaceuticals would also provide opportunities for the industry to expand.
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Market Dynamics:
Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth in emerging markets, decline in oil prices, and health insurance reforms globally. Factors that negatively affected growth in the historic period were low healthcare access, shortages of skilled human resources, difficulty in manufacturing biologics, and regulatory changes.
Going forward, faster economic growth, technological developments and the increasing prevalence of diseases due to rising busy and sedentary lifestyles will drive the growth. Factors that could hinder the growth of this market in the future are rising interest rates, increasing awareness of alternative therapies and natural remedies, government provisions in healthcare services, and stringent government regulations.
Regional Outlook:
North America is the largest market for healthcare, followed by Asia-Pacific, Western Europe and then the other regions. Due to favorable regulations and policies in these regions, healthcare industry is rapidly growing. As the market in developed countries is nearly saturated, market players have shifted their focus toward the developing regions, especially the emerging economies of Asia Pacific.
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Competitive Outlook:
The prominent factors favoring market growth include increasing launches and initiatives by the market players to provide rapid treatment for addressing the diseases of the patients in the healthcare industry. Market-trend-based strategies for the healthcare market include increasing the adoption of bundled payments, using digital tools, increasing collaborations across industries and companies, focusing on the development of new medicines, and adopting hybrid imaging technology. Players adopted strategies in the healthcare industry include acquiring companies in similar industries to expand their presence and focusing on offering quality products and services.
The competitive landscape section of the report discusses in detail the company overview, product and services portfolio, business expansion plans, production and manufacturing capacity, financial standing, and global market position. It further sheds light on the recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, agreements, and product launches.
Top companies operating in the market and profiled in the report include:
Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare, Toshiba Medical Systems Corporation, Neusoft Medical Systems Co., Ltd., Mediso Medical Imaging Systems Co., Ltd., CMR Naviscan Corporation, Digirad Corporation, SurgiEye GmbH, and Positron Corporation.
Further, the report segments the Nuclear Imaging Apparatus market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Nuclear Imaging Apparatus Market Segmentation:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- SPECT Imaging Systems
- PET Imaging Systems
- Planar Scintigraphy Imaging Systems
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Neurology
- Oncology
- Cardiology
- Others
End User Outlook (Revenue, USD Billion; 2018 – 2028)
- Hospitals
- Imaging Centers
- Academic Research Centers
- Others
Regional Analysis covers:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- K.
- Rest of EU
- Asia Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- South Africa
- A.E
- Rest of MEA
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