The nuclear medicine imaging market size is estimated to reach USD 6,047.2 Million from USD 4,249.4 Million in 2020, delivering a CAGR of 4.6% through 2027. The market growth is driven by a plethora of factors, including the growing prevalence of cancer cardiovascular diseases, investments for the modernization of diagnostics imaging centers, the introduction of new advanced products, along with the development of new radiotracers.
Favorable reimbursement scenario for positron emission tomography (PET scans) in many countries, along with the high accuracy of nuclear imaging, is propelling nuclear medicine imaging market growth through 2027.
In January 2019, Kansen voor West organization and the EFRO (European Fund for Regional Development) had funded USD 7.67 million to FIELD-LAB for developing new nuclear medicines for cancer treatment. Such government initiatives and funding for the development of new techniques will further propel nuclear medicine market share over the forecast period.
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Top Companies in the Market Include:
GE Healthcare, Lantheus Medical Imaging, Curium, Nordion, Novartis, Bayer, Eczacibasi-Monrol Nuclear Products, Cardinal Health, Bracco Imaging SPA, and Siemens Healthineers, among others.
Increasing focus on development of vaccines to combat COVID-19 pandemic and focus on preventive medicine to mitigate future epidemics and pandemics, rising number of product approvals for drugs and therapeutics, and rapid digital transformation in the pharmaceutical and healthcare industry are some key factors expected to drive revenue growth over the forecast period. With the social distancing norms in place and growing focus on telemedicine, digital technologies were adopted at an accelerated rate allowing healthcare professionals to efficiently manage health of the patients. One of the most crucial drivers of the pharma healthcare industry is the rapid integration of artificial intelligence in key areas such as RD, patient care, commercialization, and drug discovery and development. It has also led to a reduction in healthcare expenditure and improved efficiency of the systems which is expected to further contribute to revenue growth of the market going ahead.
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Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered. The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Nuclear Medicine Imaging market.
Further key findings from the report suggest
- Based on type, the positron emission tomography (PET) systems segment is anticipated to witness the fastest growth rate of 5.1% through 2027.
- The single-photon emission computed tomography systems accounted for a major chunk of the global nuclear medicine market share in 2019 and is forecast to register a CAGR of 4.4% through 2027. SPECT imaging is experiencing high demand as it offers complementary functional and anatomic image data to improve the depth of information, which is less expensive than PET and widely available.
- On the basis of application, the oncology segment dominated the nuclear medicine market revenue share in 2019 and is expected to witness a CAGR of 4.1% over the projected timeframe.
- On the basis of end-use, the research institute segment is estimated to witness a notable growth rate of 5.6% through 2027.
- In 2019, the hospitals segment accounted for the largest market share in 2019 and is estimated to exhibit a CAGR of 4.2% during the analysis period. The key factors responsible for segmental growth are the availability of well-resourced diagnostic rooms, the existence of highly skilled healthcare professionals, improved health coverage for hospital-based healthcare services from several private and group insurance plans, and substantial funds for investing in new equipment and technologies.
- In the regional landscape, the Asia Pacific region is estimated to register a growth rate of 5.9% through 2027 on account of the high demand for nuclear medicine in emerging economies, including India and China, with rising healthcare standards in these countries.
- In 2019, Europe accounted for the second-largest share of the nuclear medicine market and is anticipated to showcase a CAGR of 4.4% through 2027 on account of the presence of leading market players in the region.
- North America dominated the market in 2018 and is likely to observe a growth rate of 4.4% in the forecast period. The market dominance of North America is owing to rapid technological advancements, such as the growing incidence of target diseases, the development of molecular imaging, and the launch of new radiopharmaceuticals for diagnosis, among others.
- These industry players are adopting several strategies such as acquisitions, mergers, collaborations, new product development, and capacity expansion, thereby supporting the overall growth of the market. Moreover, rising investments by key industry players in RD activities will further bolster market growth over the analysis period.
- For instance, in June 2019, Bracco Imaging SPA, a leading company in the diagnostic imaging business, entered a definitive agreement for the acquisition of a molecular imaging company, Blue Earth Diagnostics, based in the U.K.
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For the purpose of this report, Reports and Data has segmented the Global Nuclear Medicine Imaging Market on the basis of type, application, end-user, and region:
Type Outlook (Revenue, USD Million; 2018-2028)
- Single-Photon Emission Computed Tomography (SPECT) Systems
- Positron Emission Tomography (PET) Systems
Application Outlook (Revenue, USD Million; 2018-2028)
- Oncology
- Cardiology
- Neurology
- Thyroid
- Others
End-User Outlook (Revenue, USD Million; 2018-2028)
- Hospitals
- Diagnostic Centers
- Research Institutes
Key Regions Studied in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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