Nuclear Imaging Equipment Market Size, Share | 2032

Report Description

Nuclear Imaging Equipment Market Outlook 2032

The global nuclear imaging equipment market size was USD 6.71 Billion in 2023 and is projected to reach USD 9.15 Billion by 2032, expanding at a CAGR of 3.5% during 2024–2032. The market growth is attributed to advanced imaging technologies and the rising prevalence of chronic diseases.

Rising demand for precise diagnostic tools and therapeutic solutions is resulting in the high use of nuclear imaging equipment which further propels the market. These systems enable clinicians to visualize physiological processes, assess disease progression, and tailor treatment strategies for improved patient outcomes. Furthermore, the demand for targeted medicine and precision healthcare interventions has spurred the requirement for nuclear imaging equipment across various applications, further fueling the market.

• According to the report published by the National Institutes of Health on January 31, 2023, over 70% of innovative drugs in oncology are targeted drugs and their numbers are expected to increase by 69% in the next five years.
  

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Impact of Artificial Intelligence (AI) in the Nuclear Imaging Equipment Market

The use of artificial intelligence is likely to boost the nuclear imaging equipment market. AI algorithms are being integrated into imaging systems to enhance image quality and streamline workflow efficiency. Furthermore, AI-based predictive analytics tools analyze large datasets to identify patterns and optimize treatment strategies to facilitate personalized medicine approaches.

Nuclear Imaging Equipment Market Dynamics

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Major Drivers

Increasing prevalence of cancer globally is expected to drive the market during the forecast period. Nuclear imaging techniques are important in early detection and disease management. These modalities enable clinicians to visualize metabolic activity, tumor markers, and molecular pathways. This helps in aiding in the diagnosis, treatment planning, and monitoring of various cancer types. For instance, as per the report published by the WHO on February 1, 2024, approximately 20 million new cases of cancer are diagnosed in 2022. Moreover, the surging adoption of hybrid imaging devices further boosts the market.

Existing Restraints

Limited accessibility and availability of nuclear imaging technologies in rural and remote areas are anticipated to hamper the market in the coming years. Factors such as logistical challenges and a shortage of skilled personnel are causing this accessibility gap. Moreover, the high initial costs associated with nuclear imaging equipment further reduces their demand in healthcare settings.

Emerging Opportunities

­Increasing investment in research and development in nuclear imaging equipment is expected to create immense opportunities for the players competing in the market during the forecast period. Companies are focusing on enhancing the capabilities of this technology to improve image quality, diagnostic accuracy, and patient outcomes. This investment also enables the exploration of new applications of nuclear imaging equipment to expand its utility across various medical specialties and research domains. Moreover, the growing focus on personalized medicine and molecular imaging approaches is further boosting the market.

Scope of the Nuclear Imaging Equipment Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Nuclear Imaging Equipment Market Segment Insights

Product Type Segment Analysis

Based on product type, the nuclear imaging equipment market is divided into single photon emission computed tomography (SPECT), positron emission tomography (PET), planar scintigraphy, and others. The positron emission tomography is expected to expand at a significant growth rate in the coming years, due to its increasing popularity in oncology, neurology, and cardiology applications. PET imaging offers high sensitivity and resolutions for accurate diagnostics and treatment. Moreover, the advancement in PET imaging technology further propels their demand across various healthcare applications.

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Application Segment Analysis

On the basis of application, the global market is segregated into oncology, neurology, cardiology, and others. The oncology segment held a large market share in 2023, due to the growing demand for accurate diagnostic and staging tools. Nuclear imaging techniques, such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT) are important in oncology. They enable the visualization of tumor metabolism and response to treatment. Furthermore, the increasing prevalence of cancer worldwide further contributes to boosting the demand for nuclear imaging equipment for treatment purposes.

The cardiology segment is anticipated to expand at a substantial CAGR during the forecast period, owing to the rising number of cardiovascular operations. Nuclear imaging modalities provide valuable insights into myocardial blood flow and ventricular function, which helps in risk prognostication and treatment planning. Additionally, the growing demand for non-invasive imaging techniques to treat a high number of cardiac assessments fuels the utilization of advanced imaging equipment, including nuclear imaging equipment.

• According to a report published by the WHO on June 11, 2021, an estimated 17.9 million people died from cardiovascular diseases in 2019.
   

End-user Segment Analysis

Based on end-user, the nuclear imaging equipment market is segmented into hospitals, diagnostic imaging centers, and others. The diagnostics imaging centers segment is projected to register a robust growth rate during the assessment years, owing to the rising demand for specialized diagnostic procedures and the expansion of imaging centers in urban and suburban areas.

Diagnostic imaging centers offer convenient access to a wide range of imaging services, including nuclear imaging, without the need for hospital admission. Moreover, the growing demand for cost-effective healthcare nuclear imaging services is contributing to boosting the segment during the forecast period.

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Regional Outlook

In terms of region, the global nuclear imaging equipment market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America held a major market share in 2023, due to the presence of robust healthcare infrastructure and high adoption rates of technologically advanced medical imaging systems. Moreover, the growing population of cancer patients in this region further boosts the utilization of nuclear imaging equipment.

• According to the report from the American Cancer Society, there were over 1.9 million new cancer cases diagnosed and 608,570 cancer-related deaths in the US in 2021.

The market in the Asia Pacific is projected to expand at a significant pace in the coming years, owing to the growing healthcare expenditure and the presence of a large population suffering from chronic diseases. Populated countries such as India and China are fueling the demand for nuclear imaging equipment in this region. Furthermore, the entry of major pharmaceutical multinational companies and government initiatives to prompt the adoption of new technologies in the healthcare sector further fuels the market in this region.\

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