Nuclear Medicine Equipment Market Revenue to Reach USD 3.4 Bn by 2030 | Industry CAGR of 3.2%
The global nuclear medicine equipment industry generated $2.5 billion in 2020, and is expected to reach $3.4 billion by 2030, growing at a CAGR of 3.2%
PORTLAND, OREGON, UNITED STATES, July 20, 2022 /EINPresswire.com/ -- According to the report, the global Nuclear Medicine Equipment Market size was valued at $2.5 billion in 2020, and is projected to reach $3.4 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Nuclear medicine equipment including PET/CT and SPECT scans are utilized for collect radiation from small radioisotopes that reside into the body. This equipment thus helps in carrying out diagnosis of diseases and analyze the treatment response to the patient. The crucial factors driving the growth of the market include advent of advanced equipment, surge in prevalence of cardiovascular diseases and cancer, increase in investment in modernization of diagnostic imaging centers, and radiotracers developments.
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Owing to the increase in the prevalence of individuals suffering from cancer & chronic diseases, the rise in the geriatric population, and growth in awareness among the population toward the benefits of nuclear medicine equipment across the world drive the growth of the market during the forecast period.
Surge in the prevalence of chronic diseases such as cancer & cardiovascular diseases, rise in awareness regarding efficacy of nuclear medicine equipment for early diagnosis of different type of cancers, and advancements in technology drive the growth of the global nuclear medicine equipment market. However, high cost and lack of availability of efficient data and evidence regarding nuclear medicine equipment restrain the market growth. On the other hand, increase in investments to promote research and technological advancements create new opportunities in the coming years.
Covid-19 Scenario
During the Covid-19 pandemic, there was a decline in conventional nuclear imaging procedures in electric surgery for cardiovascular diseases and the diagnosis of different types of cancers. This led to reduced demand for various types of equipment such as SPECT.
Hospitals and healthcare organizations across the world postponed the non-elective surgeries during the pandemic to focus on treatment of huge number of patients infected with coronavirus. This consequently, reduced the demand for nuclear medicine equipment.
The oncology segment is anticipated to maintain its leadership position during the forecast period, owing to the surge in incidence of cancer and rise in awareness regarding early diagnosis. However, the neurology segment is expected to register the highest growth rate as this equipment can be utilized for diagnosis and assessment of the treatment response to different neurological disorders including Alzheimer’s disease, vascular dementia, brain death/injury, stroke & transient ischemic attack, and others.
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The hospitals segment to continue its leadership status by 2030
Based on end user, the hospitals segment held the highest share in 2020, accounting for more than half of the global nuclear medicine equipment market, and is projected to continue its leadership status by 2030. This is attributed to rise in the prevalence of cancer and the surge in demand for nuclear medicine equipment in hospitals. However, the academic and research institutes segment is estimated to witness the highest CAGR of 6.1% from 2021 to 2030. This is due to increase in research and development activities toward nuclear medicines.
North America to continue its lead position by 2030
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global live chat software market, and is projected to continue its lead position by 2030. This is attributed to well-established healthcare infrastructure and the presence of major key players in the market. However, Asia-Pacific is estimated to witness the largest CAGR of 4.4% during the forecast period, owing to increase in prevalence of cancer & other chronic diseases, rise in awareness about early diagnosis of cancer, and untapped potential in the region.
Leading Market Players
Simen Healthineers
Fujifilm Holdings
Canon Inc
Digirad Corporation
Mediso Medical Imaging Systems
SurgicEye GmbH
General Electric Company
Koninklijke Philips N.V.
Bozlu Holding
Nuerosoft Medical Systems
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Japan Nuclear Medicine Equipment Market
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