Radiopharmaceutical Revolution: Nuclear Medicine Equipment Market Forecasted to Reach US$ 3.4 Billion by 2032 | FMI Study

Nuclear Medicine Equipment Market

Global demand for Nuclear Medicine Equipment Market is predicted to increase, from US$ 2.3 billion in 2022 to US$ 3.4 billion by 2032. The market for nuclear medicine equipment grew at a CAGR of 3.6 % from 2016 to 2021, reaching US$ 2.2 billion. From 2022 to 2032, the nuclear medicine equipment market is projected to grow gradually at a CAGR of 4.1%.

One of the main drivers of the promising future for the nuclear medicine equipment sector is the rising prevalence of chronic diseases worldwide.

Additionally, as a result of their increased sensitivity to diseases linked to ageing and other factors, the ageing population is boosting the demand for nuclear medicine equipment. As a result, the market for nuclear medicine equipment is expanding as consumers and healthcare providers desire more tailored medications.

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Additional growth-promoting aspects include technological developments like the creation of radiotracers and data-integrated imaging systems. These systems allow the exact diagnosis of medical disorders as well as the reconstruction and processing of computer-assisted pictures in order to compare diagnostic scans and track the evolution of illnesses. These are the factors affecting global market trends for nuclear medical equipment.

According to a market analysis of nuclear medicine equipment, healthcare institutions are fast switching from standalone to hybrid imaging technologies in order to produce accurate and high-resolution images. The market for nuclear medicine equipment is anticipated to grow as a result of other factors such as increased biotechnology research and development (R&D) activities and significant improvements in medical infrastructure, particularly in emerging countries.

Key Takeaways:

  • The nuclear medicine equipment market growth is likely to be hampered by high installation and running expenses, as well as product recalls, over the forecast period.
  • One of the primary reasons projected to drive nuclear medicine equipment market expansion over the forecast period is the rising prevalence of chronic disorders.
  • SPECT segment leads the nuclear medicine equipment market share with the projected CAGR of 4.92% by 2032.
  • Oncology leads the nuclear medicine equipment market with the projected CAGR of 4.3% by 2032.
  • From 2021 to 2032, the academic and research institutes segment is expected to grow at the fastest rate of 6.1 percent. This is attributable to an increase in nuclear medicine research and development activities.

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Competitive Landscape:

To enhance their nuclear medicine equipment market share, leading players in the worldwide nuclear medical equipment market are focused on new product introductions. Several companies are prioritising new releases, product approvals, and other organic growth techniques like patents and events.

In the nuclear medicine equipment market, acquisitions, partnerships, and collaborations were viewed as inorganic growth strategies. These initiatives have paved the road for market players to develop their business and client base and transform the nuclear medical equipment market picture.

Key Players in the nuclear medicine equipment market include Philips Healthcare, GE Healthcare, Siemens Healthineers AG, Digirad Corporation, Mediso Medical Imaging Systems Ltd, DDD-Diagnostics A/S, Neusoft Medical Systems Co. Ltd., SurgicEye GmbH, and CMR Naviscan Corporation.

With high entry hurdles, advanced technical advances, and significant clinical and nonclinical unmet needs to meet, the nuclear medicine equipment market appears to have a bright future.

Recent Development in the Nuclear Medicine Equipment Market:

Curium purchased IASON, an Austrian radiopharmaceutical company, in June 2021 to expand its diagnostic product portfolio in Europe.

Lantheus, a company that makes diagnostic imaging agents and equipment in the United States, received FDA approval for PYLARIFY injectable in May 2021. The injection is the first commercially available PSMA PET imaging agent for prostate cancer.

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Segments:

By Product:

  • SPECT
    • Hybrid SPECT
    • Standalone SPECT
  • Hybrid PET
  • Planar Scintigraphy

By Application:

  • Oncology
  • Cardiology
  • Neurology
  • Others

By End User:

  • Hospitals
  • Imaging Centers
  • Academic & Research Institutes
  • Others

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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