The global nuclear medicine equipment market is set to experience substantial growth, with its market size projected to rise from USD 2.3 billion in 2022 to USD 3.4 billion by 2032. This represents a steady compound annual growth rate (CAGR) of 4.1% from 2022 to 2032.
Several factors are contributing to the optimistic outlook for the nuclear medicine equipment industry. Chief among these is the global increase in the prevalence of chronic diseases. As chronic conditions become more widespread, the demand for advanced diagnostic and therapeutic tools, including nuclear medicine equipment, is on the rise.
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Moreover, the ageing population is a significant driver of market growth. Older adults are more susceptible to age-related and associated ailments, leading to a heightened need for nuclear medicine equipment to manage and treat these conditions effectively. This demographic shift is expected to continue driving market expansion over the coming decade.
Additionally, the growing demand for personalised medicine among patients and healthcare professionals is fueling the development and adoption of nuclear medicine equipment. Personalised medicine, which tailors treatment to the individual characteristics of each patient, often relies on precise diagnostic tools like nuclear medicine equipment to achieve optimal outcomes.
The increasing adoption of nuclear medicine equipment in various medical fields underscores its vital role in modern healthcare. As the market continues to evolve, stakeholders can anticipate ongoing innovations and advancements that will further enhance the capabilities and applications of nuclear medicine equipment.
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.
Key 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
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