Fueling Growth: Chronic Disease Prevalence Propels Nuclear Medicine Equipment Market Worldwide is expected to expand US$ 3.4 Billion by 2032 | FMI

The Nuclear Medicine Equipment Market is anticipated to have an increase in demand worldwide, rising from US$ 2.3 billion in 2022 to US$ 3.4 billion by 2032. The market for nuclear medicine equipment is anticipated to expand steadily from 2022 to 2032 at a CAGR of 4.1 percent.

The global increase in the prevalence of chronic diseases is one of the key factors fueling the positive outlook for the nuclear medicine equipment industry.

Additionally, the ageing population is driving up purchases of nuclear medicine equipment because they are increasingly sensitive to age-related and associated ailments. In accordance with this, the market for nuclear medicine equipment is developing due to the rising demand for customised drugs among patients and healthcare professionals.

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Technology advancements like the development of radiotracers and data-integrated imaging systems are further growth-promoting factors. In order to compare diagnostic scans and follow the progression of illnesses, these systems enable the reconstruction and processing of computer-assisted images in addition to the precise identification of medical conditions. These are what are influencing market trends for nuclear medical equipment internationally.

As per nuclear medicine equipment market analysis, in order to provide precise and high-resolution images, healthcare facilities are rapidly transitioning from standalone to hybrid imaging technologies. Other factors, such as increased biotechnology research and development (R&D) activities, as well as major advances in medical infrastructure, particularly in developing nations, are expected to propel the nuclear medicine equipment market forward.

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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