Nuclear Medicine Equipment Market Expected to Reach $2,647 Million, Globally, by 2022

The global nuclear medicine equipment market was valued at $2,012 million in 2015, and is estimated to reach $2,647 million by 2022, growing at a CAGR of 3.9% during the forecast period. Nuclear medicine utilizes radionuclides, which are unstable atoms that emit radiation spontaneously, to examine and treat diseases such as, cancer, cardiovascular, and others.
Radionuclides are cleaned and compounded like other drugs to form radiopharmaceuticals. Nuclear medicine imaging offers information at the molecular and cellular level in the body with the help of uptake of radiotracers by the tissues.

Nuclear medicine equipment are used to diagnose and treat various diseases, such as cancer, cardiovascular diseases, neurological diseases, and for drug development. These equipment are used to examine/study different processes including metabolism, tissue blood flow, expression of cell receptors in normal and abnormal cells, neurotransmitter activity, homing, cell trafficking, and apoptosis. Equipment used for anatomic imaging are single-photon emission computed tomography (SPECT) and positron emission tomography (PET), enhance the accuracy of nuclear medicine imaging. These devices when combined with computed tomography (CT) (PET/CT and SPECT/CT devices) deliver better results in areas such as unidentifiable structural alteration.

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The nuclear medicine equipment market is segmented based on product type, application, end user, and geography. Based on product, the market is divided into SPECT, which is further segmented into standalone, and hybrid SPECT, and PET is subcategorized as standalone and hybrid PET. By application, it is categorized into cardiology, neurology, oncology, and others (orthopedics, urology, thyroid-related disorders, and gastroenterology). Based on end user, it is segmented into hospitals, imaging centers, and academic & research institutes. Geographically, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, Turkey, Saudi Arabia, Republic of South Africa, Argentina, and rest of LAMEA).

The market growth is driven by the emergence of latest and advanced products, development in clinics and centers for diagnostic imaging, advancement in radiotracers, and increase in number of patients with cancer and cardiac ailments. However, factors such as shorter half-life of radiopharmaceuticals and high cost of nuclear imaging equipment, coupled with unfavorable reimbursement initiatives, restrict market growth in developing regions.

Major players in the nuclear medicine equipment industry have adopted product launch as their key developmental strategy to expand their market foothold. For instance, in October 2016, Siemens Healthineers launched xSPECT Quant technology, which enables quantification of three additional isotopes using Symbia Intevoystem; this was a major evolution of SPECT/CT.
Key players profiled in this report are General Electric Company, Koninklijke Philips N.V., Siemens Aktiengesellschaft, Digirad Corporation, Mediso Medical Imaging Systems, Ltd., Toshiba Corporation, Bozlu Holding, Neusoft Corporation, Compañía Mexicana de Radiología CGR, S.A de C.V., and SurgicEye GmbH. Other players operating in this market include CMR Naviscan Corporation, DDD-Diagnostic A/S, Positron Corporation, and TeraRecon, Inc.

Asia-Pacific and LAMEA possess high market potential, owing to rise in prevalence of cancer and other chronic diseases, rising awareness about the early diagnosis of cancer, growth in demand for nuclear medicine equipment, and presence of untapped opportunities. For example, in Nepal, in June 2016, Sooriya Diagnostic installed its first Discovery IQ PET/CT scanner for early diagnosis of cancer, due to the growing cancer cases.

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The nuclear medicine equipment market share in Argentina is projected to grow at a CAGR of 6.0% during the forecast period, as Argentina has the highest number of breast and colon cancer cases worldwide, which is expected to drive the market growth.

KEY BENEFITS FOR STAKEHOLDERS

• This report provides a detailed quantitative analysis of the current nuclear medicine equipment market trends from 2014 to 2022 to identify the prevailing opportunities.
• The market estimations are based on comprehensive analysis of the key developments in the nuclear medicine equipment industry.
• The global nuclear medicine equipment industry is comprehensively analyzed with respect to product type, application, end user, and geography.
• In-depth analysis of the market size based on geography helps in understanding the regional market to assist in strategic business planning.
• The recent developments and strategies adopted by key manufacturers are enlisted to understand the competitive market scenario.

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