Increasing Technological Innovations In Nuclear Imaging Equipment And Research Grants | Siemens Healthineers, Koninklijke Philips N.V.,GE Healthcare

North America is expected to hold a dominant position in the global nuclear imaging equipment market. This is owing to increasing adoption of new imaging equipment, which in turn is expected to improve cancer treatment with enhanced image quality. For instance, in October 2018, the Center for Quantitative Cancer Imaging at Huntsman Cancer Institute (HCI), University of Utah, installed— nanoScan PET/MRI 3T preclinical in vivo imaging system for screening rodent tumor models. Furthermore, increasing prevalence of cancer in North America is expected to propel demand for nuclear imaging equipment over the forecast period. A report by the National Cancer Institute projected around 1,735,350 new cases of cancer and 609,640 deaths due to the disease in the U.S in 2018.

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Key players in the global nuclear imaging equipment market are focused on new product launch to enhance their market share. For instance, in May 2018, the Food and Drug Administration (FDA) cleared— Biograph Vision— a positron emission tomography/computed tomography system developed by Siemens Healthineers. The system helps to reduce scan time to improve patient throughput and also reduces patient radiation exposure and tracer cost.

Major players operating in the global nuclear imaging equipment market include, Siemens Healthineers, Koninklijke Philips N.V.,GE Healthcare, Toshiba Medical Systems Corporation, Neusoft Medical Systems Co., Ltd., Mediso Medical Imaging Systems Co., Ltd., CMR Naviscan Corporation, Digirad Corporation, SurgiEye GmbH, and Positron Corporation

Increasing prevalence of chronic diseases is expected to propel growth of the nuclear imaging equipment market. According to a report published by Center for Chronic Disease Prevention and Health Promotion 2012, around 117 million people were suffering from at least one chronic health condition and one in four adults had two or more chronic health conditions in the U.S. Moreover, according World Health Organization (WHO), chronic diseases are expected to account for around three-quarters of all deaths worldwide by 2020. WHO further stated that around 71% of these deaths would occur due to Ischaemic Heart Disease (IHD) and 75% due to stroke.

Furthermore, increasing funding for development of advanced nuclear imaging equipment is expected to propel the market growth. For instance, the National Institute of Biomedical Imaging and Bioengineering is focusing on offering funding to develop new radio tracers and technologies in order to enhance image quality of nuclear imaging equipment. Moreover, in November 2018, the Radiological Society of North America (RSNA) Research & Education (R&E) Foundation granted US$ 40,000 for its joint research grants with Canon Medical Systems.

However, high installation and operating costs and product recalls are expected to limit the adoption of nuclear imaging systems in small and middle-sized hospitals, thereby hindering the market growth. For instance, in November 2018, GE Healthcare announced recalling its Millennium Nuclear Medicine Systems due to risk of detector detachment that may lead to fatal injuries in patients.

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