Nuclear Imaging Equipment Market - Industry Share Analysis, Key Players and Future Prospect

The Research Report on "Nuclear Imaging Equipment Market by Product (SPECT (Hybrid SPECT, Standalone SPECT), Hybrid PET, & Planar Scintigraphy), Application (Oncology, Cardiology & Neurology) & End user (Hospitals, Imaging Centers) - Global Forecasts to 2025", is expected to reach USD 3.4 billion by 2025 from USD 2.6 billion in 2020, at a CAGR of 4.9% during the forecast period.

Shift from standalone to hybrid modalities;

With technological advancements in the field of imaging, there has been a significant evolution of hybrid systems in the past decade. The major advancement in this regard is that of combined PET modalities. The innovation of PET/CT modality has been so successful that the major imaging system manufacturers do not provide standalone PET systems any longer. Based on the success of the hybrid PET/CT systems, hybrid PET/MRI and SPECT/CT systems have also gained attention. These hybrid systems can provide precise images with better resolution compared to standalone systems. They can provide morphological as well as physiological information in just one examination. For instance, in the case of skeletal evaluation, a SPECT/CT system offers accurate localization along with improving the specificity of the information provided by CT. Due to advantages such as these, many hospitals are now replacing their standalone systems with hybrid systems. The rising popularity of hybrid modalities is likely to drive the growth of the nuclear imaging equipment market.

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Industry Segmentation In Detailed:

The oncology segment is expected to account for the largest share of the nuclear imaging equipment market in 2020

Based on application, the nuclear imaging equipment market is segmented into oncology, cardiology, neurology, and other applications. The oncology application segment is expected to register the highest CAGR during the forecast period. The major factors contributing to the growth of this segment include the rising incidence and prevalence of cancer across the globe, initiatives taken by public and private organizations to curb the rising cancer prevalence, and the development of advanced systems and radiotracers for oncology.

The hospitals end-user segment is expected to account for the largest share of the Nuclear Imaging Equipment market in 2020

Based on end user, the nuclear imaging equipment market is segmented into hospitals, imaging centers, academic & research centers, and other end users. Hospitals accounted for the largest share of the global nuclear imaging equipment market in 2019. This can be attributed to factors such as the need to improve the efficiency of diagnostic imaging procedures and the rising number of diagnostic imaging procedures performed in hospitals.

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Leading Key Players and Analysis:

Siemens Healthineers (Germany), Philips Healthcare (Netherlands), and GE Healthcare (US), are some of the leading players of the nuclear imaging equipment market.

Geographical Analysis in Detailed:

North America is expected to dominate the global the nuclear imaging equipment market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing incidence of chronic diseases, rising awareness on the benefits of early disease diagnosis, and improvement of healthcare systems in the region.

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