Nuclear Imaging Equipment Market Projected to Witness a Double-Digit CAGR During 2016 - 2024

Nuclear imaging equipment uses radioactive substances or tracers for the purpose of imaging. These images aid physicians and clinicians in detection and diagnosis of the illness. The development of advanced imaging equipment for fulfillment of the increasing requirement for enhanced diagnostics is leading to development in this market. These technologically advanced equipment have surpassed the conventional systems due to better precision and accuracy of images. Increasing incidence of chronic diseases such as cardiac disorders, cancer, and neurological disorders, technological advancements, and growing awareness about the early diagnosis have fueled the growth of the medical imaging systems market. In addition, increasing aging population, growing demand for imaging system procedures, and growing expenditure on healthcare would further fuel the market growth. However, expensive imaging systems coupled with unfavorable government initiatives have hindered the growth of the market in developing regions. Nuclear imaging is used in hospitals and medicines to provide a physician with apparatus for making an accurate diagnosis. This helps in deduction of treatment recommendations and to possibility of repeating of errors. Simplification of image evaluation process will help in successful identification of health issues. The advancement of nuclear imaging technology will also be beneficial for up gradation of precision and standardization in imaging techniques for clinical trials.

Increasing government initiatives for the use of modern technologies in healthcare and expansion of infrastructure is expected to drive this market. The introduction of many new manufacturers in this region will increasing the market size for nuclear imaging equipment. This market is presently consolidated and there are few manufacturers who own maximum share of the market.

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Nuclear imaging equipment is used in oncology, cardiology, neurology and others. The oncology applications segment is expected to account for the largest share of the global market. The increasing occurrence of tumors is driving the use of this imaging technique and is projected to register the highest growth rate in the forecast period. The growing occurrence and incidence of cancer across the globe and increasing initiatives by public and private organizations to curb the same in driving the demand for this market. The expansion of advanced systems and radiotracers for oncology are the factors liable for the high growth rate of this segment.

On the basis of end user, the nuclear imaging equipment market is segmented into imaging centers, hospitals, academic, research organization and other end users. The other uses of nuclear imaging are found in pharmaceutical, biotechnology companies and contract research organization (CRO). The rising healthcare expenditure across the globe in driving the demand in hospital segment and is forecasted to hold the largest share during the forecast period of 2016-2024. This segment will also grow at the highest CAGR during the forecast period.

This rise in demand can be accredited to features such as the necessity to improve the effectiveness of diagnostic imaging processes and rising number of these procedures undertaken in hospitals. Also, hospitals are expected to provide the most advanced technology and quality of life care possible. This factor will increase the adoption of advanced nuclear imaging systems in the centers.By region the market has been segmented into: North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. This market is expected to witness the highest growth in the Asia-Pacific region. Increasing occurrence of various life threatening diseases like cancer, tumors etc. in this region is expected to drive the market for this region.

The major manufacturers of nuclear imaging equipment in global market are Digirad Corporation, SurgicEye GmbH, Siemens Healthineers, GE Healthcare, Philips Healthcare, Toshiba Medical Systems Corporation, Neusoft Medical Systems Co. Ltd., Mediso Medical Imaging Systems Ltd., CMR Naviscan Corporation and DDD Diagnostics amongst others.

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