What Has Been the Progress and Growth of the Nuclear Medicine Equipment Market in Recent Years?
The nuclear medicine equipment market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the size of the nuclear medicine equipment market in the past few years. There is a predicted increase from $2.66 billion in 2024 to $2.81 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.8%.
Factors contributing to this growth during the historical period include a surge in demand for early detection of diseases, an increase in the senior citizen population, expansion of healthcare infrastructure, increased funding for R&D, and a growing demand for functional imaging.
How Does the Forecast Look for the Nuclear Medicine Equipment Market?
The nuclear medicine equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The industry for nuclear medicine equipment is projected to witness significant expansion in the coming years, with its value anticipated to reach $3.49 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.5%.
The predicted growth in this period can be associated with factors such as an increase in cancer cases, a rise in the cost of nuclear imaging systems, a growing emphasis on personalized medicine, wider adoption of hybrid imaging systems, and a higher demand for treatment and diagnostics of Alzheimer's and Parkinson's diseases. The notable emerging trends during this forecast period include technological progression, the integration of artificial intelligence, the use of hybrid imaging systems, telemedicine, and more compact devices.
What Are The Leading Drivers Of Growth In The Nuclear Medicine Equipment Market?
The escalation in the occurrence of heart-related diseases is anticipated to stimulate the expansion of the nuclear medicine equipment market in the future. Heart or cardiovascular diseases, collectively known as cardiac ailments, encompass a wide array of conditions that affect the heart and blood vessels, impacting heart function, structure, and blood flow. The primary factors associated with the rise of cardiac ailments include aging populations, lifestyle habits, like unhealthy nutrition and inactive living, environmental factors, and improvements in detection technology. The role of nuclear medicine equipment in managing cardiac diseases involves providing detailed imaging and diagnostic information, resulting in early detection, precise staging, and efficient monitoring. For instance, the British Heart Foundation's data in January 2024 indicates that in the UK, about 7.6 million people suffer from heart and circulatory diseases, with nearly 4 million men and 3.6 million women living with these conditions. These diseases account for roughly 27% of all deaths in the UK, equivalent to over 170,000 fatalities every year, or approximately 480 fatalities each day, equating to a death every three minutes. Consequently, the surge in the occurrence of cardiac diseases fuels the growth of the nuclear medicine equipment market.
How Are The Segments Defined Within The Global Nuclear Medicine Equipment Market?
The nuclear medicine equipment market covered in this report is segmented –
1) By Product: Single Photon Emission Computed Tomography, Hybrid Positron Emission Tomography, Planar Scintigraphy
2) By Application: Oncology, Cardiology, Neurology, Other Applications
3) By End User: Hospitals, Imaging Centers, Academic And Research Institutes, Other End Users
Subsegments:
1) By Single Photon Emission Computed Tomography (SPECT): Standalone SPECT Systems, Hybrid SPECT/CT Systems
2) By Hybrid Positron Emission Tomography (PET): PET/CT Systems, PET/MRI Systems
3) By Planar Scintigraphy: Cardiac Imaging Systems, Bone Scintigraphy Systems, Thyroid Imaging Systems
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Which Emerging Market Trends Are Altering The Nuclear Medicine Equipment Industry?
Leading firms in the nuclear medicine equipment market are prioritizing the development of innovative products like PET/CT scanners, essential for producing intricate, functional images of metabolic processes within the body. The sophisticated imaging tools employed in nuclear medicine, namely positron emission tomography (PET) and computed tomography (CT), are combined in a PET/CT scanner. This dual-modality scanner offers both functional and anatomical imaging in one combined session aiding medical professionals in the precise detection and diagnosis of an array of conditions. Take for example Siemens Healthineers, a Germany-headquartered healthcare firm, that introduced the Biograph Trinion PET/CT scanner in June 2024. This PET scanner comes equipped with a distinct expandable axial field-of-view design that permits in-situ technological advancements without the necessity for expensive room modifications or disruption to ongoing operations. It is fitted with a lutetium oxyorthosilicate (LSO) crystal detector known for its high spatial resolution and ultra-rapid time-of-flight performance of 239 picoseconds, which improves the detection of small lesions and offers a sensitivity of up to 128 cps/kBq. This results in quicker scanning procedures, simultaneously reducing patient exposure to radiation. The new Biograph Trinion model also introduces an air-cooled digital detector, making the installation process simpler than traditional water-cooled systems.
Who Are the Key Players In The Nuclear Medicine Equipment Market?
Major companies operating in the nuclear medicine equipment market are:
• Fujifilm Holdings Corporation
• Koninklijke Philips N.V.
• General Electric Company
• Shimadzu Corporation
• Mallinckrodt Pharmaceuticals
• Curium Pharma
• Bartec Technologies Ltd.
• Cardinal Health Inc.
• Canon Medical Systems Corporation
• Digirad Corporation
• TTG Imaging Solutions
• Biodex Medical Systems Inc.
• Spectrum Dynamics Medical
• Mediso Ltd.
• Cyclopharm Limited
• Siemens Healthineers AG
• Capintec Inc.
• Laboratorios Bacon S.A.
• Von Gahlen
• Toshiba Medical Systems Corporation
• Elysia-Raytest
• MR Solutions Ltd.
• DDD-Diagnostic A/S
• MILabs B.V.
What Is The Most Dominant Region In The Nuclear Medicine Equipment Market?
North America was the largest region in the nuclear medicine equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuclear medicine equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
