The nuclear imaging market size is anticipated to expand at a significant CAGR during the forecast period 2021–2028. Growth of the market is attributed to increasing initiatives by government, changing customers’ preference, and rising prevalence of cancer.
Nuclear imaging is a system of generating images from various parts of the human body by identifying radiation, after a radioactive tracer is given to the customers. The nuclear images are digitally obtained on a computer and transferred to a nuclear medicine physician. Radioactive tracers utilized in nuclear imaging are inserted into the human body. In some cases, they are given through mouth.
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The Covid-19 pandemic affected the demand and supply of nuclear imaging market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
• Technological advancement in nuclear imaging sector is projected to boost the market.
• Increasing diagnostic applications in various diseases is the major factor fueling the market.
• Lack of awareness about the nuclear imaging is projected to restrict the market expansion during the forecast period.
• High price of nuclear imaging is anticipated to hamper the market growth in the coming years.
• R&D investment and technological advancement in nuclear imaging market is projected to offer lucrative opportunities for the market players.
Market Segment Insights
The PET applications segment accounts for a key share of the market
Based on applications, the nuclear imaging market is bifurcated into PET applications & SPECT applications. The PET application segment is sub-segmented into neurology, oncology, cardiology, and others. The SPECT applications segment is sub-segmented into thyroid, cardiology, neurology, and others. The PET applications segment accounts for a key share of the market. Growth of the market is attributed to introduction of sophisticated software and introduction of new radiopharmaceuticals for diagnosis. However, the SPECT applications segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rapid development in molecular imaging and increasing awareness among people.
The SPECT radioisotopes segment accounts for a significant share of the market
Based on products, the market is segregated into radioisotope & equipment. The radioisotope segment is sub-segmented into diagnostic technology. The diagnostic technology is further sub-segmented into PET radioisotopes & SPECT radioisotopes. The PET radioisotopes segment is sub-segmented into rubidium-82, fluorine-18, and others. The SPECT radioisotopes segment is sub-segmented into iodine, gallium, technetium-99m, thallium-201, and others. The SPECT radioisotopes segment accounts for a significant share of the market. Growth of the market is attributed to increased prescription by physicians and increasing focus on personalized medicines. The PET radioisotopes are anticipated to expand at a rapid pace during the forecast period due to factors such as rising investment by private & public sectors and rising technological advancement in radio-trace field.
North America is anticipated to hold major market share
On the basis of region, the nuclear imaging market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to increasing convenient & efficient technologies and rising requirement for skilled professions. The market of North America is estimated to hold major market share due to rising demand for data integrated imaging systems and increasing aging population.
Key players competing in the nuclear imaging market include Canan Medical Systems Corporation; Nordion (Canada Inc.); CMR NAVISCAN (GAMMA MEDICA INC.); Siemens Healthineers; GE Healthcare; Bracco Imaging SpA; Koninklijke Philips NV; Curium; NTP Radioisotopes SOC; and Cardinal Health Inc.
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