$3.3 Billion Nuclear Imaging Devices Market is Restrained by Strict Regulations Says a TBRC Report
LONDON, Sept. 12, 2019 /PRNewswire/ -- The nuclear imaging devices and equipment market is being restrained by strict regulations by the Nuclear Regulatory Commission (NRC) medical use. For instance, the NRC requires nuclear imaging equipment licensees to use and store radioactive materials to protect workers and common people by removing unwanted exposure, which has resulted in a relatively lesser number of nuclear imaging equipment being manufactured. The Nuclear Regulatory Commission (NRC), USA, regulates the manufacture and use of radioactive materials in nuclear imaging devices, as well as radiation therapy and research. It has agreements with 37 US states which allows them to regulate the use of certain radioactive materials by giving licenses to hospitals, clinics and medical centers. The US based Food and Drug Administration (FDA) also regulates products and procedures that are radiation-emitting. It reviews the safety and use of radiopharmaceuticals and machines like x-rays, which produce radiation but do not make or use radioactive material.
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Increasing Incidences Of Diseases Will Drive The Nuclear Imaging Equipment Market
The global nuclear imaging devices and equipment market was valued at about $3.3 billion in 2018 and is expected to grow to $3.76 billion at an annual growth rate of 3.3% through 2022. The nuclear imaging devices and equipment market is being driven by increasing incidences and prevalence of diseases such as cancer, heart disease, gastrointestinal, endocrine and neurological disorders. Such diseases are diagnosed in relatively early stages by nuclear imaging equipment as compared to other equipment. For instance, according to the International Agency For Research On Cancer (IARC), the cancer occurrences have increased to 18.1 million new cases and 9.6 million cancer deaths in 2018, many of which have been diagnosed by nuclear imaging devices and equipment.
Nuclear imaging devices and equipment are used in the diagnosis of radioactive substances in patients. The key product types of the market include SPECT (single-photon emission computed tomography) systems (hybrid SPECT and standalone SPECT) and hybrid PET systems. These products are used in a wide range of medical applications including cardiology, obstetrics/gynecology, vascular, urology, and other medical applications. Request A Free Sample Of The Nuclear Imaging Devices And Equipment Market Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2399&type=smp
Increasing Use Of Hybrid Technologies
Companies in the nuclear imaging devices and equipment market are using hybrid imaging technologies such as positron emission tomography/computed tomography (PET/CT), single-photon emission computed tomography/computed tomography (SPECT/CT), and positron emission tomography/magnetic resonance imaging (PET/MRI) for nuclear medical imaging. These hybrid systems provide precise images with better resolution, and both morphological and physiological information in just one instance of testing. For instance, a SPECT/CT system for skeletal evaluation offers accurate localization and improves the specificity of information provided by CT.
Competitive Landscape Of The Nuclear Imaging Devices Market
Major players in the market are Toshiba Medical Systems Corporation, Neusoft Medical Systems Co., Ltd., SurgicEye GmbH, Siemens Healthineers and GE Healthcare. Companies have been investing in merger and acquisition activity to strengthen and expand their businesses. In January 2018, Canon acquired Toshiba Medical Systems for $6.21 billion. The acquisition is expected to strengthen Canon's focus on developing its medical equipment business. Toshiba Medical Systems is a medical equipment company specialized in diagnostic imaging equipment, founded in 1948, and is headquartered in Tochigi, Japan.
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