Nuclear Medicine Equipment Market to Reach $3.4 Bn, Globally, by 2030 at 3.2% CAGR: AMR

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Jun 02, 2022, 09:10 ET

Surge in the prevalence of chronic diseases such as cancer & cardiovascular diseases and advancements in technology drive the growth of the global nuclear medicine equipment market.

PORTLAND, Ore., June 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nuclear Medicine Equipment Market by Product (Single-Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET)), by Application (Oncology, Neurology, Cardiology, and Other Applications), by End User (Hospitals, Imaging Centers, Academic and Research Institutes): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global nuclear medicine equipment industry generated $2.5 billion in 2020, and is expected to reach $3.4 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Surge in the prevalence of chronic diseases such as cancer & cardiovascular diseases, rise in awareness regarding efficacy of nuclear medicine equipment for early diagnosis of different type of cancers, and advancements in technology drive the growth of the global nuclear medicine equipment market. However, high cost and lack of availability of efficient data and evidence regarding nuclear medicine equipment restrain the market growth. On the other hand, increase in investments to promote research and technological advancements create new opportunities in the coming years.

Covid-19 Scenario

During the Covid-19 pandemic, there was a decline in conventional nuclear imaging procedures in electric surgery for cardiovascular diseases and the diagnosis of different types of cancers. This led to reduced demand for various types of equipment such as SPECT.
Hospitals and healthcare organizations across the world postponed the non-elective surgeries during the pandemic to focus on treatment of huge number of patients infected with coronavirus. This consequently, reduced the demand for nuclear medicine equipment.

The single-photon emission computed tomography (SPECT) segment to maintain its dominance throughout the forecast period

Based on product, the single-photon emission computed tomography (SPECT) segment accounted for the highest market share in 2020, contributing to more than half of the global nuclear medicine equipment market, and is estimated to maintain its dominance throughout the forecast period. This is attributed to rise in prevalence of cancer across the world. However, the positron emission tomography (PET) segment is projected to manifest the fastest CAGR of 3.6% from 2021 to 2030. This is due to rise in usage to enhance the accuracy of nuclear medicine imaging in the field of clinical oncology and diagnosis of brain tumor.

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The hospitals segment to continue its leadership status by 2030

Based on end user, the hospitals segment held the highest share in 2020, accounting for more than half of the global nuclear medicine equipment market, and is projected to continue its leadership status by 2030. This is attributed to rise in the prevalence of cancer and the surge in demand for nuclear medicine equipment in hospitals. However, the academic and research institutes segment is estimated to witness the highest CAGR of 6.1% from 2021 to 2030. This is due to increase in research and development activities toward nuclear medicines.

North America to continue its lead position by 2030

Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global live chat software market, and is projected to continue its lead position by 2030. This is attributed to well-established healthcare infrastructure and the presence of major key players in the market. However, Asia-Pacific is estimated to witness the largest CAGR of 4.4% during the forecast period, owing to increase in prevalence of cancer & other chronic diseases, rise in awareness about early diagnosis of cancer, and untapped potential in the region.

Leading Market Players

Simen Healthineers
Fujifilm Holdings
Canon Inc
Digirad Corporation
Mediso Medical Imaging Systems
SurgicEye GmbH
General Electric Company
Koninklijke Philips N.V.
Bozlu Holding
Nuerosoft Medical Systems

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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."

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