Nuclear Medicine Equipment Market

Nuclear Medicine Equipment Market Size:

The global nuclear medicine equipment market size reached US$ 3.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032. The market is witnessing significant growth due to the increasing need for chronic diseases treatment and early diagnosis. Moreover, innovations in imaging technologies and heightening investments in healthcare sector, especially in oncology and neurology applications across both emerging and developed region, is further expanding the market.

Nuclear Medicine Equipment Market Analysis:

• Major Market Drivers: The market is principally driven by the magnifying prevalence of chronic disorders, such as cardiovascular disease and cancer, which demand upgraded treatment and diagnostic solutions. Moreover, rising demand for personalized treatment methods ad early disease detection, combined with technological innovations in imaging techniques, is fueling market expansion. In addition, developing healthcare infrastructure and elevating healthcare expenditure in developing as well as developed countries further foster the market’s development. Furthermore, increasing awareness regarding the potential of nuclear medicine equipment, in enhancing patient outcomes has resulted to its amplified adoption across medical sector, establishing a profitable environment for the nuclear medicine equipment market growth.
• Key Market Trends: Some of the key trends include technological advancements in imaging techniques and the intensifying adoption of hybrid imaging solutions. The incorporation of single photon emission computed tomography (SPECT) and positron emission tomography (PET) systems has improved the accuracy of diagnostic imaging, resulting in an enhanced treatment strategy and disease detection. Moreover, the market is also experiencing heightened research and development activities aimed at minimizing radiation exposure and improving imaging abilities. In addition, the magnifying emphasis on molecular imaging, combined with the innovation of advanced radioisotopes, is supporting the healthcare professionals in diagnosing diseases more precisely, further increasing the medicine equipment market demand significantly.
• Geographical Trends: North America has emerged as the dominant region in the global nuclear medicine equipment market, mainly driven by resilient healthcare infrastructure and cutting-edge technology adoption. The United States, in particular, is a major contributor, with an elevated demand for nuclear imaging due to an increasing prevalence of chronic disorders and amplifying healthcare expenditure. Moreover, accelerating awareness regarding the benefits of nuclear medicine among patients as well as healthcare providers is significantly bolstering its adoption across numerous medical applications in the region. In addition, government campaigns endorsing research in nuclear medicine, along with the presence of key market players, further elevates the medicine equipment market value in North America.
• Competitive Landscape: Some of the major market players in the nuclear medicine equipment industry include Biodex Medical Systems Inc. (Mirion Technologies Inc.), Cardinal Health Inc., CMR Naviscan Corporation, DDD-Diagnostic A/S, Digirad Corporation, General Electric Company, Koninklijke Philips N.V., Mediso Ltd., Neusoft Corporation, Siemens AG, SurgicEye GmbH, Toshiba Corporation, among many others.
• Challenges and Opportunities: The market experiences challenges, such as strict regulatory standards and elevated equipment costs. The demand for trained and skilled personnels to operate sophisticated imaging equipment supplements operational challenges. However, there are substantial growth opportunities observed in developing countries with growing healthcare infrastructure and increasing investment in medical technologies. Moreover, innovations in radiopharmaceuticals and cost-effective imaging solutions further increase market prospects, establishing profitable opportunities for nuclear medicine equipment market expansion.
   

Nuclear Medicine Equipment Market Trends:

Increasing Adoption of Hybrid Imaging Systems

A notable trend in the global nuclear equipment market is the increasing adoption of hybrid imaging solutions such as SPECT and PET. As per industry reports, in February 2024, PGIMER, India, developed a cutting-edge PET/CT-based biopsy that exhibited 95% success rate for prostate cancer diagnosis. Such advanced technologies blend anatomical and functional imaging, offering improved precision in diagnosing complicated diseases such as cardiovascular disorders and cancer. In addition, the incorporation of such systems allows healthcare professionals to better monitor the progression of disease, resulting in a more efficient treatment strategy. Moreover, this inclination towards hybrid systems highlights the fueling demand for upgraded diagnostics tools, spurring market growth and fostering further research and development activities in imaging techniques.

Increasing Utilization Molecular Imaging

According to the nuclear medicine equipment market research report, molecular imaging is rapidly gaining momentum in the global market. This trend is primarily driven by the technology’s capability to offer detailed analysis of molecular as well as cellular activity, which assists in early disease detection, especially in cardiology, oncology, and neurology. In addition, molecular imaging technologies are permitting more accurate diagnoses, supporting the overall customized treatment methods. For instance, in February 2024, researchers from the Radiological Society of North America developed a molecular imaging technology that offers high sensitivity for breast cancer detection with lowered chances of false positive results, i.e. 16% false positive rate in comparison to MRI’s 62%. Moreover, as research continues to enhance the efficiency of radiopharmaceuticals leveraged in such procedures, the requirement for molecular imaging is anticipated to soar, establishing it as a critical trend in the market.

Heightened Adoption of Radiopharmaceuticals.

As per the nuclear medicine equipment market report, the amplifying adoption of radiopharmaceuticals is one of the key trends in the global market. Radiopharmaceuticals play a crucial role in therapeutic as well as diagnostic applications, especially for certain chronic disorders and cancer. Moreover, innovations in radiopharmaceutical development, such as lowered side effects and enhanced targeting agents, are improving the efficacy of nuclear therapy and imaging. In addition, healthcare providers are currently dependent of such compounds for treatment as well as diagnosis procedures, which is resultantly boosting the demand for nuclear medicine equipment that are efficient in leveraging such advanced agents. For instance, in August 2024, Eli Lily, a leading pharmaceutical company, announced its expansion in nuclear isotope production industry to secure a steady supply of radioactive compounds requisite for radiopharmaceutical oncology drugs. As an expansion strategy, the company invested USD 10 million into Ionetix, an isotope supplier.

Nuclear Medicine Equipment Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product, application, and end user.

Breakup by Product:

• Single-Photon Emission Computed Tomography
  • Standalone
  • Hybrid
• Positron Emission Tomography
  • Standalone
  • Hybrid
• Planar Scintigraphy
   

Single-photon emission computed tomography accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product. This includes single-photon emission computed tomography (standalone and hybrid), positron emission tomography (standalone and hybrid), and planar scintigraphy. According to the report, single-photon emission computed tomography represented the largest segment.

According to the nuclear medicine equipment market forecast, single-photon emission computed tomography (SPECT) is anticipated to sustain its dominance as the largest product segment. Standalone SPECT systems offer essential functional imaging, broadly leveraged in oncology, cardiology, and neurology. Whereas, hybrid SPECT systems merge both functional and anatomical imaging, providing enhanced diagnostics precision by offering more insightful images. Moreover, the incorporation of hybrid imaging systems in rapidly adopted, especially in complicated diagnostics conditions, further boosting market demand. In addition, the accuracy provided by hybrid SPECT systems is significantly fueling their adoption in emerging as well as developed healthcare markets. For instance, in March 2024, Spectrum Dynamics Medical announced the successful installation of its new, innovative, digital SPECT/CT VERITON-CT 400 at a European cancer center. It is a hybrid SPECT/CT that can efficiently detect and locate tumors in the body.

Breakup by Application:

• Neurology
• Oncology
• Cardiology
• Others
   

Oncology holds the largest share of the industry

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes neurology, oncology, cardiology, and others. According to the report, oncology accounted for the largest market share.

As per the nuclear medicine equipment market overview, oncology represents the dominant application segment, majorly due to the increasing demand for nuclear imaging technologies such as SPECT and PET in cancer treatment as well as diagnosis. Such systems facilitate the early detection of cancerous tissues and the observation of treatment efficiency through accurate molecular imaging. In addition, the heightening prevalence of cancer worldwide, combined with advancements in radiopharmaceuticals and nuclear medicine, continues to bolster the demand for oncology-specific imaging equipment, establishing oncology as a major growth segment in the global nuclear medicine market. According to the World Health Organization, around 1 in 5 individuals are detected with cancer in their lifetime, while around 1 in 12 women and 1 in men die from this disease.

Breakup by End User:

• Hospitals
• Imaging Centers
• Academic and Research Institutes
• Others
   

Hospitals represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals, imaging centers, academic and research institutes, and others. According to the report, hospitals represented the largest segment.

Hospitals are the largest end-user segment that significantly contributes to the nuclear medicine equipment market revenue. As healthcare institutions with the robust infrastructure to maintain the sophisticated therapeutic and diagnostic procedures, hospitals rapidly dependent on cutting-edge imaging technologies such as PET and SPECT for precise treatment as well as diagnosis. In addition, the incorporation of nuclear medicine equipment into hospital ecosystem is requisite for enhancing patient care and outcome, especially in neurology, oncology, and cardiology. Moreover, the magnifying adoption of innovative nuclear imaging technologies and heightening investments in hospital-based imaging centers are bolstering growth within this crucial market segment.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest nuclear medicine equipment market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for nuclear medicine equipment.

North America has emerged as the leading regional market in, majorly driven by its robust healthcare infrastructure, early adoption of cutting-edge technologies and elevated healthcare expenditure. The United States, particularly, is at the forefront chiefly due to the high prevalence of chronic disorders such cardiovascular diseases and cancer, which accelerate the demand for nuclear imaging significantly. According to the National Cancer Institute, it is estimated that in 2024 total 2,001,140 new cancer cases will be diagnosed in the U.S., and around 611,720 individuals will die from this disease. In addition, government funds for research and development, coupled with the presence of key industry players, further fortifies North America’s dominance in the global nuclear medicine equipment market.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the nuclear medicine equipment industry include Biodex Medical Systems Inc. (Mirion Technologies Inc.), Cardinal Health Inc., CMR Naviscan Corporation, DDD-Diagnostic A/S, Digirad Corporation, General Electric Company, Koninklijke Philips N.V., Mediso Ltd., Neusoft Corporation, Siemens AG, SurgicEye GmbH, and Toshiba Corporation.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The market is represented by fierce competition among key companies such that are currently emphasizing on strategic acquisitions, partnerships, and product innovation, to sustain their market dominance. For instance, in June 2024, QEII Health Sciences Center of Nova Scotia Health acquired GE Healthcare’s StarGuide SPECT/CT equipment. This was a USD 6 million project, co-funded by both Nova Scotia and QEII, and improves diagnostic accuracy for heart diseases and cancer. In addition, technological advancements in radiopharmaceutical development and hybrid imaging systems significantly fuel competition, as key players are actively striving to improve their diagnostic precision and enhance patient outcomes. The competitive landscape is further steered by elevating investments in research and technological innovations, consequently contributing to the optimistic nuclear medicine equipment market outlook.

Nuclear Medicine Equipment Market News:

• In August 2024, Siemens Healthineers, a leading medical technology company, announced the acquisition of molecular imaging business of Novartis, with a significant acquisition payment of USD 224 million.
• In July 2024, Lantheus Holdings Inc., a major radiopharmaceutical company, announced the acquisition of global rights of Life Molecular Imaging’s RM2, with a payment of USD 35 million. This strategic acquisition is anticipated to fortify Lantheus’ foothold in prostate cancer diagnosis and treatment.

Nuclear Medicine Equipment Market Report Scope:

Key Questions Answered in This Report:

• How has the global nuclear medicine equipment market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global nuclear medicine equipment market?
• What is the impact of each driver, restraint, and opportunity on the global nuclear medicine equipment market?
• What are the key regional markets?
• Which countries represent the most attractive nuclear medicine equipment market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the nuclear medicine equipment market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the nuclear medicine equipment market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the nuclear medicine equipment market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global nuclear medicine equipment market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the nuclear medicine equipment market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global nuclear medicine equipment market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the nuclear medicine equipment industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.