Nuclear Imaging Devices and Equipment Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the Nuclear Imaging Devices and Equipment Market was valued at USD 3.1 billion in 2022, and a CAGR of 5.1% is expected during the forecast period. The increasing prevalence of chronic diseases like cancer and cardiovascular diseases, along with diabetes, is the key reason behind the growth in the market. Increasing demand for minimally invasive procedures is also a factor behind the growth in the market.

Increasing demand for nuclear imaging devices and equipment in cardiology, treatment of cancer, and other chronic diseases is driving significant growth in the market.

Growth Drivers

Rising prevalence of chronic diseases like cancer, cardiovascular diseases, and neurological disorders require early and precise diagnostic tools, pushing demand for nuclear imaging. PET scans are a very common example of nuclear r imaging. With the increasing number of geriatric people all over the world, the threat of chronic diseases has become more prevalent, further increasing the demand for nuclear imaging and equipment. It is most useful in cancer and heart-related diseases. Continuous imaging, like hybrid imaging technologies, has enhanced diagnostic accuracy. These systems offer better imaging quality, reduced radiation exposure, and are increasingly used for complex cases.

Rising healthcare expenditure, especially in emerging markets like China, India, South Korea, Vietnam, and Japan. Governments in these countries are investing in modern healthcare infrastructure, which is driving growth in the market, including advanced diagnostic equipment like nuclear imaging systems, to improve diagnostic capabilities and patient outcomes. Nuclear imaging’s applications are expanding beyond oncology to include neurology, cardiology, and even infectious diseases. This diversification broadens the market scope and addresses new clinical needs.

Nuclear imaging plays a significant role in personalized medicine by enabling doctors to tailor treatments based on patients' specific biological markers. PET imaging helps, for instance, in monitoring how tumors respond to therapies, helping doctors adjust treatment plans effectively. Public and private healthcare initiatives that promote awareness of diagnostic imaging benefits, along with efforts to improve accessibility, are contributing to the wider adoption of nuclear imaging devices globally.

Pharmaceutical companies are using nuclear imaging in clinical trials to track the effects of new drugs. This trend enhances the demand for nuclear imaging technology in research settings, boosting market growth. The increasing number of chronic disease patients worldwide is driving the market growth significantly.

Segmentation

By Application

·         Oncology

·         Cardiology

·         Neurology

·         Other Applications

By End-User

·         Hospitals

·         Imaging Centers

·         Academic and Research Centers

·         Others

By Product

·         Spect Imaging Systems

·         PET Imaging Systems

·         Planar Scintigraphy Imaging Systems

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Nuclear Imaging Devices and Equipment Market by Application

On the basis of the applications, the Nuclear Imaging Devices and Equipment Market is segmented into Oncology, Cardiology, Neurology, and Other Applications. Oncology is the leading segment and is expected to dominate the market during the forecast period. Nuclear imaging techniques like PET and SPECT provide high sensitivity for detecting cancer at early stages.

This capability makes nuclear imaging an invaluable tool in identifying cancerous cells before they grow, which is crucial for effective treatment. For oncologists, accurately staging cancer is essential in determining the extent of the disease and planning the appropriate course of treatment. Nuclear imaging offers functional and molecular information about tumors and metabolism. Cardiology is another leading segment due to a hectic lifestyle.

Regional Outlook

On the basis of the regions, the Nuclear Imaging Devices and Equipment Market is segmented into 5 parts: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Asia Pacific due to the large population in emerging economies and growing healthcare sector along with the large number of chronic disease patients are driving growth in the market significantly. Government and private entities are expanding hospitals and diagnostic facilities, increasing demand for advanced diagnostic equipment like nuclear imaging devices.

The prevalence of chronic diseases in the region like cancer, cardiovascular diseases, and neurological disorders is increasing in the region due to rising urbanization and lifestyle changes. A large number of aging people in countries like China, Japan, and South Korea due to chronic illness are fueling the demand for nuclear imaging. Countries in Asia-Pacific like Thailand, India, and Singapore are famous for medical tourism due to their affordable yet advanced healthcare infrastructures.

Nuclear imaging equipment is crucial for accurate diagnosis and treatment planning for international patients. Awareness about the early diagnosis of chronic diseases is the key factor behind the significant growth in the market. Many countries in Asia Pacific are expanding their focus on research and development activities in nuclear imaging. Research institutions and companies are working on next-generation imaging technologies and collaborating with global players, making the region a hub for innovation in nuclear medicine. North America is another leading segment in the market due to technological advancements in healthcare infrastructure and rising awareness among the people about early diagnosis of chronic diseases.

North America is a leader in nuclear imaging research and development, particularly through collaborations among hospitals, universities, and medical equipment manufacturers. Many innovations and clinical trials in nuclear imaging technologies are initiated in the United States of America, driving technological advancements and early adoption. Favorable reimbursement policies by healthcare providers, particularly in the U.S., support the adoption of high-cost nuclear imaging procedures, making these services more accessible to patients and boosting demand. The region’s strong focus on precision and personalized medicine has spurred demand for nuclear imaging technologies. Nuclear imaging allows for a more precise diagnosis, which supports the tailored treatments. FDA and similar bodies enforce strict regulations and safety standards, ensuring high-quality nuclear imaging devices.

Germany, France, and the United Kingdom in Europe have high healthcare spending and advanced healthcare systems, which facilitate the adoption of nuclear imaging devices. The presence of well-equipped hospitals in the region is the key factor behind the significant growth in the market. Growing focus on cancer diagnosis and treatment and government support and funding for research and development are driving growth in the market.

Key Players

·         Siemens Healthineers

·         GE Healthcare

·         Koninklijke Philips

·         Digirad Corporation

·         Canon Medical Systems Corporation

·         Mediso Ltd

·         Milabs B.V.

·         MR Solutions Ltd.

·         Shimadzu Corporation

·         PerkinElmer

·         Other Players