Unlocking the Future of the Nuclear Medicine Equipment Market: Growth Rate, Key Trends, and Opportunities for 2025-2034
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What CAGR Will the Nuclear Medicine Equipment Market Achieve During 2025–2034, and What Does It Indicate?
Over the past few years, the nuclear medicine equipment market has experienced significant expansion. It’s projected to rise from a value of $2.66 billion in 2024 to $2.81 billion in 2025 with a compound annual growth rate (CAGR) of 5.8%. The historic period’s growth can be credited to the rising need for early disease diagnosis, an increasing elderly population, enhancement in healthcare infrastructure, increased budget allocations for research and development, and heightened demand for functional imaging.
In the forthcoming years, the nuclear medicine equipment market is set to experience substantial growth, estimated to hit $3.49 billion by 2029 with a compound annual growth rate (CAGR) of 5.5%. Factors contributing to this surge during the projection period include the increasing cases of cancer, the escalating costs of nuclear imaging systems, the growing emphasis on personalized medicine, the expanding acceptance of hybrid imaging systems, and the growing need for Alzheimer’s and Parkinson’s disease treatment and diagnostics. Justifying this expected growth are several ongoing trends such as technological improvements, AI integration, hybrid imaging systems, telemedicine, and the development of miniaturized devices.
What Factors Are Propelling the Growth of the Nuclear Medicine Equipment Market from 2025 to 2034?
The rising instances of heart diseases are anticipated to fuel the expansion of the nuclear medicine equipment market. Heart or cardiovascular diseases, collectively known as cardiac ailments, encompass a variety of disorders that influence the heart and the circulatory system. These diseases primarily affect heart function, its overall structure, and the blood’s circulation to and from the heart. The widespread occurrence of cardiac illnesses is chiefly linked to aging populations, lifestyle-related choices, such as improper diet and absence of exercise, environmental factors, and advancements in diagnostic tools leading to superior detection. Nuclear medicine equipment plays a significant role in managing heart diseases by offering accurate imaging and diagnostic data that enable the early identification, appropriate staging, and successful monitoring of these diseases. In January 2024, according to the British Heart Foundation, a cardiovascular research charity based in the UK, about 7.6 million people in the UK are struggling with heart and circulatory diseases. These comprise roughly 4 million men and 3.6 million women. Heart diseases account for around 27% of total deaths in the UK, equating to over 170,000 deaths annually or approximately 480 deaths each day, leading to one death every three minutes. Therefore, the rising incidences of heart diseases contribute to the growth of the nuclear medicine equipment market.
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Who Are the Key Firms Paving the Way for Growth in the Nuclear Medicine Equipment Market?
Major companies operating in the nuclear medicine equipment market are:
• Fujifilm Holdings Corporation
• Koninklijke Philips N.V.
• General Electric Company
• Shimadzu Corporation
• Mallinckrodt Pharmaceuticals
What Are the Most Influential Trends Currently Shaping the Nuclear Medicine Equipment Market?
Prominent corporations in the nuclear medicine equipment market are keen on rolling out sophisticated products such as PET/CT scanners. These scanners are designed to produce comprehensive, functional imagery of the body’s metabolic processes. A PET/CT scanner is a superior imaging device used in nuclear medicine that fuses positron emission tomography (PET) and computed tomography (CT) technologies. This dual-faceted scanner provides functional and anatomical imagery in a single session and aids physicians in detecting and diagnosing varied conditions with precision. For example, in June 2024, Siemens Healthineers, a healthcare company based in Germany, introduced the Biograph Trinion PET/CT scanner. This PET scanner features a unique, scalable axial field-of-view design, which allows for technological upgrades on-site without the need for expensive renovations or workflow disruption. It comes with a lutetium oxyorthosilicate (LSO) crystal detector offering superior spatial resolution and an extremely fast time-of-flight performance of 239 picoseconds, enhancing the detectability of small lesions and delivering sufficient sensitivity up to 128 cps/kBq. This leads to quick scans that lower the patient’s radiation dose. Furthermore, the Biograph Trinion comes with a new air-cooled digital detector, which makes installation simpler than traditional water-cooled systems.
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What Are the Major Segments of the Nuclear Medicine Equipment Market and Their Role in Driving Growth?
The nuclear medicine equipment market covered in this report is segmented –
1) By Product: Single Photon Emission Computed Tomography, Hybrid Positron Emission Tomography, Planar Scintigraphy
2) By Application: Oncology, Cardiology, Neurology, Other Applications
3) By End User: Hospitals, Imaging Centers, Academic And Research Institutes, Other End Users
Subsegments:
1) By Single Photon Emission Computed Tomography (SPECT): Standalone SPECT Systems, Hybrid SPECT/CT Systems
2) By Hybrid Positron Emission Tomography (PET): PET/CT Systems, PET/MRI Systems
3) By Planar Scintigraphy: Cardiac Imaging Systems, Bone Scintigraphy Systems, Thyroid Imaging Systems
Which Regions Are Essential for the Growth of the Nuclear Medicine Equipment Market?
North America was the largest region in the nuclear medicine equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuclear medicine equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Scope and Reach of the Nuclear Medicine Equipment Market Defined?
Nuclear medicine equipment refers to specialized medical devices used in nuclear medicine to diagnose and treat diseases using radioactive substances. These devices capture images of organs and tissues or deliver targeted radiation therapy. Nuclear medicine equipment allows for early diagnosis, treatment planning, and monitoring of various diseases, particularly cancers and cardiovascular disorders.
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