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How has the nuclear medicine equipment market size evolved in recent years?
In the last few years, the nuclear medicine equipment market has seen significant growth. The market, which was worth $2.66 billion in 2024, is projected to grow to $2.81 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.8%. Factors contributing to the growth during the historic period include a rise in demands for early disease detection, an increase in the elderly population, enhancements in healthcare infrastructure, an increase in funding for research and development, and a surge in demand for functional imaging.
What are the predictions for the nuclear medicine equipment market size in the coming years?
Expectations are high for substantial growth in the nuclear medicine equipment market in the upcoming years. The market is projected to reach $3.49 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%. The expansion during the forecast period could be due to the rise in cancer cases, escalating costs of nuclear imaging systems, an increased emphasis on personalized medicine, rising adoption of hybrid imaging technology, and a growing demand for treatment and diagnosis of Alzheimer’s and Parkinson’s diseases. Key trends to watch out for in the forecast period include advancements in technology, the application of artificial intelligence, hybrid imaging systems, telemedicine, and the emergence of miniaturized devices.
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What key factors are fueling the growth of the nuclear medicine equipment market?
The surge in cardiac diseases is set to drive the expansion of the nuclear medicine equipment market. Heart or cardiovascular diseases, collectively referred to as cardiac ailments, encompass numerous conditions that impact the heart and blood vessels. The condition can affect the heart’s function, structure, or blood circulation to and from it. Predominant factors such as aging populations, lifestyle habits like poor diet and sedentary life, environmental factors, and improved diagnostic technologies contribute to the occurrence of cardiac ailments. For management and diagnosis of these diseases, nuclear medicine equipment is utilized to provide clear imaging and data for timely diagnosis, proper staging, and effective disease monitoring. For example, findings from the British Heart Foundation, a UK-based cardiovascular research organization, in January 2024 revealed that nearly 7.6 million people in the UK are battling heart and circulatory diseases, and about 4 million males and 3.6 million females are living with these conditions. These ailments account for about 27% of all fatalities in the UK, amounting to over 170,000 deaths each year, or approximately 480 deaths every day, being equal to one death every three minutes. Hence, the rising occurrence of cardiac diseases fuels the growth of the nuclear medicine equipment market.
How is the global nuclear medicine equipment market divided into key segments?
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
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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, Curium Pharma, Bartec Technologies Ltd., Cardinal Health Inc., Canon Medical Systems Corporation, Digirad Corporation, TTG Imaging Solutions, Biodex Medical Systems Inc., Spectrum Dynamics Medical, Mediso Ltd., Cyclopharm Limited, Siemens Healthineers AG, Capintec Inc., Laboratorios Bacon S.A., Von Gahlen, Toshiba Medical Systems Corporation, Elysia-Raytest, MR Solutions Ltd., DDD-Diagnostic A/S, MILabs B.V.
Which trends are expected to transform the nuclear medicine equipment market?
Leading businesses in the nuclear medicine equipment market have shifted their focus towards the development of innovative products like PET/T scanners, which can offer detailed functional images of bodily metabolic processes. Built with a combination of positron emission tomography (PET) and computed tomography (CT), this state-of-the-art scanner serves as an all-inclusive diagnostic instrument for multiple medical conditions. With its dual functionality, it could render a comprehensive anatomical and functional imaging in a single examination, thus providing doctors with more accurate diagnoses. In June 2024, Siemens Healthineers, a medical company based in Germany, introduced the Biograph Trinion PET/CT scanner. This scanner offers an extraordinary, flexible axial field-of-view layout, facilitating on-site technological improvements without requiring expensive renovations or hindering existing work processes. It utilises a lutetium oxyorthosilicate (LSO) crystal detector, which gives high spatial resolution and achieves an incredibly fast time-of-flight performance of 239 picoseconds, improving small lesion detection and delivering adequate sensitivity up to 128 cps/kBq. Consequently, this leads to swift scanning procedures with lower radiation doses for patients. A new air-cooled digital detector is also incorporated in the Biograph Trinion, making the installation process easier than the conventional water-cooled systems.
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What regions are contributing significantly to 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.
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