Nuclear Medicine Equipment Market Expected to Reach $3.4 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Nuclear Medicine Equipment Market," The Nuclear Medicine Equipment Market size was valued at $2.5 billion in 2020, and is estimated to reach $3.4 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

Nuclear medicine utilizes radionuclides, which are unstable atoms that emit radiation spontaneously, to examine and treat diseases such as, cancer, cardiovascular, and others. Nuclear medicine equipment uses radioactive substances which are called as nuclear medicine or radiopharmaceuticals that are inserted into the body orally or intravenously. These systems capture the radiations emitted by radiopharmaceuticals to create images of the structures and activities inside the human body. These images enable physicians to look inside a human body to help determine the cause of an illness or injury and provide an accurate diagnosis.

Nuclear Medicine Equipment Market trends include a rise in the incidence of cancer and cardiovascular diseases and an increase in investment in the modernization of diagnostic imaging centers. The emergence of advanced and innovative radiotracers is expected to fuel market growth. Furthermore, the key factors that drive tNuclear Medicine Equipment Market growth include a rise in disposable income and an increase in expenditure on healthcare along with awareness of the benefits of early diagnosis and nuclear medicine equipment.

The nuclear medicine equipment market is segmented on the basis of product type, application, end-user, and region. Based on the product, it is bifurcated into single-photon emission computed tomography (SPECT) and positron emission tomography (PET). SPECT segment is fragmented into standalone and hybrid SPECT, while the PET segment into standalone and hybrid PET. By application, the market is categorized into cardiology, neurology, oncology, and others. Depending on the end-user, it is classified into hospitals, imaging centers, and academic & research institutes. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (Japan, China, Australia, India, and Rest of Asia-Pacific), and LAMEA (Brazil, Turkey, Saudi Arabia, Republic of South Africa, Argentina, and Rest of LAMEA).

By product type , the single-photon emission computed tomography (SPECT) segment holds the lNuclear Medicine Equipment Market share whereas the PECT segment is estimated to witness the highest CAGR during the forecast period, owing to its terms of availability, long scan times, low-resolution images prone to artifacts, and attenuation. This, in turn, drives the growth of the market.

By application type, the oncology segment dominated the market in 2021 & cardiology segment is expected to witness the highest CAGR during the forecast period, owing to the increase in the prevalence rate of cancer in most developed countries like the U.S., thus fueling the market growth.

By end-user, the hospital segment was the highest contributor to the global Nuclear Medicine Equipment Industry. In addition, to that, the increased demand for nuclear medicine equipment in hospitals for treatment accelerates the market growth.

Region-wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA. North America was the highest contributor to the global market in 2020. Asia-Pacific is projected to grow at a significant CAGR o during the forecast period, owing to an increase in awareness toward nuclear medicine therapies and rise in investment in the nuclear medicine space.

KEY FINDINGS OF THE STUDY

• By product type, the (SPET) segment was the highest contributor to the market in 2020.
• By application, the oncology segment dominated the market in 2021 and is expected to continue this trend during the forecast period.
• By end user, the hospital segment was the highest contributor to the global nuclear medicine equipment market.
• Region wise, North America garnered the largest revenue share in 2021; however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period