The size of the Europe Nuclear Imaging Market is estimated to be worth USD 5.24 by 2028 and USD 3.49 billion in 2023, growing at a CAGR of 8.48% from 2023 to 2028.
The increased emphasis on personalized medicine has a significant impact on Europe's nuclear imaging technologies market. Rising cancer and cardiac disease incidences and prevalence, increased acceptance of nuclear imaging devices in ambulatory settings, growing geriatric population, untapped emerging markets, increased regulatory approvals, and rising investment in diagnostic imaging centers are key factors driving the European nuclear imaging market. Due to the relevance of nuclear imaging devices in medical imaging procedures, the demand for nuclear imaging has grown over time. The PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) market is being driven by growing awareness of the benefits of nuclear imaging among physicians and clinical researchers and expanding application areas such as cancer and neurological disorders. The market for nuclear imaging in Europe is also growing because of different improvements in radiotracers.
The market for nuclear imaging in Europe is further expected to see many growth opportunities due to the rising demand for data-integrated imaging systems and strong demand. Image processing and reconstruction, computer-assisted medical condition detection, 3D image creation, and the employment of suitable quality control systems are all possible with data integrated imaging systems. In addition, physicians may quickly compare scans with data integration to efficiently monitor disease progression. The growing incidence and death rate and the increasing incidence and mortality rate of cardiac illnesses are driving the expansion of the European Nuclear Imaging market. Furthermore, in the next few years, prospective radioisotopes in the pipeline and cyclotron-based manufacturing are anticipated to provide enormous opportunities for the European Nuclear Imaging market.
The shorter life of radiopharmaceuticals, high costs of nuclear imaging devices, reimbursement regulations, and a lack of nuclear imaging expertise are all predicted to impede the market's expansion in Europe. Continuous reimbursement decreases for diagnostic imaging scans discourage medium- and small-sized healthcare institutions from investing in technologically advanced nuclear imaging modalities. In addition, the market for nuclear imaging in Europe will be challenged by the increased adoption of reconditioned diagnostic systems and hospital budget constraints.
This research report on the European Nuclear Imaging Market has been segmented & sub-segmented into the following categories:
In 2020, the German nuclear imaging market accounted for the largest share of the European market, followed by France, Italy, and the United Kingdom. However, this market is projected to witness a high growth rate in developing markets like Switzerland, Poland, Denmark, and Sweden. Companies show a strong interest in enhancing image quality by developing new technologies and creating new devices or novel techniques to achieve images with higher spatial resolution.
The significant rise in the regional market growth can be driven by the rising chronic illness incidence, increased awareness of the advantages of early disease detection, and improved healthcare systems. The European nuclear imaging market is developing because of the increased frequency of cancer and heart diseases and the growing need for image-guided treatments and diagnostics. The market for nuclear imaging in Europe also benefits from the rapid move from standalone to hybrid modalities. Nuclear medicine offers a lot of possibilities in terms of many disease treatments. There is significant evidence that using nuclear imaging methods to diagnose a tumor has a more powerful influence on patient care regarding tumor surveillance and medication response.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the European nuclear imaging market are Mallinckrodt plc, Siemens Medical Solutions, Hitachi Medical Corporation, Medtronic Inc., General Electric Co. (healthcare division), IBA Group, Positron Corporation, Philips Medical Systems, Naviscan, Toshiba Medical Systems Corporation, Carestream Health, Lantheus Medical Imaging Inc., Cardinal Health Inc., and Bayer AG.
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