The size of the Nuclear Imaging Market in North America is predicted to value USD 5.26 billion by 2027 and USD 3.48 billion in 2022, growing at a CAGR of 8.64% during the forecast period.
The nuclear imaging market in North American is primarily driven by the rising awareness of the benefits of nuclear imaging among clinical researchers and clinicians, as well as an increase in the number of applications such as cancer and neurology, an increase in the geriatric population, as well as the discovery and development of novel radiotracers. One of the primary factors driving the growth of this market is the increase in the number of cases of illness and diseases such as cardiovascular disease, cancer, and neurological disorder. Precise and high-quality images digitally generated after radiation are given to the patient to provide organ-specific diagnoses that lead to disease treatment. Thus, nuclear medicine has a lot of potential for treating cancer and heart disease. In addition, there is substantial evidence that using nuclear imaging methods to diagnose a tumor has a more significant influence on patient care regarding tumor surveillance and medication response.
Technological developments, growing diagnostic applications in different diseases such as cancer and cardiovascular diseases, government support, and the move from standalone to hybrid modalities drive the market forward in North America. 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. Aside from data integration, there is a significant opportunity to make data available via mobile technology. This will allow clinicians to examine and analyze scans from any location.
The high cost of diagnostic and treatment equipment and procedures has slowed the North American medical imaging market expansion. The main challenges for the North America Nuclear imaging market include increased research and development costs and highly advanced hybrid nuclear imaging equipment. Imaging technology developments have always been a challenge to practitioners regarding using them inpatient care effectively. In addition, radiopharmaceuticals' short half-life limits their potential adoption, while hospital budget cuts and costly equipment expenses are likely to hinder market growth to some extent.
This research report on the North American nuclear imaging market has been segmented & sub-segmented into the following categories:
Regionally, the large share and high growth in the U.S. can be credited to various factors such as authorization of new radiopharmaceuticals by the FDA and increasing focus on therapeutic nuclear medicine as a substitute treatment in oncology. With the largest market share, North America dominates the global market during the forecast period. Hybrid nuclear imaging, the development of molecular imaging, and novel radiotracer launches for diagnostics are all propelling the industry forward in the area. Tc99m (technetium 99) is a radioisotope widely used in nuclear medicine scans to image the body. One of the significant manufacturers of Technetium-99m in Canada. Tc-99m usage in radiopharmaceuticals is projected to propel the market in Canada to greater levels. It may also be combined with several biologically active compounds to provide non-invasive, real-time imaging of the human body. The United States held the highest proportion of the nuclear medicine market in 2020. The country's high ratio may be ascribed to new radioisotope manufacturing methods, government financing, and corporate activities. Due to factors such as the Centers for Medicare & Medicaid Services (CMS) expanding coverage for PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) imaging, rising usage of the systems in the early detection of Alzheimer's and cancer, improved healthcare reforms such as the Affordable Care Act, expanding health insurance. With an increase in healthcare expenditure, the United States is the largest market for nuclear imaging.
KEY MARKET PLAYERS:
Notable companies dominating the North American 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. In addition, 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.
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