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Global Nuclear Imaging Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Application, Product, End-User & Region – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 1543
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Nuclear Imaging Market Size (2022 to 2027)

The size of the global nuclear imaging market is estimated to value USD 19.80 billion by 2027 from USD 12.94 billion in 2022, growing at a CAGR of 8.87% during the forecast period.

The global nuclear imaging market growth is primarily driven by factors such as an increase in the prevalence of cancer globally and rising cardiac alignments. Hybrid imaging includes two or more modalities to form a new technique; hence hybrid modalities replaced the standalone modalities it is expected to propel the market growth. Personalized medicine is an emerging practice of medicine; it includes an individual’s genetic profile to lead to the decision related to prevention, hence increasing focussing on personalized treatments is expected to boost the market growth. 

Moreover, investments by government and private organizations partnerships to modernize diagnostic imaging centers. Besides, technological advancements and rising diagnostic applications in various diseases are projected to improve market growth. Researchers, scientists, and technologists bringing systems into clinical practice are considered to expand the market growth over the period. It is proved that diagnosing with nuclear imaging techniques impacts patient management for monitoring tumors and their drug response.

Nuclear imaging equipment pricing and installation required large capital, and investments cannot be affordable by the hospitals in rural areas, which is considered the major restraining factor for market growth. Healthcare facilities in developing countries such as India cannot afford such systems; these higher costs are coupled with the maintenance costs expected to impede the market growth. Healthcare provider purchases costly systems often depend on the reimbursement on the expenditure incurred, but sometimes continuous cuts in the reimbursement on diagnostic imaging scans prevent small and medium healthcare facilities from investing advance technological nuclear imaging modalities.

Impact of COVID-19 on the global nuclear imaging market:

SARS-COV-2, When the virus was first identified in Wuhan, China, the World health organization declared healthcare emergence. The World Health Organization (WHO) announced guidelines in order not to get affected by the COVID-19. A nationwide lockdown in multiple countries had been implemented to combat the COVID-19, and a ban was made on transportation. The partial shutdown of activities was made during the pandemic period.

The outbreak had mostly affected almost all sectors of the economy, including healthcare and life sciences markets. The covid-19 epidemic has impacted the availability of resources globally. Reduced patient visits and outpatient services for other diseases negatively affected the nuclear imaging market.

It is observed that both diagnostic and therapeutic nuclear medicine procedures had declined drastically as the world focused on combat with the SARS-COV-2. It is essential to have better knowledge for medical professionals of precautionary measures to prevent the transmission of COVID-19. The factors such as extreme health risks like diabetes, hypertension, lung diseases, and chronic renal are highly vulnerable to developing the COVID-19, which is held to decrease nuclear imaging procedures. However, in the later period, the market is expected to have better growth for the atomic imaging market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Analysed

By Application, Product, End User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Analysed

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global nuclear imaging market has been segmented and sub-segmented based on the product, application, end-user, and region.

Nuclear Imaging Market – By Product:

  • Standalone PET Nuclear Imaging
  • Standalone SPECT Nuclear Imaging
  • Hybrid Nuclear Imaging

Nuclear Imaging Market - By Application:

  • Oncology
  • Cardiology
  • Neurology
  • Others

Nuclear Imaging Market – By End User:

  • Hospitals
  • Diagnostic Centers
  • Research Centers

Nuclear Imaging Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Geographically, North America held the highest share in the global nuclear imaging market in 2021. It is expected to grow at a CAGR of 4.1% during the forecast period. In this regional market, the U.S is estimated to account for the leading share in the next five years due to growing healthcare infrastructure and favorable reimbursement policies. Simultaneously, the U.S. accounted for the largest share in the global Nuclear Imaging market in 2019, as it spends nearly 20% of its GDP on health. Y-O-Y growth in the prevalence of cancer in the U.S. further adds a boost to the growth rate of the regional market. On the other hand, the Canadian market is witnessed to showcase healthy growth during the forecast period.

The European market was the second-largest regional market globally in 2021 and is estimated to grow at a CAGR of 11.4% during the forecast period. Increasing healthcare expenditure and technological innovations are majorly attributing to the market growth in Europe. Increasing prevalence of chronic and cardiovascular diseases contributing to the market growth in this region. In Europe, U.K. held the majority share in this region in 2019, and it is forecasted to share a lucrative share to the European market.

However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to reasons such as the growing geriatric populace and surge in the chronic disease population. This regional market is expected to be increasing CAGR by 14.3%. Emerging countries like India, China, Japan are significantly contributing to the APAC market, and the support is likely to continue throughout the forecast period. The rising geriatric population is one of the factors propelling the market in the Asia Pacific region.

The Middle East and Africa nuclear imaging market witnessed significant market growth in 2019, and it is projected to increase during the forecast period. An increase in atomic imaging usage for cardiovascular and oncology applications and public and private investments for improving the infrastructure in this region is estimated to propel the market growth over the forecast period.

KEY MARKET PLAYERS:

Companies leading the global nuclear imaging market profiled in the report 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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