Nuclear Imaging Devices Market Analysis

Global Nuclear Imaging Devices Market Overview

The Nuclear Imaging Devices Market Size was valued at USD 1.89 billion in 2023 and is projected to grow from USD 1.98 Billion in 2024 to USD 2.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.38% during the forecast period (2024 - 2032).The rising prevalence of chronic diseases like cancer, cardiac, and neurological disorders, increased awareness about early disease diagnosis, and technological advancements in imaging system procedures are the primary market drivers boosting the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The rising incidence of chronic diseases has driven market recovery during the past few years. As a result of an increase in patient visits to hospitals for imaging diagnosis, the sector experienced a tremendous increase in diagnoses and treatment. The term "industry" refers to the area of the medical imaging market where organs and tissues inside the human body are imaged, and their physiological and metabolic processes are evaluated using radioactive tracer substances and specialized imaging equipment. Nuclear imaging methods use radiopharmaceuticals that release positrons or gamma rays detected by specialized imaging equipment to produce images that offer functional information. Several variables are driving the market, including the rising incidence of chronic diseases, advances in imaging systems, and radiopharmaceuticals.

Data-integrated imaging systems can process and rebuild images, identify medical conditions with the aid of computers, create 3D images, and implement suitable quality control systems. With data integration, doctors may quickly compare scans to track the course of the disease efficiently. To create a successful treatment plan, clinicians need access to thorough patient diagnostic history data. A substantial opportunity exists to make data available via mobile technologies and data integration. Nuclear imaging devices are pieces of medical imaging equipment frequently used with radioactive materials to assess the severity of illnesses, including cancer, endocrine, digestive, cardiovascular, neurological, and other brain problems. By providing clinicians with operational information at the genetic and cellular levels, these non-invasive devices help them identify and assess medical issues. The three main product categories for nuclear imaging equipment and devices are planar scintigraphy, SPECT, and PET systems. 

Serac Imaging Systems, a UK-based firm, developed a handheld high-quality hybrid gamma optical camera currently undergoing clinical testing in the United States. The Seracam imaging device trial is anticipated to involve 25 participants and last about six months. Following an examination in Malaysia's Kuala Lumpur, the Ohio State University Wexner Medical Center is the second location to launch an investigator-sponsored study to compare gamma images acquired using Seracam with those recorded using a current cutting-edge gamma camera for nuclear medical imaging from the same patient on the same day. The gadget uses radiation to scan radioisotopes, which are given to the patient, like those used in satellites used in X-ray astronomy, which the University of Leicester first created. This exposes details on how the body functions, such as whether there are any blockages.

In March 2024, Phillips, a Dutch multinational company, partnered with Synthetic MR, a Swedish software firm, to create advanced brain imaging tools that use artificial intelligence (AI) to improve the diagnosis of conditions like multiple sclerosis (MS), traumatic brain injury (TBI), and dementia.

In April 2024, CDL Nuclear Technologies, a leading company in cutting-edge diagnostic technologies, is delighted to introduce its newest breakthrough: the Mobile specialized Cardiac PET/CT Trailer. This innovative mobile technology aims to transform cardiac care by offering advanced cardiac PET/CT imaging services directly to medical facilities according to their preferred timetable.

Nuclear Imaging Devices Market Trends

• Increasing demands for data-integrated imaging systems to drive market growth

Data-integrated imaging systems enable image processing and reconstruction, computer-assisted medical condition recognition, 3D image generation, and appropriate quality control systems. Physicians can easily compare scans with the help of data integration to effectively observe the disease's progression. Clinicians require access to comprehensive data on the patient's diagnostic history to develop an effective treatment plan. Aside from data integration, there is a significant opportunity to make data accessible via mobile technologies. This will make it easier for doctors to view and examine scans from any location. Companies are concentrating on developing nuclear imaging devices with integrated technologies due to the benefits and convenience of integrated systems and the high demand from clinicians.

The evolution of hybrid systems has been significantly accelerated over recent years due to advances in imaging technology. The combined PET modalities represent a significant advancement in this regard. The PET/CT modality has been so innovative that major imaging system manufacturers no longer offer standalone PET systems. The success of hybrid PET/CT systems has prompted interest in integrated PET/MRI and SPECT/CT systems, thereby driving the market CAGR of nuclear imaging devices. These hybrid systems can produce more precise images with higher resolution than standalone systems. They can provide both morphological and physiological information in a single examination. For instance, a SPECT/CT system improves the specificity of the data produced by CT while also providing accurate localization in the context of skeletal evaluation. As a result of benefits like these, many hospitals are switching from standalone to hybrid systems. The growing popularity of hybrid modalities is anticipated to propel the expansion of the nuclear imaging equipment market revenue.

Nuclear Imaging Devices Market Segment Insights

Nuclear Imaging Devices Technology Insights

Based on technology, the market segments of nuclear imaging devices includes PET and SPECT. The SPECT segment held the majority share in 2022, contributing around ~65-67% to the nuclear imaging devices market revenue. This segment's large share can be attributed to the widespread use of SPECT imaging systems, which are less expensive than hybrid PET imaging devices. For example, a SPECT/CT system provides precise localization and improved specificity in skeletal evaluation. The SPECT scan captures images and creates 3D scanning. Using single-photon emission computed tomography (SPECT) improves the accuracy of nuclear imaging devices in clinical oncology and brain tumor diagnosis. In addition, major corporations have begun to expand their SPECT Imaging Systems offering by incorporating new technologies and introducing new nuclear imaging devices depending on SPECT technology.

October 2022: Spectrum Dynamics announced its latest advancement in electronic nuclear medicine imaging capability, which uses solid-state detector advanced technologies in a 3600-CZT-based, wide-bore SPECT/CT setup to image high-energy isotopes. This capability is included in the latest VERITON-CT 400 Series Virtual SPECT/CT scanners, allowing the total brain, body, heart, and other image processing applications for the nuclear imaging devices industry.

Nuclear Imaging Devices Application Insights

Based on application, the nuclear imaging devices market segmentation includes oncology, cardiology, neurology, and others. The oncology segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The rising incidence and prevalence of cancer worldwide, public & private organizations taking initiatives to combat the increasing cancer prevalence, and the development of advanced nuclear imaging devices systems and radiotracers for oncology are all significant factors driving this growth segment. In recent years, radiopharmaceuticals have been extensively used in cancer imaging. PET (positron emission tomography) is used in oncology to demonstrate the increased metabolism of malignant cells compared to normal cells. Breast, esophageal, colorectal, lung, lymphoma, head and neck, urinary tract, and lymphoma tumors can all be visualized using this oncology application method, thereby driving the overall nuclear imaging devices market growth.

Figure 2: Nuclear Imaging Devices Market, by Application, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the cardiology application segment of the nuclear imaging devices industry is anticipated to experience rapid growth during the forecast period due to the rising demand for the diagnosis of CVD. The segment's growth can be attributed to more people using the product to assess cardiomyopathy and coronary heart disease (CHD).

March 2021: Bracco Diagnostics Inc collaborated with CardioNavix, LLC to expand patient access to the new cardiac PET nuclear imaging devices system. This new initiative gives patients easy access to cardiac PET imaging facilities, physicians, and diagnostic centers. By incentivizing clinical professionals to recommend and use this crucial diagnostic test, this program may lower the upfront costs and risk of business loss.

Nuclear Imaging Devices End User Insights

End users have bifurcated the nuclear imaging devices market data into hospitals, diagnostic imaging centers, and others. The hospital segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2023-2032. This is due to factors such as improving diagnostic imaging procedure efficiency and the increasing number of diagnostic imaging procedures conducted in hospitals.

On the other hand, the diagnostic imaging centers segment is expected to grow at the fastest CAGR in the nuclear imaging devices industry over the forecast period due to rising awareness of nuclear medicine therapies, increased investment in nuclear imaging equipment research and development, an increased in the number of diagnostic institutions, and a high volume of nuclear imaging procedures.

Nuclear Imaging Devices Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Nuclear Imaging Devices market accounted for USD 0.82 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The region's high market share for nuclear imaging devices can be attributed to increased R&D spending, a massive density of nuclear medicine procedures, and a robust healthcare infrastructure. For instance, Eckert & Ziegler announced in January 2021 their plans to build a cGMP facility in Boston, United States, for the contract manufacturing of radiopharmaceuticals. The facility can assist in meeting the market's rising demand for radionuclides by producing late-investigational-stage and commercial-stage radioactive isotopes used in nuclear medicine.Positron Corporation, a manufacturer of molecular imaging devices that provides clinical services and PET imaging systems, is happy to announce that it has signed a Clinical Study/Research Contract with the Ochsner Clinic Foundations along with Dr. Robert Bober, the head of Nuclear Cardiology and Molecular Imaging at Ochsner Health, for a clinical trial of its new PET-CT imaging product, the Affinity PET-CT 4D. A separate Institutional Review Board (IRB) has examined and approved all clinical trial methods and participants as necessary. An IRB is a properly constituted organization officially designated to assess and oversee medical studies involving human participants under FDA standards.

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: NUCLEAR IMAGING DEVICES MARKET SHARE BY REGION 2022 (%) 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The European nuclear imaging devices market holds the second-largest market share due to technological advancements such as hybrid imaging, the introduction of new radiopharmaceuticals for diagnosis, and the development of molecular imaging. The substantial expansion of the healthcare industry in European countries, rising cancer incidences, an aging population, and an increase in product launches are all contributing factors to the growth of the regional market share for nuclear imaging devices. Further, the German market of nuclear imaging devices held the largest market share, and the UK market of nuclear imaging devices was the fastest-growing market in the European region.

The Asia-Pacific Nuclear Imaging Devices Market is expected to grow at the fastest CAGR from 2023 to 2032. This region's rapid growth can be attributed to a rise in the incidence of chronic diseases, increased awareness of the potential advantages of early disease detection, and the development of healthcare systems. For instance, Penang Adventist Hospital (PAH) announced the opening a private nuclear medicine facility in the northern region of Malaysia in March 2022. The regional market of nuclear imaging devices is expected to benefit from this launch. The rising prevalence of cancer and heart-related illnesses in developing nations, particularly China and India, is also anticipated to fuel the nuclear imaging devices industry growth in the Asia-Pacific region. Moreover, China’s market of nuclear imaging devices held the largest market share, and the Indian market of nuclear imaging devices was the fastest-growing market in the Asia-Pacific region.

Nuclear Imaging Devices Key Market Players & Competitive Insights

Major market players are investing heavily in R&D to expand their imaging device product lines, which will aid in the market growth of the nuclear imaging devices. The critical market development strategies used by the players to broaden their customer reach and gain a competitive advantage in the overall market are facility expansion, contractual agreements, product and service diversification, collaborations, alliances, and partnerships. Competing companies in the nuclear imaging devices industry must provide cost-effective products and services to broaden and sustain in an intensely challenging and rising market environment.

In recent years, the nuclear imaging devices industry has offered some of the most significant benefits to highly advanced imaging devices across the globe. The nuclear imaging devices market major players such as Philips Healthcare, Surgiceye GmbH, Digirad Corporation, Mediso Medical Imaging Systems Ltd, and others are investing in imaging device research and development to increase the market demand.

The top supplier of advanced radiation oncology and diagnostic imaging services is United Imaging Healthcare (UIH). It is a worldwide leader in providing cutting-edge products in digital X-ray, CT scanners, surgery, mammography, MRI, PET-CT & PET-MRI, and radiotherapy systems to many advanced hospitals in India. United Imaging Healthcare announced the uEXPLORER total-body PET/CT nuclear imaging devices in October 2022, with a 194 cm axial PET FOV that allows the entire body to be scanned in a one-bed position. The total-body dynamic scanning offered by the ultra-high-resolution virtual PET/CT system allows for shallow patient doses. It delivers exceptionally high picture resolution, revolutionizing whole-body PET/CT imaging.

Also, GE Healthcare Technologies Inc. (GE HealthCare) is a leading provider of medical devices that include imaging agents for use during medical scanning procedures, a variety of healthcare IT solutions, and clinical and diagnostic imaging systems. GE Healthcare also offers services for performance improvement and efficiency solutions, computerized data management, and virtual diagnostic and repair for medical equipment manufactured by the company and others. The Omni Legend positron emission tomography/computed tomography (PET/CT) platform was unveiled by GE Healthcare in October 2022 at the 35th Annual Legislature of the European Association of Nuclear Medicine (EANM) in Barcelona, Spain.

Key Companies in the market of nuclear imaging devices include

• Philips Healthcare


• General Electric Company


• Digirad Corporation


• Neusoft Medical Systems Co. Ltd


• Cannon Inc


• Surgiceye GmbH


• CMR Naviscan


• Mediso Medical Imaging Systems Ltd


• Agfa-Gevaert Group


• DDD-Diagnostic A/S


• Segamicorp

November 2021:Naeotom Alpha, the world's first photon-counting CT scanner, was introduced by Siemens Healthineers. It outperforms all technical image quality parameters and has been cleared for all medical applications in the United States and Europe.

September 2021:GE Healthcare paid USD 1.45 billion to Altaris Capital Partners to acquire BK Medical, a pioneer in enhanced nuclear imaging devices.

April 2020:TTG Imaging Solutions LLC, a nuclear imaging devices company based in the United States, acquired Molecular Imaging Specialists and Nuclear Imaging Services for an undisclosed sum. The company intends to broaden its diagnostic imaging portfolio through this acquisition.

Nuclear Imaging Devices Market Segmentation

Nuclear Imaging Devices Technology Outlook

• PET


• SPECT

Nuclear Imaging Devices Application Outlook

• Oncology


• Cardiology


• Neurology


• Others

Nuclear Imaging Devices End User Outlook

• Hospitals


• Diagnostic Imaging Centers


• Others

Nuclear Imaging Devices Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  • Rest of the World
  
  
  
  


• Middle East
  
  
  
  • Africa
  
  
  • Latin America