Nuclear Imaging Equipment Devices Market

• Rising rates of chronic illnesses, such as cancer and heart disease is driving the market growth

The market for nuclear imaging equipment devices is anticipated to rise as chronic diseases become more common. In the United States, one in four persons had two or more chronic health issues, and over 117 million people suffered from at least one chronic health condition, according to a 2012 report from the Center for Chronic Disease Prevention and Health Promotion. Furthermore, the World Health Organization (WHO) projects that by 2020, chronic illnesses will be responsible for about three-quarters of all fatalities ly.

According to WHO estimates, 71% of these deaths will be from Ischaemic Heart Disease (IHD) and 75% from stroke.

Over the course of the forecast period, rising applications for nuclear imaging equipment devices due to technical developments, nuclear imaging equipment development, and the shift from standalone to hybrid modalities for diagnostic purposes are likely to fuel market expansion. Further propelling market expansion will be government support for research and development initiatives aimed at creating new technologies in the healthcare sector. The market will have growth prospects due to the increasing awareness of the importance of early diagnosis and the development of new radiopharmaceuticals.

Furthermore, an increasing trend in demand for data integrated imaging systems is expected to drive market expansion. ly, data integrated imaging systems are being used by hospitals and physicians to create three-dimensional images and obtain extensive information on a patient's diagnostic history.

Over the past ten years, hybrid systems have evolved significantly due to developments in imaging technology. The use of integrated PET modalities represents a significant improvement in this area. The major imaging system manufacturers no longer offer standalone PET systems due to the popularity of the PET/CT modality innovation. The success of the hybrid PET/CT systems has drawn interest in hybrid PET/MRI and SPECT/CT systems as well. Compared to standalone systems, these hybrid systems may provide exact images with higher resolution. They can offer both physiological and morphological details in a single evaluation.

For instance, a SPECT/CT system improves the specificity of the information obtained by CT while also providing correct localization in the context of skeletal examination. Owing to benefits like these, a growing number of hospitals are switching from standalone to hybrid systems. The market for nuclear imaging equipment devices is expected to develop as a result of the growing acceptance of hybrid modalities. Thus, driving the nuclear imaging equipment devices market revenue.

The Global Nuclear Imaging Equipment Devices Market Industry is significantly impacted by the aging population, which tends to have a higher incidence of health issues requiring advanced diagnostic imaging. As the global demographic shifts towards an older population, the demand for nuclear imaging devices is expected to rise. Older adults are more susceptible to conditions such as cancer and heart disease, necessitating regular monitoring and accurate diagnosis. This demographic trend is likely to contribute to the market's growth trajectory, with the industry anticipated to reach a valuation of 5.61 USD Billion by 2035, indicating a robust demand for nuclear imaging technologies.

The Global Nuclear Imaging Equipment Devices Market Industry is experiencing rapid technological advancements, which significantly enhance diagnostic capabilities. Innovations such as hybrid imaging systems, which combine nuclear imaging with other modalities like CT and MRI, improve accuracy and efficiency in disease detection. For instance, the integration of artificial intelligence in image analysis is streamlining workflows and reducing interpretation errors. As these technologies evolve, they are expected to drive market growth, contributing to an estimated market value of 3.11 USD Billion in 2024 and a projected increase to 5.61 USD Billion by 2035.

The Global Nuclear Imaging Equipment Devices Market Industry is witnessing a rise in awareness and acceptance of nuclear imaging technologies among healthcare professionals and patients. Educational initiatives and outreach programs are helping to demystify nuclear imaging, leading to increased utilization in clinical settings. As healthcare providers recognize the benefits of these advanced diagnostic tools, the adoption rates are likely to rise. This growing acceptance is expected to contribute to the market's expansion, with projections indicating a market value of 5.61 USD Billion by 2035, underscoring the importance of nuclear imaging in modern healthcare.

The Global Nuclear Imaging Equipment Devices Market Industry benefits from increased healthcare expenditure across various regions. Governments and private sectors are investing more in healthcare infrastructure, which includes the procurement of advanced imaging technologies. This financial commitment is essential for enhancing diagnostic capabilities and improving patient care. Countries with rising healthcare budgets are more likely to adopt nuclear imaging devices, thereby driving market growth. The anticipated market value of 3.11 USD Billion in 2024 reflects this trend, as healthcare systems prioritize investments in technologies that facilitate early diagnosis and treatment.

The Global Nuclear Imaging Equipment Devices Market Industry is influenced by the increasing prevalence of chronic diseases, including cancer and cardiovascular disorders. As these conditions become more common, the demand for advanced diagnostic tools rises. Nuclear imaging plays a crucial role in early detection and treatment planning, which is vital for improving patient outcomes. The growing incidence of such diseases necessitates the adoption of nuclear imaging technologies, thereby propelling market growth. This trend aligns with the projected compound annual growth rate of 5.51% from 2025 to 2035, reflecting a sustained demand for innovative imaging solutions.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American nuclear imaging equipment devices market area will dominate this market. This is because more people are using new imaging technology, which should lead to better cancer therapy and higher-quality images. For instance, the nanoScan PET/MRI 3T preclinical in vivo imaging system was deployed in October 2018 by the Center for Quantitative Cancer Imaging at Huntsman Cancer Institute (HCI), University of Utah, to screen rodent tumor models.

Moreover, over the projection period, it is anticipated that the rising incidence of cancer in North America will fuel demand for nuclear imaging equipment devices.

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

Figure 2:  NUCLEAR IMAGING EQUIPMENT DEVICES MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe nuclear imaging equipment devices market accounts for the second-largest market share due to the increased application of nuclear imaging equipment devices and the introduction of new radiopharmaceuticals for medical diagnosis. Furthermore, technological advancements combined with advancements in the healthcare sector are expected to further push the market's rise for nuclear imaging equipment devices in the region. Further, the German nuclear imaging equipment devices market held the largest market share, and the UK nuclear imaging equipment devices market was the fastest growing market in the European region

The Asia-Pacific Nuclear Imaging Equipment Devices Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the increasing prevalence of chronic illnesses, expanding knowledge of the advantages of early disease detection, and enhanced healthcare infrastructure in the area, all of which contribute to the market expansion for nuclear imaging equipment devices. Moreover, China’s nuclear imaging equipment devices market held the largest market share, and the Indian nuclear imaging equipment devices market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the nuclear imaging equipment devices market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, nuclear imaging equipment devices industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  nuclear imaging equipment devices industry to benefit clients and increase the market sector. In recent years, the nuclear imaging equipment devices industry has offered some of the most significant advantages to medicine.

Major players in the nuclear imaging equipment devices market are attempting to increase market demand by investing in research and development operations includes DIGIRAD Corporation, Neusoft Corporation, Bartec Technologies Ltd., BCL X-Ray Canada Inc., CANON MEDICAL SYSTEMS CORPORATION, CMR Naviscan, SurgicEye GmbH, TTG Imaging Solutions, LLC., Lucerno Dynamics LLC., Absolute Imaging Inc., Berthold Technologies GmbH & Co.KG, Incom Inc., Koninklijke Philips N.V., GE Healthcare, and Siemens Healthineers AG.

Siemens Healthineers AG is a medical technology firm that designs, develops, produces, and sells minimally invasive procedure systems, clinical and workflow systems, and diagnostic imaging systems. Siemens Healthineers AG is a part of Siemens AG. The company's main offerings include point-of-care (POC) testing systems, mobile C-arms, hybrid ORs, angiography systems, ultrasound, computed tomography, magnetic resonance imaging, testing, and molecular imaging systems.

Software platforms and industry solutions linked to product engineering are offered by Neusoft Corp. (Neusoft). Performance engineering, IT infrastructures, software localization and ization, enterprise applications, enterprise intelligent products, business process outsourcing, healthcare goods, platform products, application development and maintenance, and IT education and training services are all provided by the organization. Furthermore provided are industrial services, cloud, professional testing, software engineering, performance engineering, and product engineering services.