Nuclear Medicine Equipment Market Research, Key Players, Analysis And Forecast 2025: Grand View Research Inc.
The global nuclear
medicine equipment market
size is expected to reach a value of USD 2.7 billion by 2025, according to a
new report by Grand View Research, Inc. Nuclear medicine involves the
utilization of radiation to diagnose diseases or treat them. It also involves
determining whether specific organs are functioning normally. Over a stretch of
the last two decades, rapid technological advancements in nuclear medicine have
transformed the medicine practice.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
In the
course of years, nuclear medicine equipment market has observed countless
product launches in the form of radioisotopes and other advancements.
Thallium–201(Tl-201), gallium–67 (Ga-67), and iodine-123 (I-123) are the most
common isotopes used in nuclear medicine. The most common radioisotope employed
in diagnostic procedures is the technetium-99. A total of 35 million procedures
are performed per year using the isotope, accounting for about 80% of all
nuclear medicine procedures worldwide. Although large doses of radiations can
be harmful, in case of radiopharmaceuticals, nuclear medicine physicians are
cautious while selecting the doses. Thus, these doses do not pose any
demonstrable health threat and are expected to achieve accurate imaging results,
which have high levels of clarity. Technological advancements have facilitated
better treatment & diagnosis and transformed nuclear medicine procedures.
Development of new and advanced radiotracers and the rising incidence and
prevalence of chronic diseases are the key factors driving the growth of the
global nuclear medicine equipment market.
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Further Key Findings From the Study Suggest:
·
The North American market is
expected to register lucrative growth owing to increasing preference for SPECT
and PET scans for diagnosis of chronic diseases
·
Growing awareness and
government initiatives pertaining to usage of radiopharmaceuticals in the North
American region is expected to boost usage rates. For instance, in December
2016, the FDA issued new guidelines to enforce FDA’s proposed policies
regarding compounding and repackaging of radiopharmaceuticals for human use in
the U.S.
·
Oncology accounted for the
largest market share in application segment in the year 2015 owing to the
increasing incidence and prevalence of cancer worldwide
·
Asia Pacific market is expected
to witness significant growth owing to Japan, China, and India where use of
nuclear medicine is increasing at a fast pace. In addition, the usage of
radioimmunotherapy-based targeted cancer treatment to counter incidence of
cancer and cardiovascular diseases is aiding in the growth of the market
·
Some of the leading vendors
operating in the nuclear medicine equipment market are GE Healthcare; Siemens
Healthineers; Philips Healthcare; and Toshiba America Medical Systems.
·
The key players are focused on
expansion & penetration opportunities in developing and emerging economies
to achieve sustainable growth in the market
The growth of nuclear medicine can be
attributed to the fact that it specifically delivers unique and noninvasive
approach to information at the molecular and cellular level, which is exclusive
and cannot be reproduced using other imaging procedures. It also helps detect
the presence of disease in its earliest stages and is one of the most favorable
drivers of the market, as public awareness about chronic diseases is
increasing. Increasing diagnostic nuclear medicine procedures worldwide will
have a positive impact supporting the growth of the market in the coming years.
Supporting data indicates that use of radiopharmaceuticals in diagnosis is
growing at over 10% per year throughout the world. However, decreased
reimbursement for medical imaging, lack of cost-effectiveness data &
evidence to support that nuclear medicine will improve patient outcomes, and
lack of training among physicians & radiologists regarding anatomic and
molecular imaging is expected to restrain growth.
Some of the key players in this industry
include DDD- Diagnostics A/S; Digirad Corporation; GE Healthcare; Philips
Healthcare; Siemens Healthineers; and Toshiba Medical Systems Corporation. The nuclear medicine market represents a
secular market. This market is characterized by determinants that are
consistent in nature and dictate price trends and other important factors in
the market.
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Grand View Research has segmented the global nuclear
medicine equipment market on the basis of product, application, and end use:
Nuclear Medicine Equipment Product Outlook
(Revenue, USD Million; 2014 - 2025)
·
SPECT
o
Hybrid SPECT
o
Standalone SPECT
·
Hybrid PET
·
Planar Scintigraphy
Nuclear Medicine Equipment Application
Outlook (Revenue, USD Million; 2014 - 2025)
·
Oncology
·
Cardiology
·
Neurology
·
General Imaging
Nuclear Medicine Equipment End- use Outlook
(Revenue, USD Million; 2014 - 2025)
·
Hospitals
·
Imaging Centers
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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