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Nuclear imaging procedure is a non-invasive, painless medical test that helps physicians to diagnose patients’ medical condition. Nuclear imaging uses radioisotopes that are injected into the bloodstream, swallowed or inhaled to provide images of how tissues and organs function. The radioisotopes produce radiations that are used to diagnose cancer, evaluate organ disorder and investigate blood circulation. PET imaging can identify active vascular macrocalcification in case of atherosclerosis, using 18F-sodium fluoride radioactive element. The global nuclear imaging equipment market has been segmented on the basis of type, application and end user.
On the basis of type, the global market has been segmented into SPECT, Hybrid PET and Planar Scintigraphy. SPECT has been the largest segment in the global nuclear imaging equipment market. A SPECT scan is used to detect blood flow in arteries and veins. It is more sensitive to brain injury as compared to MRI and CT scans. It uses a radioactive substance called tracer, which is injected into the patient’s body to produce pictures of the heart for detecting proper blood flow.
On the basis of application, the global nuclear imaging equipment market has been segmented into oncology, cardiology, neurology and others. Oncology has been the largest application segment in the global market.
On the basis of end user, the market has been segmented into hospitals, diagnostic centers, research institutes and others. Hospitals has been the largest end user in the global market.
GLOBAL NUCLEAR IMAGING EQUIPMENT MARKET BY END USER $M (2013-2023)
The global nuclear imaging equipment market is expected to witness a CAGR of 4.8%, during the forecast period. Rising prevalence of cancer, neurological disorders and cardiovascular diseases, increasing geriatric population, surging healthcare expenditure and launch of technologically advanced products are some of the key drivers for the global market growth. On the other hand, the market has been facing certain challenges such as high cost of procedure, which may impede its growth, during the forecast period.
Increasing prevalence of cancer and growth of aging population has created a positive impact on the growth of the global nuclear imaging equipment market. According to the International Agency for Research on Cancer (IARC), a specialized cancer agency of WHO that promotes cancer research, around 12.7 million new patients were detected with cancer in 2008, globally, and the number is expected to reach 21.4 million by 2030. Further, a total of 8.2 million deaths took place in 2012, globally, due to cancer, of which 1.6 million deaths were due to lung cancer, while 745,000 deaths were due to liver cancer, and 400,000 deaths resulted from esophageal cancer. The increased pool of population undergoing cancer diagnostic tests and cancer screening has led to the growth of the market.
As per the United Nations Department of Economic and Social Affairs (UNDESA) report on the global aging population, the population of people aged 60 years or above is growing at a high rate. In 2013, the global share of people aged 60 or above was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050. The aged pool experiences slow heart rate due to fat deposits and slight increase in the size of the heart. In addition, the geriatric pool also experiences changes in blood vessels, slight thickening of capillary walls, stiffening and less flexibility of main artery (aorta), and slower response to blood loss and anaemia. Thus, increasing deaths due to rising prevalence of cancer and rise in the aging population serve as a major driver for the growth of the global nuclear imaging equipment market.
Some of the key players in the global nuclear imaging equipment market include Siemens AG, GE Healthcare, Philips Healthcare, Digirad Corporation and Neusoft Medical Systems Co., Ltd., Cannon Inc., DDD Diagnostics, CMR Naviscan Corporation, SurgicEye GmbH and Mediso Medical Imaging Systems Ltd.
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