According to a new market research report “Global Nuclear Imaging Equipment Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Product (SPECT, Hybrid PET and Planar Scintigraphy), by Application (Oncology, Cardiology, Neurology and Others), by End user (Hospitals, Diagnostic Centers, Research Institute and Others)” published by P&S Intelligence, the global nuclear imaging equipment market is expected to grow at a CAGR of 4.8%, during 2017 - 2023.
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Increasing geriatric population drives the global market
According to the study, the global nuclear imaging equipment market is likely to grow significantly during the forecast period, due to rising prevalence of cancer and cardiovascular diseases, increasing geriatric population and increasing prevalence of neurological disorders. In addition, rising healthcare expenditure and launch of technologically advanced products contribute to the growth of the overall market. High cost of imaging techniques is the key factor restraining the global market growth.
Insights on market segments
As per the findings of the research, based on products, the SPECT is the largest category, in the global nuclear imaging equipment market. Hybrid SPECT, further forms the larger part of the global market for SPECT. Oncology has been the largest application of the global market, followed by cardiology, neurology and others. Hospitals has been the largest end user of nuclear imaging equipment, followed by diagnostic centers, research institutes and others.
North America stands as the largest nuclear imaging equipment market
Geographically, North America has been the largest market for nuclear imaging equipment, with the U.S. being the largest contributor to the regional market. Increasing prevalence of cancer and cardiovascular diseases and presence of technological advanced products has been driving the growth of the North American market for nuclear imaging equipment. In Europe, Germany has been the largest contributor to the market for nuclear imaging equipment, followed by France and the U.K. The market is expected to witness the fastest growth in Asia-Pacific, during 2017 - 2023, owing to increasing cases of cancer, cardiovascular diseases, neurological disorders and increasing geriatric population.
Increasing prevalence of cancer and cardiovascular disease largely impacts the market
Globally, the increasing prevalence of cancer and cardiovascular disease has been playing a key role in the growth of the nuclear imaging equipment market. The rapidly increasing burden of cancer is leading to increase in demand for oncology services, which further compels government organizations and healthcare providers to provide improved facilities for effective disease diagnosis and treatment.
According to the International Agency for Research on Cancer (IARC), a specialized cancer agency of World Health Organization (WHO) that promotes cancer research, 12.7 million new patients were detected with cancer in 2008, globally, and the number is expected to reach 21.4 million by 2030. In addition, according to WHO, in 2012, 8.2 million deaths took place globally due to cancer, out of which 1.6 million were due to lung cancer, while 745,000 deaths resulted from liver cancer and 400,000 deaths were an outcome of esophageal cancer.
Cardiovascular diseases are diseases of heart and blood vessels, which include conditions such as hypertension, coronary heart disease, heart failure, cerebrovascular disease and rheumatic heart disease. It is the leading cause of premature deaths around the world. According to WHO, around 17.5 million people around the world died due to cardiovascular diseases in 2012, and the number is expected to reach 23.3 million by 2030.
The increasing burden of cardiovascular diseases is expected to result in higher death rates and additional economic cost. Thus, several developments have been taking place for efficient disease diagnosis and treatment, leading to high adoption rate of nuclear imaging equipment, globally.
Key players in the 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.
GLOBAL NUCLEAR IMAGING EQUIPMENT MARKET SEGMENTATION
By End User