Market Overview (2024-2032):

The global nuclear imaging equipment market in terms of revenue was estimated to be worth $3.19 Billion in 2023 and is poised to reach $5.92 Billion by 2032, growing at a CAGR of 7.1% from 2024 to 2032.

The global nuclear imaging equipment market has experienced significant growth, driven by advances in medical technology, increasing demand for early disease detection, and the growing prevalence of chronic conditions such as cancer and cardiovascular diseases. Nuclear imaging, a diagnostic technique that uses small amounts of radioactive material to provide detailed images of the body’s internal organs and tissues, has become a vital tool in modern medicine. It enables healthcare professionals to obtain accurate and non-invasive insights into the physiological processes within the body, enhancing the diagnosis, monitoring, and treatment of various diseases.

The market for nuclear imaging equipment is primarily influenced by the increasing awareness of early disease detection and the rising demand for personalized medicine. As the global population ages, there has been a corresponding rise in chronic diseases that require complex diagnostic and therapeutic procedures. Nuclear imaging technologies such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), and hybrid imaging systems like PET-CT and SPECT-CT are increasingly being integrated into routine clinical workflows. These technologies provide superior imaging quality and functional data compared to conventional imaging methods, allowing for the early detection of disease, precise treatment planning, and better patient outcomes.

Technological advancements have played a crucial role in the growth of the nuclear imaging equipment market. Innovations such as the development of hybrid imaging systems, which combine anatomical and molecular imaging, have led to significant improvements in diagnostic accuracy. These systems enable healthcare providers to simultaneously visualize both the structure and function of organs and tissues, enhancing the ability to detect abnormalities at an early stage. Additionally, advances in radiopharmaceuticals, the radioactive substances used in nuclear imaging, have contributed to the expansion of the market by enabling more targeted and efficient imaging.

The growing use of nuclear imaging in oncology, cardiology, and neurology has further propelled market demand. In oncology, nuclear imaging is invaluable for detecting tumors, determining the stage of cancer, and monitoring the effectiveness of treatment. In cardiology, nuclear imaging is used to evaluate blood flow to the heart, identify coronary artery disease, and assess the damage caused by heart attacks. In neurology, nuclear imaging helps in diagnosing conditions such as Alzheimer's disease, Parkinson's disease, and epilepsy by assessing brain function and identifying areas of abnormal activity.

Moreover, the global trend toward value-based healthcare has led to the increased adoption of advanced diagnostic tools like nuclear imaging, which can provide detailed insights into disease progression and help tailor treatment plans. The ability of nuclear imaging to detect diseases at an early stage and monitor the effectiveness of therapeutic interventions aligns with the healthcare industry's focus on improving patient outcomes while reducing costs.

Despite the positive growth trajectory, the nuclear imaging equipment market faces certain challenges, including the high cost of imaging systems and radiopharmaceuticals, as well as concerns related to radiation exposure. These factors may limit the widespread adoption of nuclear imaging, particularly in developing regions. However, ongoing research aimed at reducing radiation doses and improving the efficiency of imaging systems is expected to alleviate some of these concerns, fostering further market expansion.

Key Findings:

• In April 2024, California X-ray Imaging Services, Inc. is now a subsidiary of Shimadzu Precision Instruments, Inc. (hence, “SPI”), which Shimadzu Corporation (hereinafter, “Shimadzu”) bought all of the company's shares through. CIS will be integrated into SPI's medical systems branch, Shimadzu Medical Systems USA (henceforth referred to as "SMS").
• In January 2024, GE HealthCare announced that it has reached a deal to buy MIM Software, a global supplier of artificial intelligence (AI) and medical imaging analysis solutions for the practice of radiation oncology, molecular radiotherapy, diagnostic imaging, and urology at imaging centres, hospitals, speciality clinics, and research firms worldwide.

Market Dynamics - Market Drivers

Shift from Standalone to Hybrid Modalities

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 example, a SPECT/CT system improves the specificity of the information obtained by CT while also providing correct localisation 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 is expected to develop as a result of the growing acceptance of hybrid modalities.

Key Findings:

• In April 2022, Mediso Ltd announced the acquisition of Bartec Technologies Ltd, a UK-based company specializing in the supply, installation, and support of Nuclear Medicine and Molecular Imaging equipment and accessories. This acquisition is expected to strengthen Mediso’s position in the UK and Ireland markets

Market Opportunities

Growing demand for data integrated imaging systems

Data integrated imaging systems provide image processing and reconstruction, computer-aided medical condition recognition, 3D image production, and the application of suitable quality control systems. Physicians may effortlessly compare the scans to efficiently monitor the disease's course with the use of data integration.

Clinicians are requesting access to integrated, full data on the patient's diagnostic history in order to properly create a treatment plan. Apart from integrating data, there is a great chance to make data accessible via mobile technologies. This will make it easier for clinicians to see and analyse images from any location. Companies are concentrating on creating systems with integrated technologies because of the benefits and ease of integrated systems as well as the strong demand from clinicians.

Key Findings:

• In May 2023, Koninklijke Philips N.V., Elekta, and Mercurius Health announced a 3-year agreement, under which Philips and Elekta installed the diagnostic & therapeutic oncology equipment and aligned informatics solutions at Mercurius Health’s newly acquired Robert Janker Klinik cancer center in Bonn, Germany.

Market Restraining Factors

High Cost of Imaging Systems

Patients' procedure costs go up when using nuclear imaging equipment because they are more expensive and demand large installation costs. Because most healthcare facilities in these nations cannot afford such systems, this has an impact on the adoption rate of new technologies, particularly in emerging nations. A SPECT system would cost between USD 250,000 and USD 400,000 in emerging nations like Brazil, whereas the average cost of a PET system is between USD 400,000 and USD 600,000. It is anticipated that the high expenses will impede the expansion of the industry in addition to maintenance costs.

When investing in expensive systems, healthcare institutions sometimes rely on commercial health insurance plans, Medicare, Medicaid, or other third-party payers to repay them for the expenses related to the diagnostic, screening, and therapeutic treatments carried out with the help of these systems. Because of this, medium-sized and small healthcare facilities are unable to invest in cutting-edge nuclear imaging modalities due to factors like ongoing reductions in reimbursements for diagnostic imaging scans and the rising cost of nuclear imaging systems.

Segmentation Analysis

The market scope is segmented because of by Product, by Application, by End-User.

By Product

Based on the Product of the market is segmented into SPECT Imaging Systems, PET Imaging Systems, Planar Scintigraphy Imaging SystemsA).

In 2023, the single photon emission computed tomography (SPECT) segment held the highest revenue share of 58.56% in the nuclear imaging equipment market. The SPECT equipment and processes' cost-effectiveness is a major contributing factor. SPECT scanners are more widely available in a variety of healthcare settings due to their lower installation and operating costs when compared to PET scanners. Because of its low cost, SPECT technology can now be used in a greater range of healthcare settings, including hospitals and smaller clinics with constrained funding. Moreover, SPECT imaging offers significant advantages in particular diagnostic tests since it uses different radiotracers and imaging agents than PET.

By Application

Based on the Application of the market is segmented into Oncology, Cardiology, Neurology, Other Applications.

In 2023, the oncology category held the highest revenue share of 49.21% and dominated the market. This is a result of the rising incidence of cancer in the globe and the development of sophisticated nuclear imaging technologies, particularly PET and SPECT, which have witnessed tremendous growth due to their unparalleled capacity to extensively investigate the molecular characteristics unique to disease. Moreover, these imaging techniques support continued oncology research. They provide information about the behaviour, metabolism, and response of the tumour to experimental therapeutics, which helps in the development and assessment of new cancer treatments and therapies.

Regional Snapshots

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. North America has historically dominated the global nuclear imaging equipment market. This leadership is primarily driven by several factors, including the presence of advanced healthcare infrastructure, a high adoption rate of cutting-edge medical technologies, and significant investment in research and development.

The region’s well-established healthcare facilities, coupled with a growing elderly population and increasing prevalence of chronic diseases such as cancer and cardiovascular conditions, have contributed to the strong demand for nuclear imaging systems. Furthermore, North America benefits from the presence of major market players and favorable government initiatives aimed at promoting early disease detection and diagnostic imaging.

Looking ahead, the Asia-Pacific region is expected to be the fastest-growing market for nuclear imaging equipment.

Rapid economic growth, increasing healthcare expenditure, and improving healthcare infrastructure in countries like China, India, and Japan are driving this growth. Additionally, rising awareness about the benefits of early diagnosis, coupled with an expanding middle-class population, is increasing the demand for advanced diagnostic tools. Government initiatives aimed at modernizing healthcare systems and the increasing burden of chronic diseases in the region also support this upward trajectory. As a result, the Asia-Pacific market is poised to experience robust growth in the coming years, outpacing other regions in terms of market expansion.

List of Companies Profiled

• GE HealthCare
• Siemens Healthineers
• Koninklijke Philips N.V.
• Canon Medical Systems Corporation
• Mediso, Cubresa Inc.
• Shimadzu Corporation
• United Imaging Healthcare Co

Key Industry Developments

• In November 2022, Canon, Inc. decided to establish an entirely new subsidiary, which would be called Canon Healthcare USA, INC. Canon boosted the development of medical business by expanding its position in the American medical market
• In June 2022, Siemens Healthineers introduced the Symbia Pro.specta, a SPECT/CT system that has received both the CE mark and FDA clearance. This system integrates advanced SPECT and CT imaging technologies. Notable features include a low-dose CT capable of capturing up to 64 slices, offering impressive detail in imaging.

Report Coverage

The report will cover the qualitative and quantitative data on the Global Nuclear Imaging Equipment Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Regional Analysis

North America accounted for the highest xx% market share in terms of revenue in the Nuclear Imaging Equipment market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Nuclear Imaging Equipment. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Nuclear Imaging Equipment companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Nuclear Imaging Equipment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Nuclear Imaging Equipment Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Nuclear Imaging Equipment Market valued?
• Which region has the largest share in 2024 for the global Nuclear Imaging Equipment Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of the Market

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Nuclear Imaging Equipment Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: