The single-photon emission computed tomography (SPECT) segment to maintain its dominance throughout the forecast period

Nuclear medicine equipment including PET/CT and SPECT scans are utilized for collect radiation from small radioisotopes that reside into the body. This equipment thus helps in carrying out diagnosis of diseases and analyze the treatment response to the patient. The crucial factors driving the growth of the market include advent of advanced equipment, surge in prevalence of cardiovascular diseases and cancer, increase in investment in modernization of diagnostic imaging centers, and radiotracers developments.

Surge in the prevalence of chronic diseases such as cancer & cardiovascular diseases, rise in awareness regarding efficacy of nuclear medicine equipment for early diagnosis of different type of cancers, and advancements in technology drive the growth of the global nuclear medicine equipment market. However, high cost and lack of availability of efficient data and evidence regarding nuclear medicine equipment restrain the market growth. On the other hand, increase in investments to promote research and technological advancements create new opportunities in the coming years.

The global nuclear medicine equipment industry generated $2.5 billion in 2020, and is expected to reach $3.4 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

The single-photon emission computed tomography (SPECT) segment to maintain its dominance throughout the forecast period

Based on product, the single-photon emission computed tomography (SPECT) segment accounted for the highest market share in 2020, contributing to more than half of the global nuclear medicine equipment market, and is estimated to maintain its dominance throughout the forecast period. This is attributed to rise in prevalence of cancer across the world. However, the positron emission tomography (PET) segment is projected to manifest the fastest CAGR of 3.6% from 2021 to 2030. This is due to rise in usage to enhance the accuracy of nuclear medicine imaging in the field of clinical oncology and diagnosis of brain tumor.

The oncology segment is anticipated to maintain its leadership position during the forecast period, owing to the surge in incidence of cancer and rise in awareness regarding early diagnosis. However, the neurology segment is expected to register the highest growth rate as this equipment can be utilized for diagnosis and assessment of the treatment response to different neurological disorders including Alzheimer’s disease, vascular dementia, brain death/injury, stroke & transient ischemic attack, and others.

North America to continue its lead position by 2030

Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global live chat software market, and is projected to continue its lead position by 2030. This is attributed to well-established healthcare infrastructure and the presence of major key players in the market. However, Asia-Pacific is estimated to witness the largest CAGR of 4.4% during the forecast period, owing to increase in prevalence of cancer & other chronic diseases, rise in awareness about early diagnosis of cancer, and untapped potential in the region.

Leading market players operating in the global nuclear medicine equipment market include General Electric Company, Siemens Aktiengesellschaft, Koninklijke Philips N.V., Mediso Medical Imaging Systems, Ltd., Digirad Corporation, Bozlu Holding, Toshiba Corporation, Compaa Mexicana de Radiologa CGR, S.A. de C.V., Neusoft Corporation, and SurgicEye GmbH. They have adopted various strategies including expansion, collaborations, partnership, mergers & acquisitions, and others to gain a strong position and make international presence.