Growth Projection: Nuclear Imaging Market to Expand at 12.9% CAGR by 2031
Nuclear imaging is an advanced medical imaging technique that operates on Nuclear Imaging Market the principle of detecting radiation emitted from within the body. It involves the administration of a small amount of radioactive tracer material, which travels to specific organs or tissues. These tracers are either compounds naturally used by the body's cells or specially designed compounds that bind to particular targets, such as tumor cells.
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Nuclear Imaging Market Trends:
The growth of the Nuclear Imaging Market is fueled by several key factors, including the rising emphasis on personalized medicines and continuous advancements in radiotracer technologies. These technologies play a crucial role in enhancing the precision and accuracy of diagnostic procedures, thereby bolstering the demand for nuclear imaging solutions.
Technological Innovations Fueling Nuclear Imaging Market Growth
In recent years, practitioners have faced the challenge of optimizing technological advancements in imaging for patient care. Scientists, researchers, and technologists have made significant strides in integrating multimodality imaging systems into clinical practice. Examples include PET/CT, SPECT/CT, PET/MRI, and PET/SPECT/CT, each offering enhanced diagnostic capabilities through combined imaging modalities.
Rapid Expansion of Nuclear Medicine Procedures Driven by Advanced Imaging Technologies and Radiotracer Innovations
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By Product:
- Hybrid Pet
- Standalone Pet
- Hybrid SPECT
By Application
- Cardiology
- Neurology
- Oncology
By End-User
- Hospitals
- Research Centres
- Research Centres
- Diagnostic Centres
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Nuclear Imaging Market Segments
The oncology segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)
The prevalence of various types of cancer has significantly increased over the past two decades. According to the Lymphoma Research Foundation, over 100,000 people are diagnosed with lymphoma each year, and nearly one million people in the United States are either living with or in remission from this cancer. It is the third most common cancer in children. FDG-PET/CT scans are more sensitive than contrast-enhanced CT scans for staging several types of lymphoma and detecting tumor spread in solid cancers such as breast, lung, and colon cancer.
Nuclear Imaging Market Regional Share
The North America region holds the largest market share in the global nuclear imaging market.
North America is expected to dominate the global nuclear imaging market during the forecast period. In 2016, the American Medical Isotope Production Act (AMIPA) and the Department of Energy/National Nuclear Security Administration (DOE/NNSA) established a Uranium Lease and Take-Back (ULTB) program in the United States. This program provides Low Enriched Uranium (LEU) through lease contracts for the irradiation and production of Mo-99 for medical purposes. AMIPA not only promotes domestic production of Mo-99 but also aims to replace High Enriched Uranium (HEU) in the production of medical radioactive isotopes.
Nuclear Imaging Companies and Competitive Landscape
The nuclear imaging market is moderately competitive, featuring both local and global companies. Key players contributing to market growth include Bracco Imaging SpA, Cardinal Health Inc., GE Healthcare, Koninklijke Philips NV, Siemens Healthineers, Curium, CMR NAVISCAN (GAMMA MEDICA INC.), Nordion (Canada) Inc., NTP Radioisotopes SOC, and Canon Medical Systems Corporation. Major players are adopting growth strategies such as product launches, acquisitions, and collaborations to expand the global nuclear imaging market. For example, in May 2018, Curium strengthened its position in the French PET market by acquiring Cyclopharma’s French commercial and manufacturing operations.
Nuclear Imaging Companies and Keyplayers:
Key players are Bracco Imaging SpA, Cardinal Health Inc., GE Healthcare, Koninklijke Philips NV, Siemens Healthineers, Curium, CMR NAVISCAN (GAMMA MEDICA INC.), Nordion (Canada) Inc., NTP Radioisotopes SOC, Canon Medical Systems Corporation among others.
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