Nuclear Medicine Imaging Market is Expected To Reach USD 6,047.2 Million By 2028
The Nuclear Medicine Imaging Market size is estimated to reach USD 6,047.2 Million from USD 4,249.4 Million in 2020, delivering a CAGR of 4.6% through 2027. The market growth is driven by a plethora of factors, including the growing prevalence of cancer & cardiovascular diseases, investments for the modernization of diagnostics imaging centers, the introduction of new & advanced products, along with the development of new radiotracers.
Favorable reimbursement scenario for positron emission tomography (PET scans) in many countries, along with the high accuracy of nuclear imaging, is propelling nuclear medicine imaging market growth through 2027.
In January 2019, Kansen voor West organization and the EFRO (European Fund for Regional Development) had funded USD 7.67 million to FIELD-LAB for developing new nuclear medicines for cancer treatment. Such government initiatives and funding for the development of new techniques will further propel nuclear medicine market share over the forecast period.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Nuclear Medicine Imaging Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
GE Healthcare, Lantheus Medical Imaging, Curium, Nordion, Novartis, Bayer, Eczacibasi-Monrol Nuclear Products, Cardinal Health, Bracco Imaging SPA, and Siemens Healthineers, among others.
Nuclear Medicine Imaging Market Segmentation:
Type Outlook (Revenue, USD Million; 2018-2028)
- Single-Photon Emission Computed Tomography (SPECT) Systems
- Positron Emission Tomography (PET) Systems
Application Outlook (Revenue, USD Million; 2018-2028)
End-User Outlook (Revenue, USD Million; 2018-2028)
- Diagnostic Centers
- Research Institutes
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Nuclear Medicine Imaging market over the forecast period?
- What are the major factors driving the growth of the Global Nuclear Medicine Imaging Market?
- What are the key challenges impacting the global Nuclear Medicine Imaging market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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