Nuclear Medicine Equipment Market Size, Share & Trends Analysis Report By Type (SPECT, PET, Planar Scintigraphy Systems), By Application (Oncology, Cardiology, Neurology, General Imaging), By End Use, By Region, And Segment Forecasts, 2024 - 2030

Nuclear Medicine Equipment Market Trends

The global nuclear medicine equipment market size was valued at USD 6.87 billion in 2023 and is projected to grow at a CAGR of 3.1% from 2024 to 2030. The rise of nuclear medicine is due to its ability to provide a distinct and noninvasive way of obtaining molecular and cellular information that is unmatched by other imaging techniques. It also aids in identifying the presence of illness at its earliest phase and is a key factor driving the market, as the prevalence of chronic diseases and cardiovascular diseases among the public is rising.

Furthermore, as per the data from the World Health Organization (WHO), approximately 20 million new cancer cases and 9.7 million deaths were reported globally in 2022. Furthermore, 53.5 million individuals were found to survive within five years after being diagnosed with cancer. Roughly 20% of individuals may experience cancer during their lifespan, with around 11% of men and 8% of women losing their lives to this illness. Nuclear medicine has important function in targeting certain cancer cells, sending radiation straight to the tumor location without harming surrounding tissue. This focused strategy decreases potential negative reactions and enhances the efficacy of the therapy.

Furthermore, on a global scale, there is a continual increase in the number of clinical trials being conducted which is driving the demand. For instance, there has been significant growth in number of registered clinical trials in past years. By April 15, 2024, more than 491 thousand clinical studies had been registered worldwide. There has been a substantial increase in the quantity of clinical studies since the year 2000, when only 2,119 were registered. Leading to a rise in investment in drug discovery and research. Furthermore, The American Cancer Society's predictions indicate that roughly 81,610 new cases of kidney cancer (52,380 in males and 29,230 in females) may be identified in 2024. Approximately 14,390 deaths (9,450 males and 4,940 females) due to kidney cancer are expected, which expected to nurture the market. 

Type Insights

Single-photon Emission Computed Tomography (SPECT) dominated the market in 2023 due to its distinctive capability to evaluate organ function and blood flow, providing valuable information beyond the anatomical structure seen in CT scans or X-rays. This vital data is essential for identifying different conditions, especially in the fields of cardiology and neurology. Furthermore, SPECT technology is considered cost-effective when compared to newer options such as PET scans. This increased availability, along with its ability to effectively diagnose prevalent illnesses, resulted in its demand in numerous healthcare institutions. Moreover, the enhancement of new radiopharmaceuticals for SPECT imaging has constantly enhanced the precision and variety of uses for this technology. The continuous innovation has enabled to stay current in the changing field of nuclear medicine.

Positron Emission Tomography (PET) is expected to register the fastest CAGR during the forecast period. PET provides better functional imaging abilities, offers an understanding of cellular activity, and allows for more accurate and early detection of diseases, especially cancers, through the use of radiotracers that target specific biological processes. This increased ability to diagnose accurately leads to better patient results and potentially decreased healthcare expenses in the future.

Furthermore, the enhancement of PET technology, including its combination with CT scanners (PET/CT) for better anatomical precision, is increasing its demand. Additionally, the increasing emphasis on personalized medicine and targeted treatments is generating significant interest in the use of PET for evaluating treatment effectiveness and advising on therapy choices. In the future, an increasing number of elderly individuals with more chronic illnesses is predicted to increase the need for advanced diagnostic instruments such as PET scanners, driving the growth of the market.

Application Insights

The cardiology segment dominated the market in 2023. Nuclear medicine techniques, especially Myocardial Perfusion Imaging (MPI) with technetium-99m agents, have been extremely useful in evaluating coronary heart disease, a major cause of death globally. These processes offer comprehensive data on the circulation of blood to the muscles in the heart, allowing for correct identification of irregularities and timely intervention. Moreover, an increasing number of cardiovascular diseases due to unhealthy habits and the aging of populations is leading to a growing need for effective diagnostic instruments. For instance every year, approximately 60 million individuals worldwide are diagnosed with a heart or circulatory condition. Moreover, nuclear medicine equipment provides non-invasive and cost-effective solutions compared to invasive cardiac procedures. Additionally, improvements in radiopharmaceuticals tailored for heart tissue targeting are consistently enhancing the precision and range of cardiovascular diagnoses through nuclear medicine methods. The continuous advancements in technology, along with the rising prevalence of cardiovascular diseases, driving the cardiology sector in the nuclear medicine equipment market.

Oncology is projected to grow at the fastest CAGR over the forecast period. This rise is due to the advantages of nuclear medicine in oncology and its ability to provide functional information in addition to structural details. According to the WHO, an estimated 35 million new cancer cases are expected in 2050, which is a 77% rise from the projected 20 million cases in 2022. The rising incidence of cancer on a global scale, due to factors like aging populations and environmental issues, is creating a greater demand for advanced diagnostic and treatment tools, offer fast and less intrusive diagnostic procedures compared to conventional biopsy methods.

End Use Insights

Hospitals dominated the market in 2023. This is mainly due to the higher number of surgeries occurring worldwide due to the growing elderly population and the presence of different diseases. The growth is fueled by the rising elderly population and due to the high occurrence of chronic and other illnesses, along with advancements in non-vascular stent technology.

Diagnostic imaging centers are expected to register the fastest CAGR during the forecast period due to the increasing emphasis on outpatient care and cost control. Diagnostic imaging centers generally provide much quicker appointment scheduling, reduced operational expenses, and possibly shorter wait times in comparison to hospital radiology departments. Additionally, the growth is driven by increased investments in healthcare infrastructure creation of easy-to-use and smaller equipment, which are increasing accessibility for diagnostic imaging centers.

Regional Insights

North America's nuclear medicine equipment market dominated the market in 2023. The increasing number of cases of the disease is driving market expansion. The significant share of the North American market is credited to the existence of a sophisticated healthcare system in the area, the increasing number of surgical procedures, the greater use of advanced products, and the presence of numerous top market players in the U.S.

U.S. Nuclear Medicine Equipment Market Trends

The U.S. nuclear medicine equipment market dominated North America in 2023. The rise in healthcare spending is expected to drive market growth in the region. Healthcare spending in the U.S. increased by more than 3% in 2022 to about USD 3 trillion. Furthermore, the importance of government laws backing the healthcare system, and the increasing frequency of emergent incisional hernia surgeries is concerning due to the higher risk of complications and death, highlighting the demand for nuclear medicine equipment like gastrointestinal stents in the area.

Europe Nuclear Medicine Equipment Market Trends

Europe's nuclear medicine equipment market was identified as a lucrative region in 2023 due to the rising incidence of chronic conditions like neurological disorders, cancer, and cardiac diseases. As per the European Commission, circulatory system diseases accounted for close to one-third (32.7%) of all deaths in the EU in 2020, making it the primary cause of death.

The U.K. nuclear medicine equipment market is expected to grow rapidly in the coming years driven by the rising number of cancer and cardiovascular disease cases are the main drivers behind the growing demand, leading to market expansion. For instance, according to data released by the British Heart Foundation, it is estimated that more than one million individuals in the UK are affected by heart failure. Approximately 200,000 individuals in the UK are diagnosed with heart failure annually

The Germany nuclear medicine equipment market held a substantial market share in 2023 fueled by increasing number of elderly people in the country. As the population ages and more individuals are over 60, there is an increase in age-related conditions.

Asia Pacific Nuclear Medicine Equipment Market Trends

Asia Pacific nuclear medicine equipment market is anticipated to witness significant growth in the market. The increasing prevalence of chronic illnesses, specifically cancer and heart diseases, is leading to a growing demand for nuclear medicine equipment due to the increasing elderly population in numerous Asian nations and the rising occurrence of risk factors such as poor lifestyles.

The India nuclear medicine equipment market held a substantial share in 2023 driven by the increasing prevalence of chronic illnesses such as cancer and heart diseases, fueled by an aging population and lifestyle choices. Moreover, government efforts and growing investments in healthcare infrastructure are enhancing the availability of advanced medical technologies.

Key Nuclear Medicine Equipment Company Insights

Some of the key companies in the nuclear medicine equipment market include GE HealthCare, Mediso Ltd., Neusoft Corporation., and other companies. To obtain a competitive advantage in the market, businesses are concentrating on growing their customer base. As a result, important players are pursuing several calculated risks, including partnerships mergers, and acquisitions with other major companies.

• Siemens Healthineers AG offers various SPECT and PET scanners, including advanced hybrid PET/CT systems, to meet the increasing need for functional and anatomical imaging.

Recent Developments

• In July 2024, GE Healthcare reached a deal with Intelligent Ultrasound for its AI business for USD 51 million. Intelligent Ultrasound, based in Wales, specializes in AI driven tools for scanning efficiently.

• In April 2022, Mediso Ltd confirmed the acquisition of Bartec Technologies Ltd, a company based in the UK, that focuses on supplying, installing and offering support services for nuclear medicine and molecular imaging accessories & equipment.

Nuclear Medicine Equipment Market Report Scope

Global Nuclear Medicine Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global nuclear medicine equipment market report based on type, application, end use, and region.

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • SPECT

  • PET

  • Planar Scintigraphy Systems

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Oncology

  • Cardiology

  • Neurology

  • General Imaging

• End Use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hospital

  • Diagnostic Imaging Centers

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Kuwait

    • UAE

    • South Arabia

    • South Africa