The Global Nuclear Imaging Market was worth $10.03 billion in 2016 and estimated to be growing at a CAGR of 8.87%, to reach $15.34 billion by 2021. Nuclear imaging market is showing strong growth predominantly in the cardiac sector, amid the growing attention towards cardiac disease deterrence and treatment.
Nuclear imaging is generally utilized for cardiovascular and oncology applications. This technology allows doctors to formulate the appropriate alignment of radiation beams for the treatment of disease with sound accuracy. For instance, positron emission tomography (PET) imaging allows doctors to recognize chemical and physiologic variations in targeted tissues.
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The growth of the Global Nuclear Imaging Market is mainly driven by factors such as an increasing utilization of SPECT and PET examination in radiopharmaceuticals, rise in cognizance for prompt diagnosis, increasing frequency of cardiac diseases, and improving healthcare infrastructure in this region. However, factors such as costly procedures & equipment, shortage of supplies, and logistical difficulties are hindering the growth of the market.
The Global Nuclear Imaging market is segmented based on Diagnostic Technologies and Application. The market for Nuclear Imaging, on the basis of Diagnostic Technologies is segmented into PET Radioisotopes and SPECT Radioisotopes. PET Radioisotopes are further segmented into Rubidium-82, Fluorine-18, whereas SPECT Radioisotopes are further segmented into Thallium-201, Technetium-99m, Xenon-133, and Iodine-123. On the basis of application, the global Nuclear Imaging market is segmented into PET and SPECT. PET is further segmented into Cardiology, Oncology, and Neurology, whereas SPECT is segmented into Lymphoma, Neurology, Cardiology, and Thyroid. PET is mainly being utilized in oncology due to superior quality of imaging; whereas SPECT used in the cardiology section accounts for almost 80% of the entire cardiology market share.
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The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. U.S accounted for the largest share in the global Nuclear Imaging market in 2015, as it spends nearly 20% of its GDP on health. However, The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to reasons such as growing geriatric populace and surge in the chronic disease population.
Companies are showing a strong interest in enhancing image quality by developing new technologies and creating new devices or novel techniques to achieve images with higher spatial resolution. The major companies dominating the global Nuclear Imaging market are Mallinckrodt plc, Siemens Medical Solutions, Hitachi Medical Corporation, Medtronic Inc., General Electric Co. (Healthcare Division), IBA Group, Positron Corporation, Philips Medical Systems, Naviscan, Toshiba Medical Systems Corporation, Carestream Health, Lantheus Medical Imaging Inc., Cardinal Health Inc., and Bayer AG.
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