The Europe Nuclear Imaging Market was worth $2.50 billion in 2016 and estimated to be growing at a CAGR of 8.78%, to reach $3.81 billion by 2021.
Medical imaging is the method of generating a photographic image of the inside of the body for medical intervention. These devices aid in creating a databank of normal anatomy and physiology of internal organs so that any irregularity can be observed immediately. Nuclear imaging is most commonly utilized for cardiovascular and oncology applications. It refers to the method of generating visuals of the organs of the body by processing minor quantity of radioactive tracers. The images are obtained using a gamma camera and can be documented on film or on a computer.
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The growth of the Europe Nuclear Imaging market is mainly due to factors such as an increase in the number of cancer and cardiovascular disease cases, and predilection towards minimally invasive procedures, ready availability of radiopharmaceuticals. However, factors such as costly procedures & equipment, shortage of supplies, and logistical difficulties are hampering the growth of the market in this region.
The Europe 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 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 is used in the cardiology section accounting for almost 80% of the entire cardiology market share.
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The Europe market has been geographically segmented into Germany, U.K, France, Spain, and Italy. In 2015, Germany accounted for the largest share of the Nuclear Imaging market, followed by France, Italy, and U.K. This market is however projected to witness high growth rate in nascent markets such as Switzerland, Poland, Denmark, and Sweden. 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 Nuclear Imaging market in this region 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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