Nuclear Medicine Equipment Market worth 2.13 BN USD by 2020, According to a New Study on ASDReports

Tuesday 15 September 2015, Amsterdam

The report, now available on ASDReports, “Nuclear Medicine Equipment Market by Product (SPECT (Hybrid SPECT, Standalone SPECT), hybrid PET, & Planar Scintigraphy), by Application (Cardiology, Oncology & Neurology), by End user (Hospitals, Imaging Centers) - Global Forecasts to 2020”, analyzes and studies the major market drivers, restraints/challenges, and opportunities.

This report studies the global nuclear medicine equipment market for the forecast period of 2015 to 2020. This market is expected to reach USD 2.13 Billion by 2020 from USD 1.78 Billion in 2015, and is poised to grow at a CAGR of 3.6% during the forecast period.

The global nuclear medicine equipment market is segmented on the basis of product, application, end user, and region.

Based on product, the nuclear medicine equipment market is categorized into hybrid PET, SPECT, and planar scintigraphy systems. The SPECT product segment is further divided into hybrid SPECT and standalone SPECT.  In 2015, SPECT products segment is estimated to account for a major share of the nuclear medicine equipment market.

Based on application, the market is segmented into oncology, cardiology, neurology and other applications which includes orthopedics, urology, thyroid related disorders, and gastroenterology. In 2015, the cardiology segment is estimated to account for a major share of the nuclear medicine equipment market.

On the basis of end user, the market is classified into hospitals, imaging centers, academic and research institutes and others which include pharma/biotech companies and CROs. In 2015, hospitals segment is estimated to account for a major share of the nuclear medicine equipment market.

On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2015, North America accounted for the largest share of the nuclear medicine equipment market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serve as a revenue pocket for the companies offering nuclear medicine equipment.

Over the years, the nuclear medicine equipment market has witnessed various new products being launched coupled with the various technological advancements. These advancements have led to the nuclear medicine procedures more effectively. Incessant introduction of new and advanced products, investment in modernisation of diagnostic imaging centers, development of new radiotracers, and rising incidence and prevalence of cancer and cardiovascular diseases are the key factors driving the growth of the global nuclear medicine equipment market. Additionally, factors such as increasing prevalence of diseases associated with aging population, strong product pipeline, and growing demand for nuclear medicine procedures in the emerging market are also expected to fuel market growth in the coming years.

On the other hand, high cost of nuclear medicine equipment, decreasing reimbursements for radiology, and unfavourable healthcare reforms in the U.S. are key factors limiting the growth of this market. In addition to this, hospital budget constraints and increasing adoption of refurbished systems are major challenges faced by industry players in the global nuclear medicine equipment market.

Some of the major players in the global nuclear medicine equipment market include Philips Healthcare (Netherlands), GE Healthcare (U.K.), Siemens Healthcare (Germany), Digirad Corporation (U.S.), Mediso Medical Imaging Systems, Ltd. (Hungary), Toshiba Medical Systems Corporation (Japan), DDD-Diagnostics A/S (Denmark), Neusoft Medical Systems Co. Ltd. (China), SurgicEye GmbH (Germany), and CMR Naviscan Corporation (U.S.)