- Summary
- Table Of Content
- Methodology
Nuclear Imaging Devices Market Size:
Nuclear Imaging Devices Market size is growing with a CAGR of 6.4% during the forecast period (2024-2031), and the market is projected to be valued at USD 4,979.66 Million by 2031 from USD 3,047.99 Million in 2023.
Nuclear Imaging Devices Market Scope & Overview:
Nuclear imaging devices produce images by detecting radiation from different parts of the body after a radioactive tracer material is administered. The images are recorded on both computer and film. Different types of nuclear imaging tests have different preparation instructions. These devices, such as SPECT (Single Photon Emission Computed Tomography) and PET (Positron Emission Tomography), are essential tools in modern medicine. SPECT uses a gamma camera to detect gamma rays emitted from a radioactive tracer, reconstructing them into 3D images. PET, on the other hand, utilizes a radioactive tracer that emits positrons (which is an antiparticle of an electron that consists of all properties of the electron except the polarity) to create 3D images. Hybrid imaging techniques, like SPECT/CT and PET/CT, combine nuclear imaging with other modalities for enhanced diagnostic capabilities. These devices are crucial for various medical applications, including oncology, cardiology, neurology, and more, providing valuable insights into the body's function and aiding in accurate diagnosis and treatment planning.
Nuclear Imaging Devices Market Dynamics - (DRO) :
Key Drivers:
Increasing Prevalence of Cancer Cases is Fueling the Nuclear Imaging Devices Market Expansion
The escalating prevalence of cancer cases serves as one of the prominent factors in market expansion. Cancer is a complex disease resulting from a combination of genetic, environmental, and lifestyle factors. Genetic factors, such as inherited gene mutations or acquired mutations during one's lifetime, increase susceptibility. Environmental factors, including exposure to carcinogens, infectious agents, dietary habits, and lifestyle choices, also contribute to cancer risk. These factors are leading to an increase in cancer cases.
- For instance, in 2022, according to World Health Organization analysis, cancer is a leading global cause of death, claiming nearly 10 million lives in 2020. Nuclear imaging devices are instrumental in cancer detection. These devices employ radioactive tracers to generate detailed images of the body's organs and tissues, aiding in early diagnosis, staging, treatment planning, and monitoring treatment response.
Nuclear Imaging Devices are used for early disease detection, enabling timely intervention and improved patient outcomes. By identifying specific molecular markers associated with these diseases, healthcare providers diagnose conditions at earlier stages.
Thus, the rising prevalence of cancer cases fuels a significant rise in the global nuclear imaging devices market trend.
Growing Inclination Towards Single Photon Emission Computed Tomography (SPECT) is Driving the Nuclear Imaging Devices Market Demand.
Single Photon Emission Computed Tomography (SPECT) is a nuclear medicine imaging device that uses gamma rays to create 3D images of the body's organs and tissues. SPECT offers a cost-effective and widely accessible imaging modality, making it beneficial for various clinical applications. Its ability to provide functional information about organ perfusion and metabolism is invaluable in diagnosing and monitoring a range of diseases, including cardiovascular conditions, neurological disorders, and cancer.
- For instance, in 2023, Mediso, a Hungarian medical imaging company, received FDA approval for its InterView FUSION and InterView XP multimodality image processing and reporting software. This software is specifically designed for nuclear medicine and molecular imaging workflows, enabling efficient analysis and interpretation of PET/SPECT/MRI/CT images. As the requirement for accurate and non-invasive diagnostic tools continues to rise, SPECT is poised to play a crucial role in shaping the nuclear medicine market and in turn driving the nuclear imaging devices market.
As the demand for non-invasive diagnostic tools continues to grow, SPECT is poised to play a significant role in driving the overall nuclear imaging devices market expansion.
Key Restraints :
High Production Costs, Cost of Radiotracers, and Continuous Cuts in the Reimbursement for Nuclear Imaging Scans is Hampering the Nuclear Imaging Devices Market Demand
The nuclear imaging devices industry is facing significant hurdles that hinder its development and innovation. One major hurdle is the continuous decline in reimbursements for nuclear imaging scans. As healthcare systems worldwide struggle with budget constraints, reimbursement rates for these advanced diagnostic procedures have been steadily decreasing. This reduction in revenue directly impacts the financial sustainability of imaging centers, limiting their ability to invest in new technologies and maintain existing infrastructure.
Furthermore, increasing the cost of radiotracers, the radioactive substances used in nuclear imaging, poses another significant hurdle. Shortages and limited availability of these essential materials lead to price fluctuations, supply disruptions, and high nuclear device imaging costs. This makes it difficult for imaging centers to accurately budget for their operations and leads to unexpected cost increases.
- For instance, according to DirectMed Imaging, the cost of a new generation PET-CT machine ranges from USD 1.5 to 2 million. Used PET-CT machines, including installation, warranty, and training, cost between USD 200,000 and USD 700,000. Basic models such as the GE Discovery LS and ST, Siemens Biograph 6 and 16-slice, and the Philips Gemini TF 16, typically range from USD 200,000 to USD 250,000.
These combined factors of decreasing reimbursements and rising costs create a difficult financial environment for the nuclear imaging industry. As a result, many imaging centers are hesitant to invest in new nuclear imaging modalities, such as advanced PET/CT scanners or innovative radiopharmaceuticals, despite their potential to improve patient care and drive medical advancements. These economic constraints ultimately limit access to these valuable diagnostic tools for patients who benefit from them.
Future Opportunities :
Technological Advancements in PET/CT Devices to Create Lucrative Nuclear Imaging Devices Market Opportunities.
Technological advancements in PET/CT devices are revolutionizing the field of nuclear imaging. Improved image resolution allows for earlier detection of smaller lesions and more precise localization of abnormalities, leading to earlier diagnosis and more targeted treatment. Faster scan times enhance patient comfort and increase throughput, making the technology more accessible to a wider range of patients. Advanced reconstruction algorithms further improve image quality, reducing artifacts and enhancing diagnostic accuracy.
- For instance, in 2024, The San Pietro Fatebenefratelli Hospital in Rome inaugurated a new Nuclear Medicine Department, equipped with the latest technology. A key component of this department is the new uExplorer Total-Body PET/CT from United Imaging Healthcare. This advanced device, present in only a few diagnostic centers globally, scans the entire human body in a single session, marking a significant leap in diagnostic imaging capabilities.
The integration of artificial intelligence into PET/CT systems empowers radiologists by automating image analysis tasks, identifying subtle abnormalities, and providing quantitative measurements.
These technological advancements are creating lucrative nuclear imaging device market opportunities and ultimately improving patient outcomes.
Nuclear Imaging Devices Market Segmental Analysis :
By Product Type:
Based on product type, the market is categorized into PET/CT and SPECT.
Trends in the Product Type:
- Newer models offer higher resolution images, allowing for earlier detection of smaller lesions and more precise diagnosis.
- Reduced scan times improve patient comfort and increase throughput.
- Combining PET/CT and SPECT/CT systems offers more comprehensive diagnostic information.
The SPECT segment accounted for the largest market share in 2023.
- SPECT has maintained its dominant position in the nuclear imaging market due to its cost-effectiveness, versatility, and established technology.
- Its lower acquisition and operational costs make it accessible to a wider range of healthcare facilities, particularly in resource-constrained settings.
- SPECT's ability to image various organs and tissues, coupled with the widespread availability of its radiotracers, further contributes to its popularity.
- SPECT/CT (Single Photon Emission Computed Tomography/Computed Tomography) is a hybrid imaging technique that combines the functional imaging capabilities of SPECT with the anatomical detail provided by CT.
- For Instance, in 2024, Mediso, a medical imaging company, launched its new AnyScan TRIO SPECT/CT, TheraMAX scanner at the EANM annual meeting in Hamburg. This innovative scanner is designed to meet the increasing needs of theranostic imaging, which integrates diagnostic imaging with targeted radionuclide therapies.
- Thus, as per the nuclear imaging devices market analysis, SPECT remains a valuable tool for diagnosing and monitoring a broad range of diseases, stating its dominance in the nuclear imaging landscape.
The PET/CT segment is expected to grow at the fastest CAGR over the forecast period.
- PET/CT is expected to grow significantly over the forecast period due to its superior imaging capabilities and wide range of applications.
- By combining the functional information from PET with the anatomical detail from CT, PET/CT offers unparalleled diagnostic accuracy and sensitivity. This allows for earlier detection of diseases, more precise staging, and improved treatment planning.
- Additionally, advancements in technology, such as increased resolution, faster scan times, and the integration of artificial intelligence, are further enhancing the capabilities of PET/CT systems.
- For Instance, in 2024, GE HealthCare expanded its technology portfolio with the introduction of several innovative products. The MINItrace Magni is a compact cyclotron designed for the on-site production of commercial PET tracers and radiometals. The Omni Legend 21 cm is a high-performance PET/CT system aimed at meeting the evolving needs of healthcare providers. Additionally, Clarify DL is a new deep-learning reconstruction technology that enhances image quality and simplifies the imaging process.
- As the global population ages and the prevalence of chronic diseases rises, the requirement for accurate and timely diagnosis is expected to drive the requirement of the PET/CT market in turn driving the nuclear imaging devices market trends and opportunities.
By Application:
The application segment is categorized into oncology, cardiology, neurology, and others.
Trends in the Application:
- Nuclear imaging, particularly PET/CT, enables early detection of cancer by identifying metabolically active tumors.
- Nuclear imaging evaluates heart function, blood flow, and myocardial perfusion
The oncology segment accounted for the largest market share of 48.67% in 2023.
- Oncology dominates the market due to its critical role in early cancer diagnostics, staging, treatment planning, and monitoring.
- Nuclear imaging, particularly PET/CT, enables the visualization of metabolically active tumors, facilitating early diagnosis and guiding treatment decisions.
- Additionally, devices for nuclear imaging are essential for assessing treatment response and detecting disease recurrence, improving patient outcomes and overall survival rates.
- Furthermore, nuclear imaging plays a crucial role in monitoring treatment response and detecting disease recurrence. By assessing changes in tumor metabolism and size, healthcare providers evaluate the effectiveness of therapy and adjust treatment plans as needed.
- This personalized approach to cancer care improves patient outcomes and overall survival rates.
- As the prevalence of cancer continues to rise, the trend for advanced nuclear imaging technologies is expected to drive further growth in this segment.
The cardiology segment is expected to grow at the fastest CAGR over the forecast period.
- The cardiology application segment within the market is poised for rapid growth. This is primarily driven by the escalating prevalence of cardiovascular diseases (CVDs) worldwide, coupled with advancements in nuclear imaging technology.
- Techniques such as PET and SPECT offer non-invasive, highly accurate methods for assessing heart function, blood flow, and plaque presence. Moreover, hybrid imaging systems, combining nuclear imaging with CT, provide comprehensive diagnostic insights.
- For Instance, in 2024, CDL Nuclear Technologies introduced a new mobile cardiac PET/CT trailer. This innovative solution aims to improve cardiac care by bringing advanced imaging services directly to medical facilities.
- As healthcare providers increasingly recognize the value of nuclear imaging for early detection and preventive care, the demand for cardiology-specific nuclear imaging devices is surging.
- These factors, fueled by technological innovation and growing clinical adoption, are expected to propel the segment's growth trajectory in forecast years.
By End User:
The end-user segment is categorized into Hospitals, Diagnostic Laboratories, Academic and Research Centers, and Others.
Trends in End-User:
- Hospitals are increasingly investing in nuclear imaging devices to improve diagnostic accuracy and streamline patient care.
- Academic and research centers play a vital role in developing new nuclear imaging techniques and radiopharmaceuticals.
The Hospitals segment accounted for the largest market share in 2023.
- Hospitals dominate the global market due to their comprehensive diagnostic capabilities and advanced infrastructure.
- The increasing prevalence of chronic diseases necessitates the use of advanced imaging techniques like PET and SPECT, which hospitals are well-equipped to provide.
- Additionally, hospitals' integration with other medical services allows for seamless patient care and the comprehensive interpretation of nuclear imaging results.
- For Instance, In 2022, PD Hinduja Hospital and MRC recently launched the 'FDG-labeled leukocyte PET-CT scan' for early detection of infections in cases where traditional methods have proven inconclusive.
- Furthermore, many hospitals are at the forefront of research and development in nuclear imaging, driving innovation and advancing the field.
The Diagnostic Laboratories segment is expected to grow at the fastest CAGR over the forecast period.
- Diagnostic laboratories are poised for rapid growth in the global market. Their specialization in nuclear imaging services, coupled with the increasing trend of outsourcing from hospitals, enables them to offer efficient and cost-effective solutions.
- By adopting advanced technologies like hybrid imaging systems and innovative radiotracers, diagnostic laboratories tend to provide cutting-edge diagnostic services, attracting a wider patient base.
- Additionally, their focus on patient experience, including streamlined appointment scheduling and timely reporting, enhances patient satisfaction and loyalty.
- Furthermore, as per the analysis, diagnostic laboratories achieve economies of scale by consolidating multiple imaging modalities and optimizing workflows, leading to cost-effective operations and competitive pricing. This combination of factors positions diagnostic laboratories as key end users in the development of the market.
Regional Analysis:
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
In 2023, North America accounted for the highest nuclear imaging devices market share at 41.55% and was valued at USD 1,266.44 Million and is expected to reach USD 2,072.53 Million in 2031. In North America, the U.S. accounted for the highest nuclear imaging devices market share of 72.14% during the base year of 2023. Dominance is driven by several key factors. These factors include its advanced healthcare infrastructure, high prevalence of chronic diseases, strong research and development ecosystem, and favorable regulatory environment. The region's robust healthcare system, coupled with its aging population and changing lifestyles, drives the demand for advanced diagnostic tools like nuclear imaging. Furthermore, the presence of leading research institutions and pharmaceutical companies fosters innovation in nuclear imaging technology. Additionally, through collaboration with its manufacturing and technology partner Neusoft Medical Systems, Positron offers its new PET-CT system, an imaging device.
- For instance, in 2024, Positron, a molecular imaging medical device company, announced the launch of the NeuSight PET-CT 3D 64 slice scanner in the US and North American markets. Manufactured by Neusoft Medical Systems, this system is designed to improve imaging quality, diagnostic accuracy, patient comfort, and operational efficiency for hospitals and nuclear cardiology practices.
These factors collectively contribute to North America's dominance in the market.
In Asia Pacific, the nuclear imaging devices market is experiencing the fastest growth with a CAGR of 6.9% over the forecast period. Key factors driving this development include increasing disposable incomes, government investments in healthcare infrastructure, and the rising prevalence of chronic diseases due to an aging population. Leading Chinese companies like Neusoft, as well as joint ventures with multinational firms, are significantly contributing to the region's dominance in the nuclear imaging device market. Based on the nuclear imaging devices market analysis, these factors, combined with technological advancements and favorable regulatory environments, are propelling the Asia Pacific region to lead the market in nuclear imaging device adoption.
The European market is characterized by the strong presence of established players and a focus on technological innovation. Europe's well-developed healthcare infrastructure, aging population, and rising healthcare spending fuel the requirement for advanced diagnostic tools like nuclear imaging devices. The prevalence of chronic diseases such as cancer, cardiovascular disease, and neurological disorders further drives this demand. Annually, over 9 million European patients leverage radiopharmaceuticals in nuclear medicine for specialized diagnostic procedures and targeted therapies. While numerous radiopharmaceuticals are clinically used across Europe, a limited number have received central approval from the European Commission under current EU legislation. Market development is propelled by technological advancements, regulatory approvals, and increased investment in healthcare research and development. However, reimbursement challenges and stringent regulations hinder nuclear imaging devices market growth. Despite these factors, the European market is poised for steady growth due to the increasing adoption of nuclear imaging in clinical practice and the emergence of innovative technologies.
The Middle East and Africa nuclear imaging devices market is characterized by a growing healthcare infrastructure, increasing healthcare expenditure, and a rising prevalence of chronic diseases. Countries like Saudi Arabia, the United Arab Emirates, and South Africa are witnessing significant demand for advanced diagnostic tools like nuclear imaging devices. South Africa, with its well-established infrastructure for radionuclide production and 59 active nuclear medicine facilities, is a key player in the region. The country boasts 19 PET-CT systems and 86 SPECT/CT systems, catering to both public and private healthcare sectors. While technological advancements, government initiatives, and increased healthcare investments are driving nuclear imaging devices market growth, economic instability and limited healthcare access in certain regions pose challenges. Despite these factors, the Middle East and Africa market is projected to experience a steady rise due to the increasing adoption of nuclear imaging and the emergence of new technologies.
The Latin American nuclear imaging devices industry is characterized by a growing healthcare infrastructure, increasing healthcare expenditure, and a rising prevalence of chronic diseases. Key markets driving regional development include Brazil, Mexico, and Argentina. Brazil, the largest Latin American country, leads the region with 12 cyclotrons and 69 PET-CT facilities. While other Latin American countries are striving to enhance their nuclear programs, they face various obstacles, including political challenges. Countries like Brazil struggle to harmonize social and reimbursement policies in nuclear medicine, particularly due to its vast size, cultural diversity, and economic disparities. The increasing trends for advanced diagnostic tools like nuclear imaging devices are driven by factors such as an aging population, rising cancer rates, and growing awareness of early disease detection. However, economic instability and limited healthcare access in certain regions hinder market development. Despite these challenges, the Latin American market is poised for a steady rise, driven by technological advancements, government initiatives, and increased healthcare investments.
Top Key Players & Market Share Insights:
The nuclear imaging devices market is highly competitive with major players providing products to the national and international markets. Key players are adopting several strategies in research and development (R&D) and product innovation to hold a strong position in the global nuclear imaging devices market. Key players in the nuclear imaging devices industry include-
- Philips Healthcare (U.S.)
- GE Healthcare (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Segamicorp Source (U.S.)
- DDD-Diagnostic A/S (Denmark)
- Neusoft Medical Systems Co. Ltd (China)
- Canon Medical Systems Corporation (Japan)
- Surgiceye GmbH (Germany)
- CMR Naviscan (U.S.)
- Digirad Corporation (U.S.)
Recent Industry Developments :
Product Launches:
- In 2024, United Imaging, one of the leading manufacturers of advanced medical imaging and radiotherapy equipment, is launching its next-generation PET/CT systems, the uMI Panvivo and the uMI Panorama GS, and showcasing the uMI AI Solution at the European Association of Nuclear Medicine (EANM) 2024 Congress taking place from 19-23 October in Hamburg, Germany.
- In 2024, CDL Nuclear Technologies, a provider of advanced diagnostic solutions is excited to introduce its latest innovation: the Mobile dedicated Cardiac PET/CT Trailer. This mobile solution is designed to transform cardiac care by delivering state-of-the-art cardiac PET/CT imaging services directly to medical facilities.
- In October 2022, United Imaging Healthcare announced the launch of total-body PET/CT, uEXPLORER, with a 194 cm axial PET field of view (FOV) that allows the complete body to be scanned in a one-bed position.
Partnership:
- In 2024, Positron Corporation has partnered with Upbeat Cardiology Solutions to expand access to advanced cardiac imaging technology. This collaboration aims to bring NeuSight PET-CT 64 Slice scanner technology to cardiology practices, offering comprehensive turnkey solutions. Upbeat Cardiology Solutions will provide a range of services, including equipment acquisition, installation, staff training, and isotope supply. By offering superior diagnostic accuracy, reduced scan times, and higher reimbursement rates compared to traditional SPECT imaging, this partnership seeks to enhance cardiac care and patient outcomes.
Nuclear Imaging Devices Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 4,979.66 Million |
| CAGR (2024-2031) | 6.4% |
| By Product Type |
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| By Application |
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| By End-User |
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| By Region |
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| Key Players |
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| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
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Key Questions Answered in the Report
How big is the nuclear imaging devices market? +
In 2023, the nuclear imaging devices market is USD 3,047.99 Million.
Which is the fastest-growing region in the nuclear imaging devices market? +
Asia Pacific is the fastest-growing region in the nuclear imaging devices market.
What specific segmentation details are covered in the nuclear imaging devices market? +
Product type, application, and end-user segmentation details are covered in the nuclear imaging devices market.
Who are the major players in the nuclear imaging devices market? +
Philips Healthcare (U.S.), GE Healthcare (U.S.), Digirad Corporation (U.S.), Neusoft Medical Systems Co. Ltd (China), Canon Medical Systems Corporation (Japan), Surgiceye GmbH (Germany), CMR Naviscan (U.S.), Koninklijke Philips N.V. (Netherlands), Segamicorp Source (U.S.), DDD-Diagnostic A/S (Denmark) and others.
