CHICAGO, Feb. 22, 2021 /PRNewswire/ -- According to the new market research report "Nuclear Imaging Equipment Market by Product (SPECT (Hybrid SPECT, Standalone SPECT), Hybrid PET, & Planar Scintigraphy), Application (Oncology, Cardiology & Neurology) & End user (Hospitals, Imaging Centers) - Global Forecasts to 2025", published by MarketsandMarkets™, the market is expected to reach USD 4.6 billion by 2025 from USD 3.8 billion in 2020, at a CAGR of 3.9% during the forecast period.
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The growth in this market is mainly driven by the shift from standalone to hybrid modalities, advances in radiotracers, the increasing focus on personalized medicine, investments through public-private partnerships to modernize diagnostic imaging centers, and the increasing incidence and prevalence of cancer and cardiac ailments.
By product, the SPECT imaging systems segment is expected to account for the largest share of the Nuclear Imaging Equipment market in 2020
Based on product, the market is segmented into hybrid PET imaging systems, SPECT imaging systems, and planar scintigraphy imaging systems. The SPECT imaging systems segment is further categorized into standalone and hybrid imaging systems. The SPECT imaging systems segment is expected to the largest share in 2019. The large share of this segment can be attributed to high adoption of SPECT imaing systems on account of lower cost as compared to hybrid PET imaging systems,
By application, the oncology segment is expected to account for the largest share of the market in 2020
Based on application, the nuclear imaging equipment market is segmented into oncology, cardiology, neurology, and other applications. The oncology application segment is expected to register the highest CAGR during the forecast period. The major factors contributing to the growth of this segment include the rising incidence and prevalence of cancer across the globe, initiatives taken by public and private organizations to curb the rising cancer prevalence, and the development of advanced systems and radiotracers for oncology.
By end-user, the hospitals end-user segment is expected to account for the largest share of the Nuclear Imaging Equipment market in 2020
Based on end user, the market is segmented into hospitals, imaging centers, academic & research centers, and other end users. Hospitals accounted for the largest share of the global nuclear imaging equipment market in 2019. This can be attributed to factors such as the need to improve the efficiency of diagnostic imaging procedures and the rising number of diagnostic imaging procedures performed in hospitals.
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North America to dominate the market in 2020
North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global nuclear imaging equipment market study. North America is expected to account for the largest share of the global market. The large share of North America is attributed to the increasing geriatric population, high incidence/prevalence of various diseases, a large number of diagnostic imaging centers/procedures, increasing awareness about the benefits of early disease diagnosis, and the rapid adoption of technologically advanced imaging systems in this region.
The prominent players in the global nuclear imaging equipment market include are Siemens Healthineers (Germany), Philips Healthcare (Netherlands), and GE Healthcare (US). The other players in the market include Toshiba Medical Systems Corporation (Japan), Neusoft Medical Systems Co., Ltd. (China), Mediso Medical Imaging Systems Ltd. (Hungary), Digirad Corporation (US), CMR Naviscan Corporation (US), SurgicEye GmbH (Germany), and DDD Diagnostics (Denmark).
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