Nuclear Medicine Equipment Market Size, Share, Growth, Trends and Forecast Report
by Susan Hill Business ConsultantThe
global nuclear medicine equipment market is expected to
reach a value of USD 2.7 billion by 2025, according to a new report by Grand
View Research, Inc. Nuclear medicine involves the utilization of radiation to
diagnose diseases or treat them. It also involves determining whether specific
organs are functioning normally. Over a stretch of the last two decades, rapid
technological advancements in nuclear medicine have transformed the medicine
practice.
With growing
awareness about the importance of early diagnosis of chronic diseases, there
has been a noticeable increase in diagnostic nuclear medicine procedures
worldwide. This is evident from stats generated from developing countries,
which represents about 26% of the world population. These countries conduct
diagnostic nuclear medicine tests at a rate of 1.9% per year. In addition, in
developed countries such as the U.S., the frequency of nuclear medicine
procedures ranges to about 20 million per year. It is evident that the
frequency of use of nuclear
medicine and procedures involving radiopharmaceuticals in diagnosis is
growing at over 10% per year, indicating a rise in adoption of nuclear medicine
equipment worldwide. However, high cost associated with nuclear medicine
equipment and insufficient reimbursement support for radiology is expected to
hinder the growth of the market. In addition, a growing trend of purchasing
refurbished systems for cost saving is expected to affect equipment sales of
existing market players.
Further Key
Findings from the Study Suggest:
- The North
American market is expected to register lucrative growth owing to
increasing preference for SPECT and PET scans for diagnosis of chronic
diseases
- Growing
awareness and government initiatives pertaining to usage of
radiopharmaceuticals in the North American region is expected to boost
usage rates. For instance, in December 2016, the FDA issued new guidelines
to enforce FDA’s proposed policies regarding compounding and repackaging
of radiopharmaceuticals for human use in the U.S.
- Oncology
accounted for the largest market share in application segment in the year
2015 owing to the increasing incidence and prevalence of cancer worldwide
- Asia Pacific
market is expected to witness significant growth owing to Japan, China,
and India where use of nuclear medicine is increasing at a fast pace. In
addition, the usage of radioimmunotherapy-based targeted cancer treatment
to counter incidence of cancer and cardiovascular diseases is aiding in
the growth of the market
- Some of the
leading vendors operating in the nuclear medicine equipment market are GE
Healthcare; Siemens Healthineers; Philips Healthcare; and Toshiba America
Medical Systems.
- The key players
are focused on expansion & penetration opportunities in developing and
emerging economies to achieve sustainable growth in the market
Access full
research report on global nuclear medicine equipment market:
www.grandviewresearch.com/industry-analysis/nuclear-medicine-equipment-market
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Created on Sep 3rd 2019 07:42. Viewed 302 times.