The global nuclear medicine equipment 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 percent during the forecast period 2015-2020.
Over the years, this 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 modernization of diagnostic imaging centers, development of new radiotracers, rising incidence and prevalence of cancer and cardiovascular diseases, increasing prevalence of diseases associated with aging population, strong product pipeline, and growing demand for nuclear medicine procedures in the emerging market are expected to fuel market growth in the coming years.
The high cost of nuclear medicine equipment, decreasing reimbursements for radiology, and unfavorable healthcare reforms in the USA are the key factors limiting the growth of the 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.
Among hybrid PET, SPECT, and planar scintigraphy systems, SPECT products segment is estimated to account for a major share of the nuclear medicine equipment market. Cardiology segment is set to account for a major share of the nuclear medicine equipment market estimates MarketsandMarkets.
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.