Nuclear medicine equipment uses special imaging devices such as gamma camera and single photon emission computed tomography that detects radioactive energy which is emitted from patient body and transform it into an image. It uses radioactive substance which is inserted into the body and gives prescribed information about the disease of the patients. This is the best method mostly used by doctors to determine and diagnosis disease of the patients. The global nuclear medicine equipment market is expected to rise with a CAGR of 3.5% during the forecast period 2016-2023. Some of the nuclear medicine equipment used are scintillation camera and other medical imaging equipment. Nuclear systems capture the radiations emitted by radiopharmaceuticals to produce images of the structures and activities inside the human body. These images help the physicians to examine the human body to determine the cause of an injury or illness or injury and provide an accurate diagnosis.
The key factor driving the market growth is the advances in radiotracers. In 2016, molecular imaging had been defined by the Society of Nuclear Medicine and Molecular Imaging (SNMMI) as the characterization, visualization and measurement of biological processes at the cellular and molecular levels in humans and other living beings. According to National Center for Biotechnology Information (U.S.), there is a surging demand for development of novel radiopharmaceuticals for new molecular targets. Moreover, there are highly effective precursor molecules, radionuclides and radiopharmaceuticals. These include fluorine-18-fluoro-L-dihydroxyphenylalanine (FDOPA), fluorine-18-fluorocholine, fluorine-18-fallypride, iodine-123-meta-iodobenzylguanidine (MIBG), fluorine-18-fluoroprophyl-β-carbomethyoxy-3β-(4-iodophenyltropane) (FP-CIT), etc. They are not readily available to institutions due to absence of infrastructure for isotope production or radiopharmaceutical chemistry. Therefore, there is surging demand for large availability of specialized radiopharmaceuticals both for clinical treatment and diagnosis and also as research tools in the exploration of novel applications. For instance, MIBG was previously used majorly for detection and treatment of neuroendocrine tumors, however, it has proved to be effective in the early diagnosis of heart failure.
Source: OBRC Analysis.
The report on global nuclear medicine equipment market includes product, application and end user.
Product segment of nuclear medicine equipment include:
· Single Photon-Emission Computed Tomography (SPECT)
· Hybrid PET (Positron emission tomography)
· Planar Scintigraphy
The applications segment of nuclear medicine equipment includes:
· Cardiology
· Oncology
· Neurology
· Others
The end users segment of nuclear medicine equipment includes:
· Hospitals
· Imaging Centers
· Academic and Research Centers
· Others
The report scope is widely categorized on the basis of products of nuclear medicine equipment which include SPECT, Hybrid PET and Planar Scintigraphy.
The global nuclear medicine equipment market report has been geographically segmented in:
· North America (U.S. & Canada)
· Asia Pacific (China, India, Japan, RoAPAC)
· Europe (UK, France, Germany, RoE)
· Rest of World
Geographically, North America is the dominating region for global nuclear medicine equipment market. The key factor responsible for the market growth in North America is the increased adoption and growth of nuclear medicine in U.S. due to various technological advancements in nuclear medicine equipment. Moreover, the emergence of new radiopharmaceuticals for therapeutics and diagnostics, highly developed healthcare infrastructure etc. are some of the additional factors responsible for the North America market growth. However, Asia Pacific is expected to emerge as the fastest growing market during the forecast period 2016-2023. This is due to the increased research and development in the field of nuclear medicine in developing countries such as China, Japan, India, Australia, etc. Moreover, the growing healthcare expenditure, rising geriatric population, increasing prevalence of cardiovascular and neurological diseases such as cancer, cardiovascular diseases, Alzheimer’s, Parkinson’s, etc. has led to surging demand for nuclear medicine equipment. Also, the increasing nuclear medicine practice in Japan is highly developed accompanied by a significant increase in the number of hybrid SPECT/CT examinations.
Global nuclear medicine equipment market report covers segmentation analysis of product, applications and end users. Report further covers segments of product segment of nuclear medicine equipment market which include Single Photon-Emission Computed Tomography (SPECT), Hybrid PET (Positron emission tomography) and Planar Scintigraphy. The SPECT product segment is further segmented into standalone SPECT and hybrid SPECT. SPECT is the leading product segment due to its low cost, high usage and better availability as compared to PET. Report further covers segments of applications of nuclear medicine equipment which includes cardiology, oncology, neurology and others. Cardiology is the leading application segment. Nuclear medicine is adopted in cardiology for the treatment of cardiomyopathy and Coronary Heart Disease (CHD). CHD is a chronic disease and major proportion of the public is affected by CHD thereby leading to death and physical disability in the population of developing nations. However, oncology is the fastest growing application segment owing to the increasing prevalence of cancer. According to American Cancer Society, approximately 13% of the deaths globally are due to cancer. Moreover, the increasing health awareness among the people have led to conduction of regular check-ups to detect the symptoms associated with the disease, thereby resulting in a surging demand for nuclear medicine equipment. Furthermore, screening methods for oncology using nuclear medicine equipment are expected to positively influence the market growth. The end users of nuclear medicine equipment include hospitals, imaging centers, academic and research centers and others.
The major market players of the global nuclear medicine equipment market are:
· CMR Naviscan Corporation
· GE Healthcare
· Hitachi Medical Corporation
· Medtronic Inc.
· Siemens AG
· Others
These companies are using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger and acquisition is the key strategy adopted by the companies in the nuclear medicine equipment market.
For Example; In March 2017, Hitachi Medical Corporation had signed joint venture agreement with Redlen Technologies Inc. in order to develop an X-ray detector module, a direct conversion semiconductor to be used in new photon counting computed tomography systems (PCCT). This strategic initiative was taken as a step to enhance the company’s product portfolio.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in nuclear medicine equipment market.
Key reason to buy the report:
· The report includes market estimation, forecast and analysis for the forecast period 2016-2023
· Report includes detailed analysis of different segments such as product, application and end user of the global nuclear medicine equipment market.
· Identify and understand the strengths, opportunities, challenges and threats of the nuclear medicine equipment market.
· Covers details analysis of Porters 5 force model and other strategic models and also covers revenues, market share analysis, and competitive landscape analysis of major players of the global nuclear medicine equipment market.
· Detailed analysis of various the regulatory policies which are affecting the global nuclear medicine equipment market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share and market segmentations. Our report on global nuclear medicine equipment market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the nuclear medicine equipment market with extensive SCOT analysis of key companies.
Key findings of the global nuclear medicine equipment market:
· North America is the dominating region for the global nuclear medicine equipment market.
· SPECT is the leading product segment due to its low cost, high usage and better availability as compared to PET.
· Merger and acquisition is the key strategy adopted by the companies in the global nuclear medicine equipment market.