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Nuclear Imaging Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery

Nuclear Imaging Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery

  • September 2020
  • 200 pages
  • ID: 5967807
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the nuclear imaging devices and equipment market are Toshiba Medical Systems Corporation, Neusoft Medical Systems Co., Ltd., SurgicEye GmbH, Siemens Healthineers and GE Healthcare.

The global nuclear imaging devices and equipment market is expected to decline from $2.9 billion in 2019 to $2.3 billion in 2020 at a compound annual growth rate (CAGR) of -21.2%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The governments across the countries prioritized covid-19 screening and imaging is not routinely used to screen for COVID-19. Also, most of the factories manufacturing diagnostic imaging equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, and MRI systems and/or their components, are currently shutdown inorder to keep the staff safe and contain the spread. The market is then expected to recover and grow at a CAGR of 3% from 2021 and reach $3.4 billion in 2023.

The nuclear imaging devices and equipment market consists of sales of nuclear imaging devices and related services. Nuclear imaging devices and equipment are used in the diagnosis of radioactive substances in the patients. The key product types of the market include SPECT (single-photon emission computed tomography) systems (hybrid SPECT and standalone SPECT) and hybrid PET systems. These products are used in a wide range of medical applications including cardiology, obstetrics/gynecology, vascular, urology, and other medical applications.

In 2018, North America was the largest region in the nuclear imaging devices and equipment market. The nuclear imaging devices and equipment market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.

In January 2018, Canon acquired Toshiba Medical Systems for $6.21 billion. The acquisition is expected to strengthen Canon’s focus on developing its medical equipment business. Toshiba Medical Systems is a medical equipment company specialized in diagnostic imaging equipment, founded in 1948 and is headquartered in Tochigi, Japan.

The nuclear imaging devices and equipment market is being restrained by strict regulations by the Nuclear Regulatory Commission (NRC) medical use. For instance, the NRC requires nuclear imaging equipment licensees to use and store radioactive materials to protect workers and common people by removing unwanted exposure, which has resulted in a relatively less number of nuclear imaging equipment being manufactured.

Companies in the nuclear imaging devices and equipment market are using hybrid imaging technologies such as positron emission tomography/computed tomography (PET/CT), single-photon emission computed tomography/computed tomography (SPECT/CT), and positron emission tomography/magnetic resonance imaging (PET/MRI) for nuclear medical imaging. These hybrid systems provide precise images with better resolution, and both morphological and physiological information in just one instance of testing. For instance, a SPECT/CT system for skeletal evaluation offers accurate localization and improves the specificity of information provided by CT.

The Nuclear Regulatory Commission (NRC), USA regulates the manufacture and use of radioactive materials in nuclear imaging devices, as well as radiation therapy and research. It has agreements with 37 US states which allows them to regulate the use of certain radioactive materials by giving licenses to hospitals, clinics and medical centers. The US based Food and Drug Administration (FDA) also regulates products and procedures that are radiation-emitting. It reviews the safety and use of radiopharmaceuticals and machines like x-rays, which produce radiation but do not make or use radioactive material.

The nuclear imaging devices and equipment market is being driven by increasing incidences and prevalence of diseases such as cancer, heart disease, gastrointestinal, endocrine and neurological disorders. Such diseases are diagnosed in relatively early stages by nuclear imaging equipment as compared to other equipment. For instance, according to the international agency for research on cancer (IARC), the cancer occurrences have increased to 18.1 million new cases and 9.6 million cancer deaths in 2018, many of which have been diagnosed by nuclear imaging devices and equipment.


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