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Nuclear Imaging Equipment Market Is Recurring & Impressive Growth Generating Sector Through 2018- 2026

The Global Nuclear Imaging Equipment Market size was valued at US$ 2,220.5 million in 2017 and is expected to exhibit a CAGR of 4.4% over the forecast period (2018 – 2026). Nclear imaging allows physicians to diagnose and treat various diseases with the help of radiopharmaceuticals and gamma cameras. It offers valuable medical information to help diagnose a disease in its early stages. Nuclear imaging equipment provides promising prognosis, thereby allowing patients for early treatment to save additional therapy cost.

Market Dynamics

Increasing adoption of nuclear imaging equipment in healthcare settings is attributed to benefits of nuclear imaging equipment in improving selection therapy and monitoring patient response for a specific treatment. Furthermore, Medicare and private insurance companies cover the cost of various nuclear imaging procedures, thereby increasing the adoption rate of the equipment in emerging economies. Increasing prevalence of cardiovascular diseases also propels demand for nuclear imaging. Cardiovascular diseases require diagnostic tests to identify heart disease, severity of prior heart attacks, and the risk of future heart attacks. According to a report by the Centers for Disease Control and Prevention (CDC), 2015, around 800,000 people in the U.S. die due to stroke and other cardiovascular diseases.

The global nuclear imaging equipment market is expected to be driven by increasing prevalence of chronic diseases including cardiac diseases and cancer

Increasing prevalence of chronic diseases is expected to propel growth of the nuclear imaging equipment market. According to a report published by Center for Chronic Disease Prevention and Health Promotion 2012, around 117 million people were suffering from at least one chronic health condition and one in four adults had two or more chronic health conditions in the U.S. Moreover, according World Health Organization (WHO), chronic diseases are expected to account for around three-quarters of all deaths worldwide by 2020. WHO further stated that around 71% of these deaths would occur due to Ischaemic Heart Disease (IHD) and 75% due to stroke.

Furthermore, increasing funding for development of advanced nuclear imaging equipment is expected to propel the market growth. For instance, the National Institute of Biomedical Imaging and Bioengineering is focusing on offering funding to develop new radio tracers and technologies in order to enhance image quality of nuclear imaging equipment. Moreover, in November 2018, the Radiological Society of North America (RSNA) Research & Education (R&E) Foundation granted US$ 40,000 for its joint research grants with Canon Medical Systems.

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Key Players

Key players in the global nuclear imaging equipment market are focused on new product launch to enhance their market share. For instance, in May 2018, the Food and Drug Administration (FDA) cleared— Biograph Vision— a positron emission tomography/computed tomography system developed by Siemens Healthineers. The system helps to reduce scan time to improve patient throughput and also reduces patient radiation exposure and tracer cost.

Major players operating in the global nuclear imaging equipment market include, Siemens Healthineers, Koninklijke Philips N.V.,GE Healthcare, Toshiba Medical Systems Corporation, Neusoft Medical Systems Co., Ltd., Mediso Medical Imaging Systems Co., Ltd., CMR Naviscan Corporation, Digirad Corporation, SurgiEye GmbH, and Positron Corporation

Increasing technological innovations in nuclear imaging equipment and research grants are expected to bolster the market growth

North America is expected to hold a dominant position in the global nuclear imaging equipment market. This is owing to increasing adoption of new imaging equipment, which in turn is expected to improve cancer treatment with enhanced image quality. For instance, in October 2018, the Center for Quantitative Cancer Imaging at Huntsman Cancer Institute (HCI), University of Utah, installed— nanoScan PET/MRI 3T preclinical in vivo imaging system for screening rodent tumor models. Furthermore, increasing prevalence of cancer in North America is expected to propel demand for nuclear imaging equipment over the forecast period. A report by the National Cancer Institute projected around 1,735,350 new cases of cancer and 609,640 deaths due to the disease in the U.S in 2018.

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