The growth in this market is mainly driven by the the shift from standalone to hybrid modalities, advances in radiotracers, the increasing focus on personalized medicine, investments through public-private partnerships to modernize diagnostic imaging centers, and the increasing incidence and prevalence of cancer and cardiac ailments. However, the high cost of nuclear imaging equipmentis expected to limit the growth of this market.
The Nuclear imaging equipment market is expected to reach USD 3.4 billion by 2025 from USD 2.6 billion in 2020, at a CAGR of 4.9% during the forecast period.
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Siemens Healthineers (Germany), GE Healthcare (US), and Philips Healthcare (Netherlands). Other players in this market include Toshiba Medical Systems Corporation (Japan), Neusoft Medical Systems Co., Ltd. (China), Mediso Medical Imaging Systems Ltd. (Hungary), Digirad Corporation (US), CMR Naviscan Corporation (US), SurgicEye GmbH (Germany), and DDD Diagnostics (Denmark). An analysis of the market developments between 2017 and 2020 revealed that product launches, partnerships, and expansions, were adopted by market players to strengthen their product portfolios and maintain a competitive position in the nuclear imaging equipment industry.
Siemens Healthineers was the leading player in the nuclear imaging equipment market. The company offers a wide range of imaging equipment under various categories like PET/CT, PET/MR, SPECT/CT, and standalone SPECT. The company’s constant focus towards innovation has helped it dominate the market. The company has equally invested its efforts in the development of both SPECT and PET systems. Siemens is leading the entire medical imaging business in each of all the imaging categories. Siemens Healthcare has a powerful brand image, a strong product portfolio, and vast geographic presence. These factors have enabled the company to sustain its position among the prominent players in the market.
GE Healthcare holds the second position in the global nuclear imaging equipment market. A strong product portfolio, coupled with a widespread distribution network has enabled the company to maintain its leading position in the market. The company offers products under three different categories, namely, PET/CT, SPECT/CT, and standalone SPECT. GE Healthcare focuses on new product launches to strengthen its product offering in the market. This strategy is strongly backed by its R&D investments of the firm.
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Philips Healthcare is another leading player in the nuclear imaging equipment market. The company has a diverse portfolio of PET and SPECT modalities. It has continually focused on forming partnerships and collaborations to better serve its customers. The competitors of the company—GE Healthcare and Siemens Healthineers—are constantly focusing on introducing new products, an area in which Philips is currently lagging. Thus, to regain its share in the market, the company should focus on introducing new products and investing in R&D activities.
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