Global Nuclear Medicine Equipment Market: Limiting The Exposure Of Radiation With Advancements In Technology

Global Nuclear Medicine Equipment Market

Nuclear medicine equipment is a collection of medical devices that utilize minute doses of radioactive substances for the detection, treatment and evaluation of diseases/disorders ailing the patient. The application areas of these devices vary from cardiovascular disorders, intestinal disorders, neurological diseases, abnormalities, cancers and various others. The amount of radioactive substance is very limited to ensure that no negative effects are imposed on the patient on which these devices are being utilized on. The major utilization of these devices is for diagnostic purposes especially in gamma imaging method.

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Some of the major factors boosting the market growth are:

  • Increasing incidences and prevalence of diseases: The majority of areas where the utilization of nuclear medicine equipment are categorised as cancer, heart disorders, neurological disorders, gastrointestinal diseases where the conventional medical equipment have failed to provide the physicians with the desired results that they were looking for. These equipments are focused on ensuring that the patient can be treated completely with better effectiveness than possible with the usage of conventional medicine equipment
  • Technological advancement: The major concerns with the adoption of nuclear medicine equipment in the patient’s mind is whether this method will have a negative effect on their bodies instead of helping physicians/surgeons detect the specific disorder. This concern has ensured better implementation of technologies and innovations in the market adopted by various manufacturers to significantly reduce the amount of radioactive substances being utilized to provide accurate services. They have ensured that the devices are better optimized to handle lower radioactive substances, while also not having any flaws in their performances

The market is segmented on the basis of product such as SPECT, planar scintigraphy, hybrid pet; applications such as oncology, cardiology, neurology and end-user such as hospitals, imaging centers, academic & research centers.

Strategic acquisitions and mergers of major players

  • In January 2017, IBA Molecular announced that they had completed the acquisition of Mallinckrodt Nuclear Imaging. The combined organization is an established leader of nuclear diagnostic imaging that is estimated to have a combined workforce of 1,500 individuals globally that is serving more than 6,000 consumers. The extended reach of the company with a large-scale geographical footprint will be able to provide more effective healthcare diagnostic imaging with a better customer experience
  • In December 2016, Canon Inc. announced that they had decided to acquire the shares of Toshiba Medical Systems Corporation which will result in the company operating as the subsidiary of Canon Inc. This decision is expected to help Canon Inc. reach greater growth levels under their “Excellent Global Corporation”. The combined capabilities of both the organizations will ensure better resource utilization while also solidifying their health care business operations for a longer period of time

“According to Data Bridge Market Research, global nuclear medicine equipment market is growing at a steady CAGR of 4.0% during the forecast period of 2017 to 2024”

Some of the major players operating in nuclear medicine equipment market are Philips Healthcare, GE Healthcare, Cardinal Health Inc., Siemens AG, Digirad Corporation, Mediso Medical Imaging Systems, Ltd., Toshiba Medical Systems Corporation, DDD-Diagnostics A/S, Neusoft Medical Systems Co. Ltd., Mallinckrodt plc, SurgicEye GmbH, CMR Naviscan Corporation among others.

Growth of nuclear medicine equipment is due to the fact that the market is undergoing significant transformations in technology, ensuring that better quality of healthcare services are being provided to their consumers. This can be seen throughout their organizations strategies focusing on providing better customer experience while also limiting the exposure of radiation to a large extent. This focus has resulted in greater innovations of the product offerings by the manufacturers which is dominating the focus of the consumers.