A number of factors, such as the rising burden of cardiovascular diseases (CVDs), neurological disorders, and cancer, increasing availability of technologically improved products, escalating healthcare spending, and soaring geriatric population, are expected to fuel the nuclear imaging equipment market at a CAGR of 4.8% during the forecast period (2017–2023). Nuclear imaging equipment is used to diagnose cancer, investigate blood circulation, and evaluate organ disorders through radiations emitted by radioisotopes used in such medical products.
The growing prevalence of cancer, CVDs, and neurological disorders will drive the demand for nuclear imaging equipment globally. The International Agency for Research on Cancer (IARC) states that 19,292,789 new cases of cancer were recorded in 2020. Further, the World Health Organization (WHO) reported that CVDs accounted for over 32% of all deaths across the world in 2019. The organization also states that 55 million people around the world are currently suffering from dementia, and 60–70% of these cases are Alzheimer’s disease.
Additionally, the mounting aging population will also facilitate the nuclear imaging equipment market growth in the forecast years, as geriatric people are highly vulnerable to CVDs globally. As aging slows heart rate due to fat deposits and enhances the heart size, old people are highly vulnerable to heart attacks and strokes. As per the United Nations Department of Economic and Social Affairs (UNDESA), the global population of individuals aged 65 years or over will rise from 727 million in 2020 to more than 1.5 billion by 2050.
The type segment of the nuclear imaging equipment market is classified into single-photon emission computed tomography (SPECT), planar scintigraphy, and hybrid PET. Among these, the SPECT category accounts for the largest market share due to the surging prevalence of heart diseases and brain injuries. A SPECT scan uses a tracer, a radioactive substance, to detect blood flow in veins and arteries. Additionally, SPECT scan is also used to identify brain injuries as it is more sensitive to brain injury than computed tomography (CT) and magnetic resonance imaging (MRI) scans.
Whereas, the Asia-Pacific (APAC) nuclear imaging equipment market is expected to display the fastest growth during the forecast period, owing to the growing prevalence of CVDs, cancer, neurological disorders and booming elderly population. The Organisation for Economic Co-operation and Development (OECD) states that CVD is the leading cause of fatality in the APAC region. As per the WHO, CVDs caused 9.4 million deaths in Southeast Asian (SEA) and Western Pacific regions in 2016, accounting for over one-third of total fatalities in these regions.
Therefore, the increasing burden of cancer, neurological diseases, and CVDs and expanding population base of old people are prominent growth drivers of the market.
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