Market Trends of Europe Nuclear Imaging Industry
Equipment Segment Expects to Witness Significant Growth Over the Forecast Period
The equipment segment is used in the diagnosis of diseases by using small amounts of radioactive substances in patients and is used in a wide range of medical applications, including cardiology, cancer, obstetrics/gynecology, vascular, urology, and other medical applications.
The factors attributing to the segment growth are the increasing burden of chronic diseases such as cancer and others, as well as the growing technological advancements. For instance, according to the statistics published by the REDECAN Spanish Network of Cancer Registries 2021 report, about 276,239 incidence cancer cases were reported in Spain in 2021. In addition, as per the same source, colon and rectum cancer were the most common cancers reported in Spain, which accounted for 43,581 cases in 2021 as compared to 40,441 cases in 2020. Thus, the increasing number of cancer cases raises the need to diagnose and treat cancer, which in turn is anticipated to fuel the demand for advanced nuclear imaging equipment, hence bolstering the market growth.
Furthermore, the growing key strategies by the companies, such as collaboration, partnerships, and others, as well as increasing product launches, increase the availability of advanced nuclear imaging equipment in the region, hence contributing to the segment's growth. For instance, in June 2022, Siemens Healthineers, Germany, launched Symbia Pro. Spectra is a single photon emission computed tomography/computed tomography (SPECT/CT) system having advanced SPECT and CT imaging technologies. The system offers enhanced SPECT and CT imaging functionalities, including 64-slice CT and automated SPECT motion correction management, as well as automated workflow.
Also, in May 2022, Turku PET Centre launched the total-body PET scanner, a new generation of medical imaging devices that offers novel methods for studying diseases, such as diabetes, coronary artery disease, and multiple sclerosis, that affect the entire body, not only a single organ.
Therefore, owing to the aforementioned factors, such as the high burden of cancer and new product launches, the studied segment is anticipated to grow over the forecast period.
United Kingdom is Expected to Have the Significant Market Share Over the Forecast Period
The United Kingdom is anticipated to hold significant growth in the nuclear imaging market in Europe over the forecast period owing to the factors such as the high burden of cancer and cardiac disorders, increasing application of nuclear medicines, and growing company activities.
The increasing prevalence and incidence of cancer and cardiovascular diseases among the population is the key factor driving the demand for the nuclear imaging market, hence propelling the market growth. For instance, according to the data published by the British Heart Foundation, in July 2021, about 7.4 million people were living with heart and circulatory diseases in the United Kingdom in 2021. Also, as per the 2022 statistics published by Bower Cancer United Kingdom shows that bowel cancer (colorectal cancer; CRC) is the 4th most common cancer, and approximately 43,000 people are diagnosed with bowel cancer every year in the United Kingdom. The high burden of CRC and heart diseases in the United Kingdom raises the demand for nuclear imaging and medicines for treating chronic diseases, thereby contributing to market growth.
Furthermore, the increasing product approvals raise the availability of the products in the country which is expected to fuel the market growth over the forecast period. For instance, in August 2022, the United Kingdom MHRA granted marketing authorization in Great Britain for lutetium (177Lu) vipivotide tetraxetan, for the treatment of adult patients with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC). Also, in April 2022, the United Kingdom's Medicines and Healthcare Products Regulatory Agency (MHRA) issued lutetium (177Lu) vipivotide tetraxetan, an investigational radioligand therapy (RLT), a positive scientific opinion through the Early Access to Medicines Scheme (EAMS) for the treatment of adult patients with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC).
Moreover, the rising product launches are also anticipated to augment the market growth in the country. For instance, in March 2022, Spectrum Dynamics Medical introduced a digital SPECT/CT scanner for higher energy imaging, using Kromek's digital, VERITON-CT 400 Series, detectors technology provides the benefits of increased sensitivity and throughput for Nuclear Medicine clinical applications using up to 400keV high-energy isotopes.
Therefore, owing to the aforementioned factors, such as the high burden of cancer, increasing product approvals, and new product launches, the studied market is expected to grow over the forecast period.
