India Nuclear Imaging Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 316.44 Million |
| Market Size (2029) | USD 402.34 Million |
| CAGR (2024 - 2029) | 4.92 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Nuclear Imaging Market Analysis
The India Nuclear Imaging Market size is estimated at USD 316.44 million in 2024, and is expected to reach USD 402.34 million by 2029, growing at a CAGR of 4.92% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the nuclear imaging market in India. Various research studies have been published to provide insight into the effects of the pandemic on the studied market. According to research published in the Journal of Nuclear Medicine in August 2021 titled "Effect of lockdown due to COVID-19 pandemic on oncological patients with various cancers undergoing treatment in a tertiary care hospital in India," there were 600-700 PET/CT patients per month in the pre-COVID era, but this number fell during the COVID times due to lockdowns across the nation. During this time, OPDs and elective procedures were either limited in scope or abolished entirely. Due to their fear of contracting the virus, non-COVID patients were unable to attend their scheduled follow-up appointments. Therefore, due to the above factors, the COVID-19 pandemic significantly impacted the market's growth.
Technological improvements, expanding diagnostic applications in various diseases such as cardiovascular diseases, and government assistance, are factors driving the market's growth in India. Many research studies are also focusing on the use of SPECT for diagnosing cardiovascular patients. For instance, Rohit S et al. and others published a paper in the Journal of Cardiovascular Diseases & Diagnosis in March 2020 with the title "Ischemia Reversal Therapy as an add-on Therapy for Ischemic Heart Disease: A Pilot Study based on SPECT Myocardial Perfusion Imaging." The patients in the trial with myocardial perfusion who were receiving alternative therapy underwent SPECT myocardial perfusion imaging (SPECT-MPI). It is anticipated that such SPECT imaging studies will increase demand.
The government's support for nuclear imaging and diagnosis is projected to broaden the market's potential for expansion in India. For instance, as part of the Aatma Nirbhar Bharat initiatives for the Department of Atomic Energy, the Government of India announced in May 2020 the launch of a research reactor in public-private partnership (PPP) mode to facilitate the production of medical isotopes for the treatment of cancer and other diseases (DAE). Furthermore, the Bhabha Atomic Research Centre (BARC) has developed the design for the nation's first public-private partnership research reactor for the manufacturing of nuclear pharmaceuticals in accordance with the government's goal to launch a research reactor in public-private partnership (PPP) in January 2021. Nuclear imaging will spread in the area thanks to such government measures to increase the production of medical isotopes. Hence, the above developments are further expected to improve the market growth in this segment.
However, the lack of proper reimbursement and stringent regulatory approval procedures, and the high cost of equipment, are expected to impede the market growth in India.
India Nuclear Imaging Market Trends
This section covers the major market trends shaping the India Nuclear Imaging Market according to our research experts:
Equipment Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The Indian market for nuclear imaging equipment is growing at a good pace and the rising prevalence of target diseases and the growing technological advancements are the key drivers for the market studied. The Global Cancer Observatory estimated that India experienced new cancer diagnosis cases of around 1,324,413 in 2020. Hence, it is expected to rise demand for nuclear imaging in the management of the disease. The nuclear imaging equipments are being installed in numerous hospitals and institutions around the nation, fueling the segment's expansion. For instance, the first SPECT scan will be offered by the health department of Thiruvananthapuram Medical College in Kerala, India, in February 2020. The first UDR detector using 3.2-mm LSO crystals is the Siemens Biograph VISION-600, which aids in the visualization of tiny lesions. Similarly, in September 2021, a Time of Flight PET CT scan using artificial intelligence (AI) was introduced by the Mahatma Gandhi Cancer Hospital and Research Institute (MGCHRI), Vishakapatnam, India, to detect even smaller lesions and to assess cervical cancer patient's stage. Furthermore, for highly accurate cancer diagnosis, HCG debuted the first digital PET/CT scanner in Karnataka in February 2020. Hence, the increasing installations in the country and the growing awareness of these devices is boosting the segment growth.
India Nuclear Imaging Industry Overview
India nuclear imaging market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are GE Healthcare, Siemens Healthineers AG, Fujifilm Holdings Corporation, Bayer AG, and Koninklijke Philips NV among others.
India Nuclear Imaging Market Leaders
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Fujifilm Holdings Corporation
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Siemens Healthineers AG
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Koninklijke Philips N.V.
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GE Healthcare
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Bayer AG
*Disclaimer: Major Players sorted in no particular order
India Nuclear Imaging Market News
- In July 2022, in India, the FUJIFILM Corporation opened two new "NURA" health screening facilities with an emphasis on cancer and lifestyle disorders.
- In July 2022, a "breast-exclusive" PET scan facility was inaugurated by Meenakshi Mission Hospital and Research Center (MMHRC).
India Nuclear Imaging Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases
4.2.2 Rising Geriatric Population
4.2.3 Increasing Technological Advancements
4.3 Market Restraints
4.3.1 Lack Of Proper Reimbursement And Stringent Regulatory Approval Procedures
4.3.2 High Cost of Equipment
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Equipment
5.1.2 Diagnostic Radioisotope
5.1.2.1 SPECT Radioisotopes
5.1.2.2 PET Radioisotopes
5.2 By Application
5.2.1 SPECT Application
5.2.1.1 Cardiology
5.2.1.2 Neurology
5.2.1.3 Thyroid
5.2.1.4 Other SPECT Applications
5.2.2 PET Application
5.2.2.1 Oncology
5.2.2.2 Cardiology
5.2.2.3 Neurology
5.2.2.4 Other PET Applications
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Curium
6.1.2 Bayer AG
6.1.3 Bracco Group
6.1.4 Fujifilm Holdings Corporation
6.1.5 Canon Inc. (Canon Medical Systems Corporation)
6.1.6 Siemens Healthineers AG
6.1.7 Koninklijke Philips N.V.
6.1.8 GE Healthcare
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Nuclear Imaging Industry Segmentation
As per the scope of the report, nuclear medicine imaging procedures are non-invasive, with the exception of intravenous injections, and are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers. These radiopharmaceuticals are used in diagnosis and therapeutics. They are small substances that contain a radioactive substance that is used in the treatment of cancer, cardiac and neurological disorders. India Nuclear Imaging Market is segmented by Product (Equipment, and Diagnostic Radioisotope (SPECT Radioisotopes, and PET Radioisotopes), Application (SPECT Application (Cardiology, Neurology, Thyroid, and Other SPECT Applications), and PET Application (Oncology, Cardiology, Neurology, and Other PET Applications). The report offers the value (in USD million) for the above segments.
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India Nuclear Imaging Market Research FAQs
How big is the India Nuclear Imaging Market?
The India Nuclear Imaging Market size is expected to reach USD 316.44 million in 2024 and grow at a CAGR of 4.92% to reach USD 402.34 million by 2029.
What is the current India Nuclear Imaging Market size?
In 2024, the India Nuclear Imaging Market size is expected to reach USD 316.44 million.
Who are the key players in India Nuclear Imaging Market?
Fujifilm Holdings Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., GE Healthcare and Bayer AG are the major companies operating in the India Nuclear Imaging Market.
What years does this India Nuclear Imaging Market cover, and what was the market size in 2023?
In 2023, the India Nuclear Imaging Market size was estimated at USD 301.60 million. The report covers the India Nuclear Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Nuclear Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Nuclear Imaging Devices Industry Report
Statistics for the 2024 India Nuclear Imaging Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Nuclear Imaging Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
