North America Nuclear Imaging Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 3.77 Billion |
| Market Size (2029) | USD 4.54 Billion |
| CAGR (2024 - 2029) | 3.83 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Nuclear Imaging Market Analysis
The North America Nuclear Imaging Market size is estimated at USD 3.77 billion in 2024, and is expected to reach USD 4.54 billion by 2029, growing at a CAGR of 3.83% during the forecast period (2024-2029).
- The market is expected to grow with technological advancements, increasing diagnostic applications in various diseases, such as cancer and cardiovascular diseases, and increasing government support. The prevalence of chronic diseases is on the rise in the North American region, which is expected to create more demand for nuclear imaging. For instance, according to data published by the Canadian Cancer Society in May 2022, it was estimated that over 30,000 individuals in Canada would be diagnosed with lung and bronchus cancer. This represented an increase of 13% in the cases of lung and bronchus cancer from 2021 to 2022. It was also estimated that over 20,700 lives would be claimed by the disease in 2022.
- The high prevalence of such chronic diseases has created a huge demand for nuclear imaging diagnosis for the management of diseases in the region. For instance, data published in the Canadian Medical Imaging Inventory Service Report in January 2022 mentioned that demand for PET-CT services has been rising in Canada. The report stated that there is a need for more PET systems. It was mentioned that in Canada, there were 1.5 PET units per million population. The country ranked 16th out of 25 in the list of the volume of PET-CT exams, with over 3.3 scans per 1,000 population. Thus, the vast patient base and the increasing demand for nuclear imaging are expected to create more growth opportunities in the North American region.
- The strategic activities by the market players such as introduction of advanced equipment in market is expected boost the market growth over the forecast period. For instance, in November 2023, Positron Corporation has secured a significant new customer in Pennsylvania's cardiovascular sector. The client will be leveraging Positron's cutting-edge Attrius PET System and accompanying services. The installation of the Attrius system is scheduled to align with the facility's radiopharmaceutical timeline.
- Additionally, in October 2022, GE Healthcare launched its Omni Legend, which is a first-of-its-kind all-digital PET-CT system. The system is equipped with cutting-edge system features such as digital BGO (dBGO) detector material, and it offers high efficiency and improved diagnostics for precision medicines. Similarly, in November 2023, IONETIX, a Cardiac PET services and isotope manufacturing company expanded its partnership with the Center for Imaging and Research of America (CIRA) in Sarasota, United States. Under the partnership, IONETIX launched the new PET/CT imaging facility, which utilizes N-13 Ammonia, which is manufactured by IONETIX itself.
- Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the regulatory issues and lack of reimbursement are likely to impede market growth.
North America Nuclear Imaging Market Trends
The Oncology Segment of the PET Applications is Expected to Witness Significant Growth Over the Forecast Period
- Positron emission tomography (PET) scanning is carried out for the diagnosis and study of cancer by revealing the biochemical or metabolic functions of the tissue under study. The abnormal biochemical or metabolic activities in the tissue enable the identification or location of the tumor or cancer site/tissue. The wide applications of PET scans in cancer studies, increasing cases of cancer, and advancing research are expected to create more demand for PET scans for cancer. Several research studies have highlighted the wide applications and advantages of PET scans alone and in combination with other techniques for the management of the treatment and diagnosis of cancer.
- A study published in the Journal of Cancer in March 2022 mentioned that PET and computer tomography (CT) scans enabled the assessment of the treatment of head and neck squamous cell carcinoma using chemoradiation. The study further mentioned that the repetitive PET/CT scans offered the clarity of the diagnosis in the patients who had an incomplete post-treatment scan, and it decreased the need for biopsies and neck dissections, which are often not necessary. Further, another study published in the Journal of Cancer in June 2022 underlined that PET/CT has diverse oncologic applications with its advanced imaging modality. PET/CT enables the staging, restaging, longitudinal surveillance, and therapeutic assessment of cancer therapy.
- Therefore, the oncology segment of PET applications is expected to witness significant growth over the forecast period due to the abovementioned factors, including the wide applications of PET in the management of a wide variety of cancer and diagnostic benefits offered by PET.
The United States is Expected to Dominate the North America Nuclear Imaging Market
- The United States is expected to dominate the market owing to factors such as the high prevalence of chronic diseases, high healthcare expenditure, advanced medical infrastructure and research, and the presence of leading players in the country. The country has a high prevalence of chronic diseases, which necessitates the use of nuclear imaging for the diagnosis and management of the disease.
- For instance, as per the data published by the National Brain Tumor Society in 2023, over 700,000 were estimated to have primary brain tumors, and over 88,970 more patients were estimated to be diagnosed in the United States in 2022. According to data published by the World Nuclear Association in April 2022, over 20 million procedures of nuclear medicine are performed every year in the United States.
- Furthermore, the presence of the leading players in the country and their key developments are boosting the growth of the market. For instance, in November 2023, Siemens Healthineers has received FDA clearance for its Biograph Vision.X, a PET/CT scanner boasting an industry-leading time of flight (TOF) of 178 picoseconds (ps). This marks the fastest TOF in the market. The Biograph Vision.X is the latest addition to Siemens Healthineers' renowned Biograph Vision scanner family, enhancing on its already established performance.
- Further, in June 2024, the QEII Health Sciences Centre, part of Nova Scotia Health, has made history by becoming the inaugural Canadian health facility to adopt GE HealthCare's StarGuide SPECT/CT scanner. This cutting-edge nuclear medicine scanner employs advanced 3-D imaging, empowering physicians to diagnose and treat diseases such as cancer and heart conditions with unprecedented precision. These continuous developments in the region are anticipated to drive the growth of the market in the country.
- Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.
North America Nuclear Imaging Industry Overview
The North American nuclear imaging market is moderately competitive due to the presence of several companies operating in the region. The market players adopt several strategies such as product launches, mergers, and acquisitions to stay competitive. The key players operating in the market include Bracco Imaging SpA, Cardinal Health Inc., GE Healthcare, Koninklijke Philips NV, and Siemens Healthineers.
North America Nuclear Imaging Market Leaders
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Bracco Imaging SpA
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Cardinal Health Inc.
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GE Healthcare
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Koninklijke Philips NV
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Siemens Healthineers
*Disclaimer: Major Players sorted in no particular order
North America Nuclear Imaging Market News
- May 2024: Blue Earth Diagnostics, a Bracco company, has inked a non-exclusive data-sharing pact with Siemens Healthineers. The agreement covers the sharing of anonymized clinical data and images of POSLUMA® (previously 18F-rhPSMA-7.3) injection from Blue Earth Diagnostics' Phase 3 LIGHTHOUSE trial, focusing on newly diagnosed prostate cancer.
- March 2023: Positron Corporation signed a Clinical Study/Research Agreement with the Ochsner Clinic Foundation and Dr. Bober, Director of Molecular Imaging and Nuclear Cardiology at Ochsner Health. Under the agreement, the company and the organizations would carry out clinical studies of its new PET-CT imaging device, the Affinity PET-CT 4D.
North America 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 Rise in Prevalence of Cancer and Cardiac Disorders
4.2.2 Increase in Technological Advancements
4.2.3 Growth in Applications of Nuclear Medicine and Imaging
4.3 Market Restraints
4.3.1 Regulatory Issues
4.3.2 Lack of Reimbursement
4.4 Porter's Five Forces 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
5.1 By Product
5.1.1 By Equipment
5.1.2 By Radioisotope
5.1.2.1 SPECT Radioisotopes
5.1.2.1.1 Technetium-99m (TC-99m)
5.1.2.1.2 Thallium-201 (TI-201)
5.1.2.1.3 Gallium (Ga-67)
5.1.2.1.4 Iodine (I-123)
5.1.2.1.5 Other SPECT Radioisotopes
5.1.2.2 PET Radioisotopes
5.1.2.2.1 Fluorine-18 (F-18)
5.1.2.2.2 Rubidium-82 (RB-82)
5.1.2.2.3 Other PET Radioisotopes
5.2 By Application
5.2.1 SPECT Applications
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 Applications
5.2.2.1 Oncology
5.2.2.2 Cardiology
5.2.2.3 Neurology
5.2.2.4 Other PET Applications
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bracco Imaging SpA
6.1.2 Cardinal Health Inc.
6.1.3 GE Healthcare
6.1.4 Koninklijke Philips NV
6.1.5 Siemens Healthineers
6.1.6 Curium
6.1.7 CMR NAVISCAN (GAMMA MEDICA INC.)
6.1.8 Nordion (Canada) Inc.
6.1.9 MinFound Medical Systems Co., Ltd
6.1.10 Canon Medical Systems Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Nuclear Imaging Industry Segmentation
Nuclear medicine imaging procedures are non-invasive, apart from 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 and cardiac and neurological disorders.
The North America nuclear imaging market is segmented by product, application and geography. By product, the market is segmented as equipment and radioisotope. By application the market is segmented as SPECT applications and PET applications. The market is segmented by geography as the United States, Canada, and Mexico. The report offers the value (in USD) for the above segments.
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North America Nuclear Imaging Market Research FAQs
How big is the North America Nuclear Imaging Market?
The North America Nuclear Imaging Market size is expected to reach USD 3.77 billion in 2024 and grow at a CAGR of 3.83% to reach USD 4.54 billion by 2029.
What is the current North America Nuclear Imaging Market size?
In 2024, the North America Nuclear Imaging Market size is expected to reach USD 3.77 billion.
Who are the key players in North America Nuclear Imaging Market?
Bracco Imaging SpA, Cardinal Health Inc., GE Healthcare, Koninklijke Philips NV and Siemens Healthineers are the major companies operating in the North America Nuclear Imaging Market.
What years does this North America Nuclear Imaging Market cover, and what was the market size in 2023?
In 2023, the North America Nuclear Imaging Market size was estimated at USD 3.63 billion. The report covers the North America Nuclear Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Nuclear Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Nuclear Imaging Industry Report
Statistics for the 2024 North America Nuclear Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Nuclear Imaging analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
