The global market for nuclear imaging equipment, which covers Positron Emission Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT) systems, will expand from $1.83 billion in 2013, at a modest Compound Annual Growth Rate (CAGR) of 3.3 per cent, to reach $2.2 billion by 2020, says research and consulting firm GlobalData.
The company’s latest report states that while the US market will remain steady at around $1.15 billion throughout the forecast period, the country will see its global share fall from 69 per cent in 2013 to 53 per cent by 2020. Meanwhile, the Asia-Pacific (APAC) region will see its share rise from 16 per cent to 29 per cent over the same time frame.
According to Andrew S. Thompson, GlobalData’s senior analyst covering Medical Devices, a period of rapid increase in US procedures, particularly using PET, has led to measures to decrease the number of procedures that can be reimbursed, therefore reducing the demand for nuclear imaging systems.
Thompson explains: “The economic downturn has been a continued concern within the entire diagnostic imaging space, and the high cost of nuclear imaging equipment and procedures has made this market more susceptible to the downturn. US nuclear imaging market growth is heavily dependent on the replacement of existing systems because the capacity for new installations is limited.
“As the US economy recovers, it can be expected that the equipment will be replaced. However, key opinion leaders interviewed by GlobalData reported that not all equipment is replaced at the end of the average product lifecycle, which will negatively impact sales.”
While the US market is likely to remain static, with a CAGR of only 0.08 per cent from 2014 to 2020, APAC economies, especially China and Japan, will continue to provide immense opportunities for increasing sales within the global nuclear imaging arena.
Thompson continues: “Japan will see the fastest growth over the forecast period, with its market value more than doubling from $191.3 million in 2013 to $392.1 million by 2020.
“In global terms, the rising prevalence of disease, along with an aging and growing population, will act as major drivers of increased nuclear imaging use during the forecast period.”
MediPoint: Nuclear Imaging- PET and SPECT Equipment - Global Analysis and Market Forecasts.