The United States is the largest market for nuclear medicine equipment worldwide, worth an estimated $1.2 billion in 2007, according to a report from Global Industry Analysts (GIA), a San Jose, Calif.-based market research firm.
The report, "Nuclear Medicine: A Global Strategic Business Report," reviews market trends, drivers, product profile, players, competitive landscape, technological developments, recent developments, mergers, acquisitions, and other strategic activities in nuclear medicine, GIA said.
According to the report, Europe is the second largest regional market followed by Japan as third. Japan, the United States and Europe collectively account for over 90 percent of the global nuclear medicine market, the firm said.
GIA said the global and regional markets are expected to register compound annual growth rates (CAGRs) ranging between 5 percent and 10 percent. The market for gamma cameras is estimated at $813 million in 2007, while the PET scanner market is expected to reach $1.12 billion in 2009, the firm reported.
Though nuclear medicine faces competition from other methods, their impact is limited and demand for diagnostic medical imaging modalities is closely interlinked to the number of diagnostic procedures, according to the report.
The firm said that growing awareness of PET's clinical utility and its synergistic use with other imaging modalities and ongoing shift to PET-CT imaging and SPECT-CT imaging is one of the key drivers of the dramatic rise in procedural volumes. In addition, advancements in molecular imaging, evolution of image-guided interventions, as well as aging population continue to fuel growth in the broader medical diagnostics market, GIA said.