The European nuclear imaging equipment market should almost triple in value between 2008 and 2015, according to an analysis by global business intelligence firm GlobalData.
The market was valued at $498.9 million in 2008 and should reach $1.4 billion in 2015, representing an annual growth rate of 16 percent. According to Global Data, that growth will be driven by the increasing utilization of SPECT/CT and PET/CT, as well as an increase in the number of cancer patients across Europe, technological advances and improvements in patient care.
GlobalData reports that European hospitals are increasing their focus on equipment purchases of PET/CT and SPECT/CT. About 60 percent of the demand for these devices is from first time buyers, while the other 40 percent is from users looking to replace existing PET systems with PET/CT. Germany and Italy account for 33 and 25 percent of the nuclear imaging market, respectively.
The three companies that continue to dominate the European nuclear imaging equipment market are GE Healthcare, Siemens Healthcare and Philips Healthcare. According to GlobalData, the three make up 92 percent of the market in 2008, with GE leading with a 36 percent share, followed by the other two with a 28 percent share each.