GlobalData: U.S. nuclear imaging equipment market to remain steady

GlobalData: U.S. nuclear imaging equipment market to remain steady

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 percent, to reach $2.2 billion by 2020, says research and consulting firm GlobalData.

The company’s latest report states that while the U.S. market will remain steady at around $1.15 billion throughout the forecast period, the country will see its global share fall from 69 percent in 2013 to 53 percent by 2020. Meanwhile, the Asia-Pacific (APAC) region will see its share rise from 16 percent to 29 percent over the same time frame.

According to Andrew S. Thompson, Ph.D., GlobalData’s Senior Analyst covering Medical Devices, a period of rapid increase in U.S. 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.

“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,” Thompson explains. “U.S. nuclear imaging market growth is heavily dependent on the replacement of existing systems because the capacity for new installations is limited.”

“As the U.S. 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,” he added.

While the U.S. market is likely to remain static, with a CAGR of only 0.08 percent 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.

“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,” Thompson continues. “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.”