Nuclear Imaging Services Market - Introduction

Nuclear medicine (NM) is a branch of medical imaging that uses small amounts of radioactive substances for diagnosis and therapeutic treatment of various diseases. Nuclear imaging involves use of techniques that provide qualitative and quantitative information about the physiological processes within the human body. Single photon emission computed tomography (SPECT), scintiography, and PET are various techniques in nuclear medicine that use a radiotracer element and gamma camera to capture an image for clinical diagnostics. Nuclear imaging with radiotracer elements is used for the diagnosis and treatment of various cardiac disorders such as cardiac infarction, cardiac failure, ventricular arrhythmia, and thrombosis.

Nuclear Imaging Services Market – Competitive Landscape

  • In February 2019, RadNet Inc. signed a definitive agreement to acquire outpatient radiology practice of Kern Radiology Medical Group, Inc. The firm owns five imaging centers based in California, providing multimodal offerings including MRI, CT, nuclear medicine, ultrasound and bone density, and interventional procedures. The strategy enabled the company to expand its presence in existing market and broaden its customer base in the county.
  • In June 2016, GE Healthcare launched an advanced molecular imaging systems i.e., digital PET/CT system and SPECT/CT that enable clinicians to improve the detection of smaller lesions and enhance quantitative accuracy due to CZT technology in these systems.

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RadNet, Inc.

Founded in 1985, RadNet Inc. is a leading player offering high-quality and cost-effective diagnostic outpatient imaging services in the U.S. The company operates through a network of 344 owned and operated outpatient imaging centers. The firm offers various diagnostic imaging services including CT, MRI, PET, X-ray, nuclear medicine, ultrasound, mammography, fluoroscopy, and other related procedures. 

Siemens Healthineers AG

Founded in 1847, Siemens Healthineers AG is a global provider of health care solutions and services. The company develops, manufactures, and sells a diverse range of market-leading and innovative diagnostic, imaging, and advanced therapy products and services to healthcare providers around the world. The imaging segment offers products and services in computed tomography, magnetic resonance, nuclear medicine, ultrasound, X-ray systems, and molecular imaging.

Other prominent service providers operating in the global nuclear imaging services market include Nueclear Healthcare Limited, MedQuest Associates, Inc. (Novant Health), Dignity Health (CommonSpirit Health), I-MED Radiology Network (Permira), Sonic Healthcare, and Alliance Healthcare Services, Inc. Other leading equipment manufacturers operating in the global market are GE Healthcare, Positron Corporation, and Koninklijke Philips N.V. These players focus on launch of innovative products and engage in merger, acquisitions, partnerships, and joint ventures to expand product offerings, increase customer base, and strengthen position in the market.

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Nuclear Imaging Services Market - Dynamics

Rise in Incidence of Chronic Disorders Leads to Surge in Imaging Procedures Globally

Increase in geriatric population, rise in prevalence of chronic diseases such as cancer across the globe boost the growth of the global nuclear imaging services market. Moreover, the number of nuclear medicine procedures is anticipated to increase significantly in the near future. Surge in the number of imaging procedures implies that increasing number of people are suffering from chronic disorders. According to the National Health Service (NHS) England, 406,440 nuclear imaging scans were performed in the country between November 2017 and November 2018. This is expected to propel the global nuclear imaging services market in the next few years. Moreover, rapid technological advancements including development of hybrid technologies such as SPECT/CT and PET/CT to increase image quantification are likely to fuel the growth of the global market. 

Lack of Skilled Personnel Hampers Nuclear Imaging Services Market

Shortage of radiologists to meet the rising demand for diagnostic imaging services is likely to affect the nuclear imaging services market. According to data released by the Royal College of Radiologists (RCR) in 2017, the U.K. did not have enough radiologists to meet diagnostic and imaging demand in the NHS. The U.K. has the least number of radiologists per person in any country in Europe, with a shortage of 1,000 radiologists. Shortage of radiologists and complex scans due to technological advances leads to delayed scan results and delayed diagnosis of diseases in health care settings which is likely to hamper the growth of nuclear imaging services market in the coming few years. 

North America and Europe Hold Significant Share of the Nuclear Imaging Services Market

North America accounted for major share of the global nuclear imaging services market in 2018. Increase in the number of nuclear imaging procedures performed in the region and rapid adoption of technologically advanced systems such as hybrid imaging contribute to North America’s dominant share of the global market. For instance, approximately 1.5 million PET procedures are performed in the U.S. each year. Moreover, favorable reimbursement for nuclear imaging procedures is expected to drive the market in North America.

Europe is anticipated to account for significant share of the global nuclear imaging services market between 2019 and 2027. Increase in the geriatric patient pool, rise in prevalence of cancer, and surge in the number of PET/CT and SPECT scans in the U.K. are likely to boost the growth of the market in the region.

Nuclear Imaging Services Market – Segmentation

The Nuclear Imaging Services market can be segmented based on:

  • Imaging Modality
  • Application
  • End-user
  • Region

Nuclear Imaging Services Market Segmentation – By Imaging Modality

In terms of imaging modality, the nuclear imaging services can be categorized into:

  • Single Photon Emission Computed Tomography (SPECT)
  • Positron Emission Tomography (PET)
  • SPECT/CT
  • PET/CT

Nuclear Imaging Services Market Segmentation – By Application

In terms of application, the nuclear imaging services can be categorized into:

  • Oncology
  • Cardiac diseases
  • Neurological disorders
  • Others

Nuclear Imaging Services Market Segmentation – Bye End-user

Based on end-user, the global nuclear imaging services market can be divided into:

  • Hospitals
  • Diagnostic Imaging Centers
  • Ambulatory Surgical Centers
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Nuclear Imaging Services Market

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