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India Nuclear Imaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 90 Pages I Mordor Intelligence
The India Nuclear Imaging Market size is estimated at USD 316.44 million in 2024, and is expected to reach USD 402.34 million by 2029, growing at a CAGR of 4.92% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the nuclear imaging market in India. Various research studies have been published to provide insight into the effects of the pandemic on the studied market. According to research published in the Journal of Nuclear Medicine in August 2021 titled "Effect of lockdown due to COVID-19 pandemic on oncological patients with various cancers undergoing treatment in a tertiary care hospital in India," there were 600-700 PET/CT patients per month in the pre-COVID era, but this number fell during the COVID times due to lockdowns across the nation. During this time, OPDs and elective procedures were either limited in scope or abolished entirely. Due to their fear of contracting the virus, non-COVID patients were unable to attend their scheduled follow-up appointments. Therefore, due to the above factors, the COVID-19 pandemic significantly impacted the market's growth.
Technological improvements, expanding diagnostic applications in various diseases such as cardiovascular diseases, and government assistance, are factors driving the market's growth in India. Many research studies are also focusing on the use of SPECT for diagnosing cardiovascular patients. For instance, Rohit S et al. and others published a paper in the Journal of Cardiovascular Diseases & Diagnosis in March 2020 with the title "Ischemia Reversal Therapy as an add-on Therapy for Ischemic Heart Disease: A Pilot Study based on SPECT Myocardial Perfusion Imaging." The patients in the trial with myocardial perfusion who were receiving alternative therapy underwent SPECT myocardial perfusion imaging (SPECT-MPI). It is anticipated that such SPECT imaging studies will increase demand.
The government's support for nuclear imaging and diagnosis is projected to broaden the market's potential for expansion in India. For instance, as part of the Aatma Nirbhar Bharat initiatives for the Department of Atomic Energy, the Government of India announced in May 2020 the launch of a research reactor in public-private partnership (PPP) mode to facilitate the production of medical isotopes for the treatment of cancer and other diseases (DAE). Furthermore, the Bhabha Atomic Research Centre (BARC) has developed the design for the nation's first public-private partnership research reactor for the manufacturing of nuclear pharmaceuticals in accordance with the government's goal to launch a research reactor in public-private partnership (PPP) in January 2021. Nuclear imaging will spread in the area thanks to such government measures to increase the production of medical isotopes. Hence, the above developments are further expected to improve the market growth in this segment.
However, the lack of proper reimbursement and stringent regulatory approval procedures, and the high cost of equipment, are expected to impede the market growth in India.
India Nuclear Imaging Market Trends
Equipment Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The Indian market for nuclear imaging equipment is growing at a good pace and the rising prevalence of target diseases and the growing technological advancements are the key drivers for the market studied. The Global Cancer Observatory estimated that India experienced new cancer diagnosis cases of around 1,324,413 in 2020. Hence, it is expected to rise demand for nuclear imaging in the management of the disease. The nuclear imaging equipments are being installed in numerous hospitals and institutions around the nation, fueling the segment's expansion. For instance, the first SPECT scan will be offered by the health department of Thiruvananthapuram Medical College in Kerala, India, in February 2020. The first UDR detector using 3.2-mm LSO crystals is the Siemens Biograph VISION-600, which aids in the visualization of tiny lesions. Similarly, in September 2021, a Time of Flight PET CT scan using artificial intelligence (AI) was introduced by the Mahatma Gandhi Cancer Hospital and Research Institute (MGCHRI), Vishakapatnam, India, to detect even smaller lesions and to assess cervical cancer patient's stage. Furthermore, for highly accurate cancer diagnosis, HCG debuted the first digital PET/CT scanner in Karnataka in February 2020. Hence, the increasing installations in the country and the growing awareness of these devices is boosting the segment growth.
India Nuclear Imaging Industry Overview
India nuclear imaging market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are GE Healthcare, Siemens Healthineers AG, Fujifilm Holdings Corporation, Bayer AG, and Koninklijke Philips NV among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases
4.2.2 Rising Geriatric Population
4.2.3 Increasing Technological Advancements
4.3 Market Restraints
4.3.1 Lack Of Proper Reimbursement And Stringent Regulatory Approval Procedures
4.3.2 High Cost of Equipment
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Equipment
5.1.2 Diagnostic Radioisotope
5.1.2.1 SPECT Radioisotopes
5.1.2.2 PET Radioisotopes
5.2 By Application
5.2.1 SPECT Application
5.2.1.1 Cardiology
5.2.1.2 Neurology
5.2.1.3 Thyroid
5.2.1.4 Other SPECT Applications
5.2.2 PET Application
5.2.2.1 Oncology
5.2.2.2 Cardiology
5.2.2.3 Neurology
5.2.2.4 Other PET Applications
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Curium
6.1.2 Bayer AG
6.1.3 Bracco Group
6.1.4 Fujifilm Holdings Corporation
6.1.5 Canon Inc. (Canon Medical Systems Corporation)
6.1.6 Siemens Healthineers AG
6.1.7 Koninklijke Philips N.V.
6.1.8 GE Healthcare
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