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United Kingdom Nuclear Imaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 94 Pages I Mordor Intelligence
The United Kingdom Nuclear Imaging Market size is estimated at USD 350.43 million in 2024, and is expected to reach USD 419.43 million by 2029, growing at a CAGR of 3.66% during the forecast period (2024-2029).
United Kingdom suffered disruptions in the supply chain of necessary radiopharmaceuticals such as Technetium-99m and 2-deoxy-2-[18F]fluoro-glucose (FDG) which are used for the majority of SPECT and PET imaging procedures and conventional nuclear imaging studies as the nonessential cargo flights were taking off abiding by the country's government rules thus impacting the market. Besides the negative impact of COVID-19, it has created an opportunity for players in this field to establish their presence by launching new products or progressing clinical studies in this field. For instance, in November 2020, NanoMab Technology Limited, received CTA Acceptance from the Medicines Healthcare products Regulatory Agency (MHRA) to carry out a Phase II clinical Study for its NM-01 product. This study will assess the programmed death ligand 1 (PD-L1) expression using 99mTc-NM-01 as a SPECT/CT radiotracer and its correlation to PD-L1 expression results based on routine immunohistochemical (IHC) testing in biopsy diagnostic specimens.
Factors such as increasing preference for SPECT and PET scans, advances in nuclear imaging, rising targeted cancer treatment, and increasing incidence and mortality rate of cancer and cardiovascular diseases are driving the growth in the United Kingdom. According to the British Heart Foundation's Report titled 'UK Factsheet' published in July 2021, reports that there are 7.6 million people in the United kingdom that are living with heart and circulatory diseases. Also, the same source reports that in the United Kingdom, heart and circulatory diseases causes more than 160,000 deaths each year which is a quarter of all deaths in the region. Due to the high mortality, people are becoming more concerned about diagnosis of cardiovascular diseases across the country. Thus, with such a high burden of heart diseases, there is growing need for the for treatment, monitoring and diagnostic devices in the region which is ultimately contributing to the growth of nuclear imaging market as importance of nuclear imaging is increasing in diagnosing chronic diseases.
UK Nuclear Imaging Market Trends
Oncology Holds Significant Share in Application Segment
The increasing burden of cancer in the United Kingdom is a leading factor responsible for the growth of the oncology segment in the market studied. For instance, as stated by the latest report i.e. for the year 2020 from Globocan, there were around 457,960 new cancer cases were detected in the country during 2020. The number of prevalent cancer cases was around 15,14,320 in the year 2020. These statistics represent a high number of cancer patients in the United Kingdom.
Additionally, the PET scan is one of the most reliable diagnostic methods used by oncologists to detect a tumor or cancerous organs. This is leading to increasing usage of PET scanners for diagnosis of cancer in the United Kingdom and ultimately contributing to the market growth. According to Kidney Cancer Care Ltd. data published in 2020, Kidney cancer is the seventh most common cancer in the United Kingdom, which is responsible for around 12,600 new cases every year in the country which equates to 34 cases every day and up to 30% of all people are diagnosed when in the advanced stage of the disease. Over the last decade, kidney cancer incidence has risen by nearly half (47%) and is projected to rise by 26% in the United Kingdom by the year 2035.
All the above statistics and datapoints indicate that cancer is causing a huge burden on the United Kingdom healthcare with its rising prevalence. Therefore, with the increasing cancer cases in the country, the market studied will witness strong growth over the forecast period.
UK Nuclear Imaging Industry Overview
The nuclear imaging market is highly competitive and consists of a few major players. In terms of market share, few of the major players currently dominate the market. Companies, like Bracco Imaging SpA, Curium, Cardinal Health Inc., Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers, among others, hold a substantial share in the market.
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 Cancer and Cardiac Disorders
4.2.2 Technological Advancements in Nuclear Imaging
4.3 Market Restraints
4.3.1 Stringent Regulations
4.4 Porter's Five Forces 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
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 Applications
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 Applications
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 Canon Medical Systems Corporation
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE Healthcare
6.1.4 Koninklijke Philips NV
6.1.5 Siemens Healthineers
6.1.6 Curium
6.1.7 BWX Technologies Inc.
6.1.8 Bracco Group
6.1.9 NOVARTIS AG (ADVANCED ACCELERATOR APPLICATIONS)
6.1.10 Bayer AG
6.1.11 MR SOLUTION LTD
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