North America Nuclear Imaging Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

North America Nuclear Imaging Market Analysis

The North America Nuclear Imaging Market size is estimated at USD 3.77 billion in 2024, and is expected to reach USD 4.54 billion by 2029, growing at a CAGR of 3.83% during the forecast period (2024-2029).

• The COVID-19 pandemic had a moderate impact on the North American nuclear imaging market initially. With the outbreak of COVID-19, the North America Nuclear Imaging market experienced a moderate decline in growth. This was primarily due to the temporary cancellation of non-COVID medical condition diagnoses such as cancer, cardiology, and others. The pandemic shifted most of the focus of healthcare and research to COVID-19-related diagnosis and treatment, which adversely impacted the nuclear medicine departments in the region. For instance, a study published in the Journal Seminars in Nuclear Medicine in June 2021 highlighted the decrease in nuclear cardiac studies volume amid the United States pandemic. The study further mentioned that the pandemic led to a decrease in the distribution of essential supplies, which caused a shortage of necessary tracers,99mTc/99Mo and 131I. However, during the pandemic, nuclear imaging diagnosis and studies were more focused on COVID-19 patients, which has kept a high demand for nuclear imaging.
• For instance, a study published in the Journal of Nuclear Medicine by researchers from British Columbia, Canada, in June 2022 stated that the F-FDG PET/CT (Flourine-18 fluorodeoxyglucose positron emission tomography/computed tomography) has been successful for the evaluation of the lung inflammation and monitoring of the treatment in the patients who were suffering from post-COVID-19 lung disease. F-FDG PET/CT showed metabolic activity of lung lesions and assisted in the evaluation of the treatment regime using steroids and antifibrotic drugs for the management of post-COVID-19 lung disease. In the pandemic and post-pandemic period, the number of COVID-19-positive patients has decreased.
• Also, the lifting of the lockdown and gradual resumption of nuclear medicine and nuclear diagnosis for other medical conditions are expected to restore the normal growth rate of the market. For instance, data published by the Radiological Society of North America (RSNA) in December 2022 stated that Radiologic Research in the North American region has resumed. Thus, the COVID-19 outbreak has moderately impacted the market's growth in its preliminary phase. Moreover, the market is expected to grow further at a stable pace with the increasing demand for nuclear imaging in North America.
• Further, the market is expected to grow with technological advancements, increasing diagnostic applications in various diseases, such as cancer and cardiovascular diseases, and increasing government support. The prevalence of chronic diseases is on the rise in the North America Region, which is expected to create more demand for nuclear imaging. For instance, according to data published by the Canadian Cancer Society in May 2022, it was estimated that over 30,000 individuals in Canada would be diagnosed with lung and bronchus cancer. This represented an increase of 13% in the cases of lung and bronchus cancer from 2021 to 2022. It was also estimated that over 20,700 lives would be claimed by the disease in 2022. The high prevalence of such chronic diseases has created a huge demand for nuclear imaging diagnosis for the management of diseases in the region. For instance, data published in the Canadian Medical Imaging Inventory Service Report in January 2022 mentioned that demand for PET-CT services has been rising in Canada. The report stated that there is a need for more PET systems. It was mentioned that in Canada, there were 1.5 PET units per million population. The country ranked 16th out of 25 in the list of the volume of PET-CT exams, with over 3.3 scans per 1,000 population. Thus, the vast patient base and the increasing demand for nuclear imaging are expected to create more growth opportunities in the North American region.
• Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the regulatory issues and lack of reimbursement are likely to impede market growth.

North America Nuclear Imaging Market Trends

The Oncology Segment of the PET Applications is Expected to Witness Significant Growth Over the Forecast Period

North America Nuclear Imaging Industry Segmentation

Nuclear medicine imaging procedures are non-invasive, apart from intravenous injections, and are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers. These radiopharmaceuticals are used in diagnosis and therapeutics. They are small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac and neurological disorders. 

The North America nuclear imaging market is segmented by product (equipment and radioisotope (SPECT radioisotopes (technetium-99m (TC-99m), thallium-201 (TI-201), gallium (Ga-67), iodine (I-123), and other SPECT radioisotopes) and PET radioisotopes (fluorine-18 (F-18), rubidium-82 (RB-82), and other PET radioisotopes), application (SPECT applications and PET applications), and geography (United States, Canada, and Mexico).

The report offers the value (in USD) for the above segments.