A new report from MarketsandMarkets expects the global nuclear imaging equipment market to reach $2.85 billion by 2021 from $2.25 billion in 2016, growing at a compound annual growth rate of 4.8%. The report segments the market on the basis of product, application, end user, and region.

Based on product, the market is categorized into SPECT systems, hybrid PET systems, and planar scintigraphy. In 2016, the SPECT systems segment is expected to account for the largest market share. The SPECT systems are further segmented into hybrid SPECT and standalone SPECT systems. In 2016, the hybrid SPECT segment is expected to account for the largest share of the market. Advantages such as better imaging ability, high resolution, and the ability to show molecular processes in vivo render hybrid SPECT systems superior than standalone systems.

Based on application, the market is segmented into oncology, cardiology, neurology, and other applications (orthopedics, urology, thyroid-related disorders, and gastroenterology). In 2016, the oncology application segment is expected to account for the largest share of the market.

The rising incidence and prevalence of cancer across the globe, initiatives taken by public and private organizations to curb the same, and the development of advanced systems and radiotracers for oncology are the key factors contributing to the large share of the oncology segment.

Based on end user, the nuclear imaging market is segmented into hospitals, imaging centers, academic & research centers, and other end users (pharmaceutical & biotechnology companies and CROs). In 2016, the hospitals segment is expected to account for the largest share of the market. The rise in the use of advanced imaging solutions and hybrid imaging systems in hospitals and enhanced care quality is driving the growth of this segment.

The report also found that factors propelling the growth of the market in North America include an increase in adoption of nuclear imaging technologies and rapid growth in aging population, along with high incidence and prevalence of chronic diseases.

Factors driving the global market include introduction of new and advanced products, investment in the modernization of diagnostic imaging centers, development of new radiotracers, and the increasing incidence and prevalence of cancer and cardiovascular diseases. However, factors such as the shutdown of National Research Universal reactor, the high cost of nuclear imaging equipment, and the shorter half-life of radiopharmaceuticals are hindering the growth of the market.