Market Size of India Nuclear Imaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 316.44 Million |
| Market Size (2029) | USD 402.34 Million |
| CAGR (2024 - 2029) | 4.92 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Nuclear Imaging Market Analysis
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 Industry Segmentation
As per the scope of the report, nuclear medicine imaging procedures are non-invasive, with the exception of 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, cardiac and neurological disorders. India Nuclear Imaging Market is segmented by Product (Equipment, and Diagnostic Radioisotope (SPECT Radioisotopes, and PET Radioisotopes), Application (SPECT Application (Cardiology, Neurology, Thyroid, and Other SPECT Applications), and PET Application (Oncology, Cardiology, Neurology, and Other PET Applications). The report offers the value (in USD million) for the above segments.
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India Nuclear Imaging Market Size Summary
The India nuclear imaging devices market is poised for significant growth over the forecast period, driven by technological advancements and expanding diagnostic applications. The market's expansion is supported by government initiatives and research developments aimed at enhancing the production of medical isotopes and nuclear pharmaceuticals. These efforts are part of broader strategies like the Aatma Nirbhar Bharat initiatives, which include public-private partnerships to establish research reactors. Despite the positive outlook, the market faces challenges such as high equipment costs, stringent regulatory approvals, and inadequate reimbursement frameworks, which could hinder its growth trajectory.
The market's growth is further bolstered by the increasing prevalence of target diseases, such as cancer and cardiovascular conditions, which necessitate advanced diagnostic tools. The installation of nuclear imaging equipment in hospitals and institutions across India is on the rise, with notable advancements like the introduction of AI-enabled PET CT scans and digital PET/CT scanners. Major players in the market, including GE Healthcare, Siemens Healthineers AG, and Fujifilm Holdings Corporation, are actively contributing to the competitive landscape. These developments underscore the market's potential for expansion, driven by both technological innovation and strategic government support.
India Nuclear Imaging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Chronic Diseases
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1.2.2 Rising Geriatric Population
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1.2.3 Increasing Technological Advancements
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1.3 Market Restraints
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1.3.1 Lack Of Proper Reimbursement And Stringent Regulatory Approval Procedures
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1.3.2 High Cost of Equipment
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Equipment
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2.1.2 Diagnostic Radioisotope
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2.1.2.1 SPECT Radioisotopes
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2.1.2.2 PET Radioisotopes
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2.2 By Application
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2.2.1 SPECT Application
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2.2.1.1 Cardiology
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2.2.1.2 Neurology
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2.2.1.3 Thyroid
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2.2.1.4 Other SPECT Applications
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2.2.2 PET Application
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2.2.2.1 Oncology
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2.2.2.2 Cardiology
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2.2.2.3 Neurology
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2.2.2.4 Other PET Applications
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India Nuclear Imaging Market Size FAQs
How big is the India Nuclear Imaging Market?
The India Nuclear Imaging Market size is expected to reach USD 316.44 million in 2024 and grow at a CAGR of 4.92% to reach USD 402.34 million by 2029.
What is the current India Nuclear Imaging Market size?
In 2024, the India Nuclear Imaging Market size is expected to reach USD 316.44 million.
