The Chinese nuclear imaging market is expected to grow with a CAGR of 9.45% during the forecast period.
- Recent years have observed significant growth in the application of nuclear medicine and imaging. The rising prevalence of bone diseases and cancer in China, along with the technological advancements in the field of diagnostics, is expected to drive the growth of the market over the forecast period.
- Cancer burden and mortality are high in China. As per the latest 2018 report published by the WHO, 4,285,033 new cancer cases, including both the sexes and all ages, were registered in China, whereas the number of deaths was reported to be 2,865,174. Government support, in terms of funding, also contributes to the growth of the radiopharmaceuticals market in China.
- However, there are certain factors that are hindering the growth of the market, such as the shorter half-life of radiopharmaceuticals and high cost of the techniques.
Key Market Trends
The PET Equipment Segment is Expected to Grow with a Significant CAGR
The PET equipment segment covers stand-alone PET, hybrid PET/CT, hybrid PET/MRI, PET infusion systems, and cyclotrons used to produce short-lived radioisotopes on site. A positron emission tomography (PET) scan is an imaging test that allows the doctor to detect diseases in one’s body. A PET scan is majorly used in oncology applications. The China Society of Nuclear Medicine was established in 1980. Since then, nuclear medicine has been developed rapidly in China. According to the Chinese Society of Nuclear Medicine, there were a total of 306 PET scanners in 2017. Additionally, there are more than 900 departments of nuclear medicine in China that are actively running, and about more than one million patients receive nuclear medicine imaging examinations, per year, across the country. Moreover, with the government’s support, the Chinese nuclear imaging market is expected to grow, in the future.
The market comprises of major market players and these players are moreover focusing on R&D to strengthen their position in the market. The market has been noticing technological developments on a large scale for the past couple of years. Some of the market players are Bayer AG, Bracco Imaging SpA, Canon Inc., Cardinal Health Inc., China Isotope & Radiation Corporation (CIRC), Curium Pharma, GE Healthcare, Global Medical Solutions Ltd, Koninklijke Philips NV, Siemens Healthineers, and Yantai Dongcheng Pharmaceutical Group Co. Ltd.
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