The global nuclear medicine equipment market is expected to grow at a compound annual growth rate of 3.6% over the next five years, according to a new report by market research firm MarketsandMarkets.
The report values the global market at $1.78 billion in 2015, with projections that it will reach $2.13 billion by 2020.
The rising prevalence of cancer and cardiac and neurological disorders, growing awareness of the benefits of early diagnosis, and greater adoption of nuclear medicine are among the factors driving the trend, according to the firm. Nevertheless, the market will be restrained by the high cost of the equipment.
Overall, however, a strong product pipeline and greater opportunities in emerging countries will help drive the market, the company said.