Air carrier Captain reports hitting a chunk of concrete dislodged from the runway on the takeoff roll. No damage to the aircraft is reported and the landing is routine.

Narrative

At approximately 120 KTS during takeoff roll we spotted a chunk of concrete that had come loose from the runway surface directly ahead of us. The block was approximately 3 inches square. I could see the corresponding hole in the runway as well. It was not spotted in time to maneuver around. The right nose tire struck the concrete. First Officer reported seeing the block flying off to the right of the aircraft after contact. Impact on the nose wheel was loud enough for the flight attendants to notice. Takeoff was continued with no abnormal indications during the rest of the takeoff roll and subsequent flight. With Dispatch's advice and concurrence; we decided an emergency declaration was not necessary. However; we would have ARFF vehicles standing by for landing in the remote chance that the tire had gone flat during cruise. Rest of flight; including landing; was uneventful. After landing; inspection revealed damage was limited to scuffing on the right nose tire. This obviously could have had a lot worse outcome had the concrete been thrown into the engine. Suggest more frequent and thorough runway inspections as these surfaces age.