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PET-CT Scanner Device Market Overview:
PET-CT Scanner Device Market accounted for $1,454 million in 2016, and is estimated to reach $2,108 million by 2023, growing at a CAGR of 5% during the analysis period (20172023). There is a high prevalence of diseases worldwide, hence an increase in the need of diagnosis.
PET-CT scanner device is a nuclear medicine procedure for detecting cancer, brain disorders, heart conditions, and other diseases. It also supports to determine the effectiveness of the treatment and eliminates the need of unnecessary surgical procedures as PET-CT scan can determine whether the suspicious tissue mass is an active tumor or residual masses.
Rise in incidence and prevalence of diseases such as cancer, HIV, Alzheimer, and cardiovascular diseases drive the market. In addition, growth of geriatric population that is susceptible to taking medications for their wellbeing is expected to fuel the growth of the market during the analysis period. However, high cost of PET-CT scanner devices is anticipated to restrict the market growth.
PET-CT Scanner Device Market Segmentation
Segment Review
Based on type, the global PET-CT scanner device market is categorized into centralized automated dispensing systems and decentralized automated dispensing systems. Centralized automated dispensing systems held the highest market share and is expected to grow with the highest growth rate during the forecast period. Increase in adoption of automatic pill dispenser in hospitals and other healthcare facilities for an effective workflow fuel the growth of the centralized automated dispensing systems market. On the basis of end user, hospital pharmacy held the highest market share owing to increase in prevalence of diseases and trauma cases in hospitals.
Based on application, the global PET-CT scanner device market is categorized into oncology, neurology, cardiology, and others. Oncology held the highest market share owing to the increase in prevalence of cancer. The growth in number of hospitals is anticipated to fuel the hospital service provider market. Increase in adoption of PET-CT scanner in hospitals and other healthcare facilities for an effective workflow fuel the growth of the stationary scanners market. By slice count, the market is segmented into low slice scanner (<64 slices), medium slice scanner (64 slices), and high slice scanner (>64 slices). Based on isotopes, Flurodeoxyglucose (FDG) is expected to held high market share owing to its diagnosis of wide range of diseases such as oncology, neurology, and others.
Geographic Review
By geography, the global PET-CT scanner device market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the largest share of the market in 2016, followed by North America. In addition, Asia is anticipated to be the fastest-growing regional segment during the analysis period. The key factors that drive the growth of the market include increase in pool of patient population, growth in prevalence of infectious and chronic diseases, and rise in government investments for the development of better healthcare facilities and R&D. Asia-Pacific is expected to emerge as the area with maximum growth potential due to the focus of key players in the emerging economies and improvements in healthcare infrastructure.
Market Drivers
Increase in Prevalence of Diseases
In the past few decades, increasing prevalence of diseases cases have reached an alarming proportion due to rise in morbid lifestyle. Alzheimer Disease International association estimated approximately 46.8 million people worldwide were living with dementia in 2015. And this number is anticipated to increase to 74.7 million in 2030 and further increase to 131.5 million people in 2050. According to WHO, approximately 36.7 million people were reported living with HIV/AIDS worldwide in 2016. The high-tech imaging technology of PET-CT scanner provides early detection, accurate staging & localization, and precise treatment & monitoring of the diseases. Thereby, giving patients a better glance of treatment outcome, disease detection, as well as avoid unnecessary procedures. This is anticipated to boost the market growth in the future.
Large Pool of Geriatric Population
The global geriatric population has increased significantly and is vulnerable to various diseases & disorders, such as cancer, Alzheimer, HIV, and cardiac disorders. Geriatric population is particularly vulnerable to various diseases and has high incidences of acquiring diseases compared to other age group. For instance, according to the Alzheimers Association report in 2017, the percentage of Alzheimer patients increases with age: 3 of people age 65-74, 17% of people age 75-84, and 32% of people age 85 and older have Alzheimers dementia. Therefore, the escalation in rate of the geriatric population is expected to raise the demand for diagnosis, thereby driving the PET-CT scanner device market.
Technological Advancements
Technological advancements in PET-CT scanner result in added features such as high image resolution & contrast, time-of-flight acquisition, removal of metal artifacts, improved large field-of-view imaging, and others. For instance, in January 2016, Siemens AG developed PET-CT scanner with Biograph Horizon systems, which enables scans within 5 mins, gentle system warm-up, automatic standby for reduction in power consumption, and have Guardian Program that predicts system issues before they occur and lowers cost related to unplanned downtime by 43%. The demand for advanced PET-CT machines has increased, and is projected to grow during the analysis period.
Major companies operating in this market adopt product launch as their key development strategy. Companies profiled in this market include Toshiba Corporation, General Electric Co., Hitachi, Ltd., Koninklijke Philips N.V., Shimadzu Corporation, Siemens AG, PerkinElmer, Inc., Positron Corporation, Yangzhou Kindsway Biotech Co. Ltd, and Mediso Ltd.
Other prominent players in the value chain include NeuroLogica Corporation, NaturSoft Medical Systems Co., Ltd., Shenzhen Anke High-Tech, Trivitron Technologies, and Shenzhen Anke High-tech Co.
Key Benefits
- The study provides an in-depth analysis of the PET-CT scanner device market with current trends and future estimations to elucidate the imminent investment pockets
- The report provides a quantitative analysis from 2016 to 2023 to enable the stakeholders to capitalize on prevailing market opportunities
- Extensive analysis by application, service provider, type, slice count, and isotopes helps understand various trends and prevailing opportunities in the respective market
- Comprehensive analysis of all geographical regions is provided, which determines the main opportunities in these geographies
- Key market players are profiled and their strategies are analyzed thoroughly, which predict the competitive outlook of the market.
PET-CT Scanner Device Market Key Segments:
By Type
- Stationary Scanners
- Portable Scanners/ Mobile Scanners
By Service Provider
- Hospitals
- Diagnostic Centers
- Research Institutes
By Slice Count
- Low Slice Scanner (<64 Slices)
- Medium Slice Scanner (64 Slices)
- High Slice Scanner (>64 Slices)
By Isotopes / Detector Types
- Flurodeoxyglucose (FDG)
- 62Cu ATSM
- 18 F Sodium Fluoride
- FMISO
- Gallium
- Thallium
- Others
By Application
- Oncology
- Neurology
- Cardiology
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Others
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Taiwan
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Turkey
- Saudi Arabia
- South Africa
- Rest of LAMEA
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