PET-CT Scanner Devices Market
PET-CT Scanner Devices Market (Modality Type: Portable/Stationary and Bench-top; Slice Count: <64, 64, and >64; Application: Diagnosis and Research; and End User: Hospitals, Diagnostic Centers, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Combined Scans Proving More Efficient than Conventional PET Scans
A PET-CT scan is a nuclear medicine technique that combines a positron emission tomography (PET) scanner and an x-ray computed tomography (CT) scanner. It is carried out to obtain persistent images from the two devices and combine them into one superposed image. The use of artificial intelligence (AI) in the medical industry has increased the rate of diagnostic procedures due to its improved precision to pinpoint abnormal metabolic activity.
The PET scans have been overhauled by the PET-CT scanner devices in recent years, and with ongoing technological improvements, it is expected to further rise in sales in the upcoming future. Moreover, the ongoing COVID-19 pandemic is having its impact on the PET-CT scanner devices market, as cancer patients undergoing radiation therapy are at an elevated risk for the development of more severe disease. The demand for PET-CT scanner devices is anticipated to rise, as individuals with cancer are worried about the COVID-19 effects on them. These factors are expected to drive the PET-CT scanner devices market during the forecast period.
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Rise in Prevalence of Diseases Fuels Demand for PET-CT Scanner Devices
The frequency and pervasiveness of conditions such as cancer, Alzheimer’s, and cardiovascular diseases are increasing globally, which is creating the demand for medical devices such as PET-CT scanner devices. Advancements for making PET-CT scanners more mobile are generating high demand in developed economies. Moreover, PET-CT scanner devices provide anatomic and operative information, which is identified as significant in the care of oncology patients.
The PET-CT scanner devices used for oncology have valued over 85% market share in 2020. Manufacturers are focusing on developing devices to completely capture the oncology segment, which will prove beneficial for the PET-CT scanner devices market in the upcoming years. The rise in hospital visits of individuals to perform tests is significantly contributing to the growth of the PET-CT scanner devices market in the hospital segment. Due to all these factors, the global PET-CT scanner devices market is expected to cross US$ 300 Mn (system only) by 2030, growing at a CAGR of ~3% from 2021 to 2031.
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Key Players in Asia Pacific to Dominate Global Market
During the forecast period, owing to rising numbers of traumatic brain injury (TBI) cases in the U.S., North America is predetermined to hold a dominant share. As per reports, around 1.7 Mn individuals in the U.S. sustain a TBI every year. Thus, there is a heavy demand for PET-CT scanner devices in these regions and is expected to grow during the upcoming years.
Besides North America, Asia Pacific will most likely expand in the PET-CT scanner devices market in the near future. The market in China and India are observing new product launches, mergers and acquisitions, distribution contracts, collaborations, and geographical expansion by players. However, factors such as delayed manufacturing due to the COVID-19 pandemic, difficulty to fit in the PET-CT unit for obese people, and harmful radiation in the unit of pregnant women can impede the growth of the PET-CT scanner devices market during the forecast period. Nevertheless, technological development in medical devices is expected to overcome these restraints shortly.
Cancer Deaths Major Cause of Concern among Individuals
In 2020, around several million people in Europe died due to cancer. Breast cancer was accounted for a significantly high percentage of all diseases. A rise in the sales of PET-CT scanner devices was observed in Europe the same year. Moreover, in 2021, there will be a relatively high number of newly diagnosed cancer cases and cancer deaths in the U.S. This is likely to generate more demand for equipment in the PET-CT scanner devices market during the year and in the forthcoming period.
The price for PET-CT scanner devices is decreasing due to increased production and competition. This is believed to generate new opportunities for manufacturers as well as consumers. Advancements in scanning devices now provide improved localization of activities to normal vs abnormal structures, and reduced scan time compared to previous versions. Other improvements in the classification of inflammatory injuries, identification of serendipitous anomalies, CT visualization of PET-negative lesions, recognition of unusual or irregular sites, and others are contributing to the growth of the PET-CT scanner devices market during the forecast period.
Innovative Competitive Strategies of Key Players Fueling Market Growth
Some of the major companies in the PET-CT scanner devices market are focusing on the growing distribution network to expand product range and availability in several regions. In May 2020, Philips announced an eight-year strategic partnership with Paracelsus Clinics to advance solutions that will increase the accessibility of imaging systems. It will help leverage digitalization and product optimization to discern quality and efficiency improvements. Due to such developing collaborations, devices are expected to provide all the useful solutions in the medical industry, boosting the growth of the PET-CT scanner devices market.
Leading organizations including United Imaging, after its announcement for setting a new standard in molecular imaging and redefining nuclear medicine in 2020, is efficiently leveraging AI to fulfill their objectives and is the main focus of substantial investment by the company. Other key players such as Bruker Corporation, Siemens Healthineers, GE Healthcare, Mediso Ltd, etc., are following the innovation trend of medical devices to increase the usefulness of medical scanning devices, which, in turn, is contributing to the growth of the PET-CT scanner devices market.
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Improvements in the research and development activities across medical device industries can be ascribed to the growth of the global PET-CT scanner devices market. PET-CT scanner devices have proven to be a well-established non-invasive imaging tool for studying disease progression, the development of novel radiotracers, and pharmaceuticals for clinical applications. The popularity of PET-CT scanner devices due to their evaluation of the cancer treatment is generating demand across the globe. More doctors are preferring to carry out tests via PET-CT scanner devices to examine abnormalities of cancer cell. This is offering better opportunities during the forecast period. However, high price of devices and decreased manufacturing practice due to the COVID-19 pandemic are retraining the global market. Nevertheless, manufacturers in the PET-CT scanner devices market should focus on reducing the price and expanding the production rate to fulfill the market demand across various underdeveloped regions.
PET-CT Scanner Devices Market: Overview
- Positron emission tomography, also known PET imaging or a PET scan, is a type of nuclear medicine imaging. Nuclear medicine imaging uses small amounts of radioactive material to diagnose, evaluate, or treat diseases.
- Diagnostic centers superimpose nuclear medicine images with computed tomography (CT) or magnetic resonance imaging (MRI) to produce special views. This is known as image fusion or co-registration. These views allow a doctor to correlate and interpret information from two different exams on one image. This leads to more precise information and accurate diagnoses.
- Combined PET/CT scanners outperform nearly all PET scans today. These combined scans help pinpoint abnormal metabolic activity and could provide more accurate diagnoses than the two scans performed separately. This is a major factor projected to drive the global PET-CT scanner devices market.
- Application of AI (Artificial Intelligent) in medical devices, such as imaging equipment, has increased the number of diagnostic procedures. Currently, AI offers more augmented interpretation, as it provides information to improve the identification process. Al has opened a new avenue in the field of cancer imaging and precision oncology. The AI algorithm is able to reduce noise and increase contrast compared to standard images, and takes lesser time for PET/CT imaging test.
- Increase in incidence of cancer across the globe boosts the demand for PET-CT devices. PET-CT test helps to diagnose cancer and provides more information, including whether a tumor is benign or malignant and how well the cancer is responding to the treatment. PET-CT is an extremely sensitive imaging modality in the detection of malignant tissues and presents higher specificity than PET alone, which is the primary reason for fewer equivocal scans and better diagnostic results.
Market Segmentation: PET-CT Scanner Devices Market
- In terms of modality, the global PET-CT scanner devices market has been bifurcated into portable/stationary and bench-top
- Based on application, the global PET-CT scanner devices market has been classified into diagnosis and research. The diagnosis segment has been split into oncology, cardiology, and neurology.
- In terms of slice count, the global PET-CT scanner devices market has been categorized into <64, 64, and >64
- Based on end user, the global PET-CT scanner devices market has been divided into hospitals, diagnostic centers, and others
- Each of the segments has been analyzed in detail for trends, recent trends & developments, drivers, restraints, opportunities, and useful insights. The PET-CT scanner devices market report provides current and future revenue (US$ Mn) for each of these segments for the period from 2017 to 2031, considering 2020 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2021 to 2031, along with market size estimations.
Regional Overview: PET-CT Scanner Devices Market
- In terms of region, the global PET-CT scanner devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- In 2019, the U.S. held a prominent share of the PET-CT scanner devices market in North America. The country is expected to retain market share during the forecast period. Robust healthcare infrastructure and quick adoption of advanced imaging equipment can be attributed to the dominance of the U.S. of the PET-CT scanner devices market in the region.
- Asia Pacific is likely to gain market share during the forecast period. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by players, especially in China and India, are expected to drive the PET-CT scanner devices market in the region.
- The current and future market sizes in terms of value (US$ Mn) of these regional markets and major countries have been provided in the PET-CT scanner devices market report for the period from 2017 to 2031, along with their CAGRs for the period from 2021 to 2031
- The study also offers a list of recommendations, highlights, and useful insights of the market, which are likely to help new companies willing to enter the PET-CT scanner devices market, and existing companies to increase market share and in the decision-making process.
- The report concludes with the company profiles section that includes key information about the major players in the global PET-CT scanner devices market
- Leading players analyzed in the PET-CT scanner devices market report are
- Bruker Corporation
- Siemens Healthineers
- Koninklijke Philips N.V.
- GE Healthcare
- Mediso Ltd.
- MinFound Medical Systems Co., Ltd.
- MR Solutions
- Neusoft Corporation
- Canon, Inc.
- United Imaging Healthcare Co.
- Each of these players has been profiled in the PET-CT scanner devices market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments
PET-CT Scanner Devices Market – Scope of the Report
TMR’s report on the global PET-CT scanner devices market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2021 to 2031. The report provides the revenue of the global PET-CT scanner devices market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global PET-CT scanner devices market from 2021 to 2031.
The report has been prepared after extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with key industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global PET-CT scanner devices market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the global PET-CT scanner devices market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Moreover, the report sheds light on changing competitive dynamics in the global PET-CT scanner devices market. These serve as valuable tools for existing market players as well as entities interested in participating in the global PET-CT scanner devices market.
The report also delves into the competitive landscape of the global PET-CT scanner devices market. Key players operating in the global PET-CT scanner devices market have been identified and each one of these has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are attributes of players in the global PET-CT scanner devices market that have been profiled in this report.
Key Questions Answered in PET-CT Scanner Devices Report
- What is the sales/revenue generated by PET-CT scanner device providers across all regions during the forecast period?
- What are the opportunities in the global PET-CT scanner devices market?
- What are the major drivers, restraints, opportunities, and threats in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which application segment is expected to generate the highest revenue globally in 2030?
- What are the market positions of different companies operating in the global market?
PET-CT Scanner Devices Market – Research Objectives and Research Approach
The comprehensive report on the global PET-CT scanner devices market begins with an overview, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of product.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that have been appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global PET-CT scanner devices market in terms of modality, slice count, application, end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2031 has been provided. Such valuable insights enable market stakeholders to make informed business decisions for investment in the global PET-CT scanner devices market.
PET-CT Scanner Devices Market – Segmentation
TMR’s study on the global PET-CT scanner devices market includes information divided into five segments: modality, slice count, application, end user, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global PET-CT scanner devices market have been discussed in detail.