Increasing Prevalence of Chronic Diseases & Growing Geriatric Population is Driving the Growth of PET-CT Scanning Market.
PET-CT Scanning Market size is estimated at $1.7 billion in 2020, anticipated to grow at a CAGR of 5.4% during the forecast period 2021-2026. PET-CT is a medical diagnostic technique that examines the metabolic function of tissues within the body using a PET scanner and an x-ray CT scanner. PET scanners assess the functioning of organs and tissues by measuring body functions such as oxygen consumption, oncology, blood flow, and glucose metabolism.—
Computed Tomography imaging produces images of internal organs using x-ray equipment and contrast content, which aids in the interpretation of organ function. When comparing PET and Computed Tomography scans separately, the combined PET-CT scans provide photographs of the precise location of irregular metabolic activity within the body, which can be used to provide more reliable diagnoses.
PET-CT Scanning Market Segment Analysis - By Type:
Based on Type, PET-CT Scanning Market is segmented into Full Ring PET Scanners and Partial Ring PET Scanners accounted for the largest revenue market share in 2020, as a full ring PET scanner has no gaps and is impractical for use while the patient is scanned while lying on the proton therapy bed compared to a partial PET scanner and the enhanced timing resolution (such as 300ps) contributes to reduced error in a full ring scanner.
Partial Ring PET Scanners segment is anticipated to grow with the fastest CAGR of 5.9% in the forecast period 2021-2026 as it is most widely used owing to cost effective imaging. Partial-ring PET images are generated from full-ring PET by removing coincidence events that hit detector blocks which drives the PET- Computed Tomography Scanning Industry.
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PET-CT Scanning Market Segment Analysis – Application:
Based on Application, PET-CT Scanning Market is segmented into Oncology, Neurology, Cardiology and Others. Oncology accounted for the largest revenue market share in 2020. Positron Emission Tomography (PET CT) is an important nuclear imaging method used to confirm the existence of different cancers.
Neurology segment is anticipated to grow with the fastest CAGR of 5.1% during the forecast period 2021-2026. This is to an increase in the incidence of surgery combined with a growing neurological disorder population and increased public awareness, thereby, expanding the PET-CT Scanning Market.
PET-CT Scanning Market Segment Analysis - By Geography:
Based on Geography, North America PET-CT Scanning Market accounted for the 44% revenue share in 2020 owing towards the rising road accidents, sports injuries, and the presence of several key players in the region. The high prevalence of cardiovascular diseases, especially in the United States will provide numerous opportunities for companies operating in this region to expand. The major players are working on modern PET-CT scanning systems that are technologically advanced.
The FDA and the US Nuclear Regulatory Commission (NRC) approved the compact RadioGenix System from NorthStar, a Beloit, Wisconsin-based company, in February 2018 to manufacture technetium-99m from non-uranium sourced molybdenum-99 (Mo-99) is accelerating PET-CT Scanning Industry expansion across the region.
PET-CT Scanning Market - Drivers
The Increasing Prevalence Of Chronic Diseases & Growing Geriatric Population:
The market is anticipated to expand owing the rising prevalence of infectious and chronic diseases such as cancer and heart disease, as well as the demand for effective diagnostic systems. According to the World Health Organization (WHO), chronic diseases will account for nearly three-quarters of all deaths worldwide by 2020, with ischaemic heart disease accounting for 71% of deaths and diabetes accounting for 70%.
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PET-CT Scanning Market - Challenges
Harmful Side Effects:
Owing to altered blood sugar or blood insulin levels, PET-CT scan test results of diabetic patients or patients who ate some food a few hours prior to the review could be adversely affected.
PET-CT Scanning Market - Landscape:
PET-CT Scanning Market top 10 companies are Spectrum Dynamics Ltd., Naviscan Inc, MedX Holdings Inc., United Imaging, Neusoft Medical Systems, GE Healthcare, Philips Healthcare, Siemens Healthcare, Positron Corporation and Segami Corporation.
In February 2019, Siemens Healthineers launched a new Biograph Vision positron emission tomography/computed tomography (PET/CT) device which was installed at the Hospital of the University of Pennsylvania (HUP) in Philadelphia, making it the first health care facility in the United States. This cutting-edge framework incorporates additional design enhancements that aid in patient management and health-care professional performance.
The growing need for early and reliable diagnosis, as well as the increasing demand for better medical solutions around the globe, is expected to drive demand for PET-CT Scanning.
Geographically, North America PET-CT Scanning Market held the largest revenue share of 44% in 2020 owing to the involvement of potential players who are developing innovative products, oncology, high investments in R&D and support of government towards the use of medical equipment’s and investments in healthcare. In the final report, the scope of the PET-CT Scanning Market for various regions will be given.
The PET-CT Scanning Industry is being driven by the rising prevalence of chronic diseases around the world, as well as the increasing demand for their diagnosis, has prompted diagnostic imaging companies to develop new services and expand existing ones.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the PET-CT Scanning Market.
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