PET-CT Scanner Device Market

Global PET-CT Scanner Device Market Size (2023 to 2028)

The PET-CT scanner device market size is expected to be worth USD 3.38 billion by 2028 from USD 2.4 billion in 2023, growing at a CAGR of 7.11% from 2023 to 2028.

PET imaging, often known as a PET scan, is a subset of positron emission tomography used in nuclear medicine. Organ and tissue function may be assessed with the use of a tiny quantity of radioactive material (radiotracers or radiopharmaceuticals), a specialized camera, and a computer. By seeing alterations on a cellular level, it is able to detect the beginning of illness much before other imaging tests. Heart disease, cancer, gastrointestinal, endocrine, and neurological issues may all be identified with its help. The radiotracers employed in this technique localize to areas of inflammation or tumor growth and bind to targeted proteins. Common radiotracers that are taken up by cancer cells include F-18 fluorodeoxyglucose (FDG). Not only that but it can be found in the scanned area. It provides more information with a better degree of precision, among other benefits. In addition, it makes the PET-CT scan more convenient for the patient.

Impact of COVID-19 on PET-CT Scanner Device Market:

The COVID-19 epidemic has significantly impacted the market for PET-CT scanners. Diagnostic imaging methods, such as PET-CT scans, have decreased significantly as a result of the pandemic owing to the closure of healthcare institutions, limits on non-essential medical services, and lower patient numbers. There have been some positive effects on the market as a result of the COVID-19 pandemic. PET-CT scanners have been developed for the early diagnosis and monitoring of COVID-19 patients as a result of the rising incidence of COVID-19 cases. Research & development efforts are projected to rise in the coming years due to the rising emphasis on developing vaccines and therapies for COVID-19. The pandemic has also brought to light the need for cutting-edge medical imaging technology like PET-CT scanners for more precise and expedient illness diagnosis and treatment planning. While the recent COVID-19 pandemic has had a negative impact on the market for PET-CT scanner devices in the short term, the market's long-term outlook remains positive due to rising demand for cutting-edge medical imaging technologies and the rising prevalence of chronic diseases.

MARKET DRIVERS:

The growing prevalence of cancer worldwide is one of the major factors propelling the growth of the global PET-CT scanner device market. The patient population of cancer is on the rise worldwide and fueling the demand for effective screening and treatment methods. The World Health Organization (WHO) says the incidence of cancer is expected to grow by 50% in the next two decades of the timeline. As per the same source, an estimated 19.3 million new cancer cases and 10 million cancer-related deaths were recorded worldwide in 2020. PET CT scanner devices are a promising option for early cancer detection and are used in the diagnosis, staging, and treatment monitoring of cancer. Healthcare professionals use PET-CT scanner devices to detect tumors, assess their metabolic activity, and determine their precise location. The scans taken using these devices offer valuable insights to healthcare professionals to plan the treatment and monitor the cancer progression. The demand for PET-CT scanner devices has increased notably in recent years due to the growing cancer patient population and the trend is expected to continue in the coming years and drive the market growth.

Technological advancements further fuel the growth rate of the PET-CT scanner device market. PET-CT scanners have improved greatly in sophistication as technology has progressed, allowing for clearer images and more precise diagnoses of cancer and other disorders. The growing efforts by the market participants to develop technologically advanced PET-CT scanner devices and increasing investments in R&D for the development of new and improved devices further support market growth. The growing healthcare expenditure worldwide contributes to the PET-CT scanner device market growth. The governments of several countries have been spending significant amounts on healthcare, with an emphasis on expanding people's access to preventative measures and advanced medical care. As a result, the medical device markets such as PET-CT scanner devices are expected to be favored as medical facilities strive to improve the quality and efficiency of patient care using technological advances. PET-CT scanners currently have promising demand due to their efficiency in diagnosing and monitoring cancer and because of measures taken by the governments to improve cancer care and decrease cancer death rates.

Favorable reimbursement policies for PET-CT scans, technological advancements improving image quality and patient comfort, increasing number of applications of PET-CT scans beyond cancer, rising awareness about the benefits of PET-CT scans among physicians and patients and increasing number of collaborations between medical imaging companies and research institutions boost the market’s growth rate. The growing number of investments for R&D, the increasing number of government initiatives to improve cancer care and diagnosis, the growing geriatric population more prone to cancer and advancements in radiopharmaceuticals used in PET-CT imaging further promote the market growth.

MARKET RESTRAINTS:

The high cost of PET-CT scanner devices and associated maintenance is one of the major factors hampering market growth. Limited availability and accessibility of PET-CT scanners in certain regions, concerns regarding the potential radiation risks associated with PET-CT scans and the scarcity of skilled professionals to operate and interpret PET-CT scans hinder the market growth. Stringent regulatory requirements and approval processes for PET-CT scanner devices, poor awareness and understanding of PET-CT technology among healthcare providers and patients, competition from alternative imaging modalities such as MRI and ultrasound, budget constraints in healthcare systems, and reimbursement limitations further impede the market growth. Infrastructure limitations in developing regions for PET-CT scan installations, limited availability and high cost of radiopharmaceuticals used in PET imaging, patient discomfort, and claustrophobia during PET-CT scans are potential roadblocks to the market’s growth rate.

REPORT COVERAGE:

This research report on the global PET-CT scanner device market has been segmented and sub-segmented based on the type, modality, application, end-user, slice count and region.

Global PET-CT Scanner Device Market - By Type:

• Digital
• Analog

Based on type, the digital segment is expected to do well during the forecast period. Factors such as the increasing number of advancements in digital detector technology, higher image resolution and improved signal-to-noise ratio, enhanced sensitivity and faster acquisition times of digital PET-CT scanner devices majorly propel the segmental growth. Reduced radiation dose to patients, the ability of digital devices to perform advanced image reconstruction techniques, integration possibilities of digital devices with advanced data processing and analysis software and rising preference for digital imaging systems in modern medical practices further contribute to the segmental growth.

Global PET-CT Scanner Device Market - By Modality:

• Fixed
• Mobile

Based on modality, the fixed segment is predicted to account for the major share of the global market during the forecast period owing to factors such as the high image quality of fixed PET-CT scanner devices and established infrastructure to accommodate their size and power requirements of fixed devices in hospitals, clinics and specialized imaging centers primarily drive the segmental growth. The high patient throughput, stability and reliability of fixed devices further contribute to the segmental growth.

The mobile segment is estimated to hold a considerable share of the global market during the forecast period owing to the flexibility and cost-effectiveness of these devices.

Global PET-CT Scanner Device Market - By Application:

• Cardiology
• Oncology
• Neurology
• Others

Based on the application, the oncology segment had the largest share of the global market in 2022 and the segmental domination is likely to continue during the forecast period. The growing incidence of cancer globally, rising demand for non-invasive imaging techniques for cancer diagnosis and treatment planning, increasing number of advancements in PET-CT technology for oncology imaging and rapid adoption of PET-CT scanners in cancer research boost the segmental growth.

Global PET-CT Scanner Device Market - By End-User:

• Hospital
• Research Institute
• Diagnostic Center
• Ambulatory Surgical Centers
• Others

Based on the end-user, the domination of the hospital segment is estimated to continue during the forecast period. Factors such as the high patient footfall in hospitals, increasing demand for diagnostic imaging procedures, the availability of comprehensive healthcare infrastructure in hospitals, growing investments in healthcare facilities and technological advancements in hospitals and rising prevalence of chronic diseases requiring PET-CT scans in hospital settings boost the growth rate of the segment.

The ambulatory surgical centers segment is expected to register a healthy CAGR during the forecast period owing to the shift towards minimally invasive surgeries and outpatient procedures and the rapid adoption of PET-CT scanners in ambulatory surgical centers for pre-operative planning and post-operative evaluation.

Global PET-CT Scanner Device Market - By Slice Count:

• High Slice
• Medium Slice
• Low Slice

Based on the slice count, the medium slice segment is estimated to hold the largest share of the global market during the forecast period. The image quality and cost-effectiveness of medium slice count majorly propel the segmental growth. The wide range of applications for medium-slice PET-CT scanners in various medical specialties and rising demand for medium-slice scanners in diagnostic centers, hospitals and ambulatory surgical centers further propel the segmental growth.

Global PET-CT Scanner Device Market - By Detector Type:

• Thallium
• 18 F Sodium Fluoride
• Fluorodeoxyglucose
• FMISO
• 62Cu ATSM
• Gallium
• Others

Global PET-CT Scanner Device Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America accounted for the largest share of the PET-CT scanner device market in 2022 and the domination of North America is expected to continue throughout the forecast period. The presence of well-established healthcare infrastructure, high healthcare expenditure, the presence of several leading market players and research institutions driving technological advancements and the rising prevalence of chronic diseases, including cancer and cardiovascular disorders primarily drive the North American market growth. Favorable reimbursement policies supporting the adoption of PET-CT scanners and the growing demand for personalized medicine and targeted therapies further boost the growth rate of the North American market. The U.S. captured the majority of the North American market share in 2022, followed by Canada and the same pattern is predicted to repeat during the forecast period. The growing prevalence of chronic diseases and the growing adoption of hybrid imaging technologies majorly propel the U.S. market growth.

Europe occupied the second-largest share of the global market in 2022 and is predicted to witness a noteworthy CAGR during the forecast period. The rising on early diagnosis and preventive healthcare, increasing collaborative efforts between research institutes, hospitals and market players, and rapid adoption of hybrid imaging technologies, including PET-CT, for effective disease management majorly support the European market growth. The growing awareness about the benefits of PET-CT imaging in oncology and cardiology and the implementation of digital healthcare solutions and telemedicine further favor the growth rate of the European market. Germany accounted for the leading share of the European market in 2022 and the German market is also expected to grow at a healthy pace during the forecast period owing to the presence of several market participants and increasing investments to improve the healthcare infrastructure further.

APAC is a lucrative regional market for PET-CT scanner devices and is estimated to register a promising CAGR during the forecast period. Factors such as rapidly growing healthcare infrastructure, growing healthcare expenditure, the presence of a large population base, high disease burden, increasing demand for medical imaging, growing medical tourism and rising adoption of advanced imaging technologies in emerging economies primarily drive the market in the Asia-Pacific region. The growing number of initiatives from the governments of the Asia-Pacific region to improve healthcare access and affordability and technological advancements focused on developing cost-effective PET-CT scanners further fuel the growth rate of the APAC market. Japan held the major share of the APAC market in 2022 and the domination of the Japanese market in the Asia-Pacific region is expected to continue during the forecast period due to their well-established healthcare infrastructure and high prevalence of cancer.

Latin America is predicted to witness a healthy CAGR in the coming years. Factors such as the growing focus on expanding healthcare infrastructure in developing countries of Latin America, growing patient population of chronic diseases, increasing efforts to improve access to advanced medical technologies in remote areas, a growing number of initiatives from governments of the Latin American countries to strengthen healthcare systems and promote early disease detection primarily drive the Latin American market growth.

MEA accounted for a moderate share of the global market in 2022 and is projected to grow steadily during the forecast period.

KEY MARKET PLAYERS:

Siemens Healthineers, GE Healthcare, Philips Healthcare, Canon Medical Systems Corporation, Hitachi, Ltd., Neusoft Medical Systems Co., Ltd., Positron Corporation, Cubresa Inc., Shenzhen Anke High-tech Co., Ltd. and Mediso Medical Imaging Systems are some of the notable companies in the global PET-CT scanner device market.

RECENT HAPPENINGS IN THE MARKET:

• In November 2021, the new Biograph Vision Quadra PET/CT scanner from Siemens Healthineers can image the whole body in a single scan. The technology is meant to speed up processes and shorten scan durations, both of which are beneficial to the patient's experience.
• In September 2021, the second generation of GE Healthcare's Discovery MI PET/CT scanner has been released. The device's cutting-edge imaging capabilities expedite scans and provide higher-quality images, boosting patient convenience and confidence in diagnoses.