MARKET OVERVIEW- GLOBAL PET-CT SCANNER DEVICE
Positron emission tomography, a form of nuclear medicine imaging, is often known as PET imaging or a PET scan. To assess organ and tissue functions, it makes use of small quantities of radioactive substances known as radiotracers or radiopharmaceuticals, a specialised camera, and a computer. By detecting cellular changes, it can identify the early stages of disease before other imaging tests. It can identify neurological, gastrointestinal, endocrine, and cancerous conditions. The rise in prevalence of chronic illnesses throughout the world, growth in demand for effective diagnostic system and increased demand for PET-CT scanning under medicare.
The global PET-CT scanner devices market is witnessing lucrative growth during the forecast period of 2022-2028. The rise in incidence and prevalence of diseases such as cancer, HIV, Alzheimer's and cardiovascular diseases is propelling the growth of the PET-CT scanner devices market. Adding to that, the growing geriatric population which is susceptible to taking medicines for their wellbeing is also refuelling the growth of PET-CT scanner devices market during the forecast period. The rising demand for effective diagnostic systems is also expected to drive the growth of the PET-CT scanner devices market. According to CDC, Heart diseases is the leading cause of death for men, women and people of most racial and ethnic groups in the United States. One person dies every 36 seconds in the United States from cardiovascular diseases. About 659,00 people in the United States die from heart diseases each- that is 1 in every 4 deaths. Heart diseases cost the United States about $363 billion every year from 2016 to 2017. It comprises the cost of health care services, medicines and lost productivity owing to death.
According to WHO, around one-third of deaths from cancers are due to tobacco consumption, high body mass index, alcohol use, low fruit and vegetable intake and lack of physical activity. Cancer causing infections such as hepatitis and human papillomavirus (HPV), are responsible for approximately 30% of cancer cases in low and lower-middle-income countries. Late-stage presentation and lack of access to diagnosis and treatment are commonly, majorly in low- and middle-income countries. In 2020, cancer is a leading cause of death across the globe, accounting for 10 million deaths in 2020. The most common (in terms of new cases) in 2020 were breast (2.26 million), lung (2.21 million), colon and rectum (1.93 million), prostate (1.41 million), skin (non-melanoma) (1.20 million) and stomach (1.09 million) and most common in death in 2020 were lung (1.80 million deaths), colon and rectum (935,000 million deaths), liver (830,000 deaths), stomach (769,000 deaths) and breast (685,000 deaths). This is believed to create new opportunities to manufacturers as well as customers. Advancements in scanning devices now provides improved localization of activities to normal vs abnormal structures and reduced scan time compared to previous versions.
The global PET-CT scanner market is anticipated to hampered by factors such as delayed manufacturing owing to COVID-19 pandemic, difficulty to fit in the PET-CT unit for obese people and harmful radiation in the unit of pregnant women can hinder the growth of PET-CT scanner devices market during the forecast people. However, technological development is medical devices is expected to overcome these restraints in upcoming years.
MARKET GROWTH CHALLENGES
The attenuated correction is the major challenges which is estimated to affect the growth of global PET-CT scanner devices market. The attenuated correction is a mechanism which removes soft tissue pieces from SPECT image. Attenuation pieces vary among patients, but most common corrections are to pieces associated with breast attenuation in women and diaphragmatic in men. PET image data scanned with PET-CT scanner attenuation corrected using data from CT. Although CT-based attenuation correction is generally reliable, patient movement and remains of CT contrast media may cause quantitative errors and image artefacts. Respiratory movement causes differences in CT-based attenuation map and the actual attenuation during PET scan, which may cause bias.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global PET-CT scanner devices market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year.
PET-CT SCANNER DEVICE MARKET SEGMENTAL OVERVIEW
The PET-CT scanner device market comprises of different market segment like detector type, setting, application, end-user and geography.
PET-CT SCANNER DEVICE MARKET BY Detector Type
By detector type, the PET-CT scanner device includes key segment of
- Fluro Deoxy Glucose
- 62CU ATSM
Fluro deoxy glucose is expected to dominate the market over the forecast period. A small quantity of radioactive glucose (a sugar) is injected into a vein. The PET scanner takes a picture of where glucose is being used in the brain. PET scanning utilizes a radioisotope tracer that is an analogue to glucose, called fluro deoxy glucose (FDG). FDG accumulates withing malignant cells owing to their high rate of glucose metabolism. Once injected with this agent, the patient is imaged on the whole-body PET scanner to reveal a malignant lesion which may have been overlooked or difficult to characterize by conventional CT scan, X-ray or MRI.
PET-CT SCANNER DEVICE MARKET BY SETTING
By setting, the PET-CT scanner device includes key segment of
Fixed scanner device are expected to dominate the market over the forecast period. The PET-CT is a nuclear medicine technique which combines in a single gantry, a positron emission tomography scanner and x-ray computed tomography scanner to acquire sequential images from both devices in the same session, which are combined into a single superposed image. So, functional imaging obtained by PET, which depicts the spatial distribution of metabolic or biochemical activity in the body can be more precisely aligned or correlated with anatomic imaging obtained by CT scanning.
PET-CT SCANNER DEVICE MARKET BY APPLICATION
By application, the PET-CT scanner device includes key segment of
The cardiology application segment is expected to dominate the PET-CT scanner devices market. According to WHO, cardiovascular diseases are the leading cause of deaths across the globe, taking an estimated 17.9 million lives per year. Cardiovascular diseases are a group of the heart and blood vessels and comprises coronary heart diseases, cerebrovascular diseases, rheumatic heart diseases and other conditions. More than four out five cardiovascular deaths are owing to heart attack and strokes, and one third of these deaths occur prematurely in people under 70 years age. This are some factors promoting growth of cardiology segment in global PET-CT scanner devices market.
PET-CT SCANNER DEVICE MARKET BY END-USER
By end-user, the PET-CT scanner device includes key segment of
- Diagnostic centres
- Research Institutes
Hospital is anticipated to lead the market, gaining the majority of the market share in 2021, and is expected to maintain its dominance over the estimated time period. The growing numbers across the globe is boosting growth of PET-CT scanner devices market. As the hospitals are one of the most essential cornerstones of every modern health system and employ million of people. Healthcare represented 10% of European countries GDP in 2018, from which over a third associated to hospital expenditure. Among the European Union Member States, Germany, France and Sweden has the highest healthcare expenditure relative to GDP in 2018. Although, the total number of hospitals in Europe has constantly decreased over the past few decades. Employment in European hospitals has, nonetheless, increased steadily. In 2020, for instance, hospitals in the United Kingdom employed over 1.5 million people, an increase of nearly 130 thousand people with compared to 2010.
PET-CT SCANNER DEVICE MARKET BY GEOGRAPHY
By geography, the PET-CT scanner devices includes key segment of
- North America
Asia-Pacific is anticipated to witness an increasing demand for PET-CT scanner devices owing to the presence of well-established market players. The key factors promoting growth of market comprises 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 owing to the focus of key players in emerging economies and improvements in healthcare infrastructure.
COVID-19 IMPACT ANALYSIS ON GLOBAL PET-CT SCANNER DEVICE MARKET
COVID19 is an unparalleled global public health emergency affecting almost every industry, and long-term impacts are expected to impact industry growth during the forecast period. The COVID-19 pandemic has certainly affected the global PET-CT Scanner Device market due to disruption in the global supply chain across the globe. As the pandemic has majorly caused the shutdown of manufacturing, the number of applications stopped working for days due to strict lockdown regulations. Adding to that, 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 eminent risk for the development of more severe diseases. The demand for PET-CT scanners is expected to rise, as individuals with cancer are worried about the COVID-19 effects on themselves.
COMPETITIVE LANDSCAPE ANALYSIS
Some of the major key players in the PET-CT scanner devices market are focusing on the growing distribution network to expand product range and availability in several regions. For instance, in May 2020, Philips announced an eight-year strategic partnership with Paracelsus Clinics to advance solution which will rise the accessibility of imaging system. It will assist in influencing digitalization and product optimization to discern quality and efficiency improvements. Owing to such developing collaborations, PET-CT scanner devices are expected to offer all the useful solutions in the medical industry, which will also drive the growth of the PET-CT scanner devices market.
The key players studied in market are
- General Electric Co.
- Hitachi, Ltd.
- Mediso Ltd.
- Koninklijke Philips N.V.
- PerkinElmer, Inc.
- Positron Corporation
- Siemens AG
- Shimadzu Corporation
- Toshiba Corporation
- Yangzhou Kindsway Biotech Co. Ltd.
November 2021: Philips unveils new solutions at RSNA 2021. Philips will present both an in-person and virtual immersive experience for RSNA attendees, to participate in live and on-demand sessions and tours of the Philips booth from November 28 through December 2.
July 2021: Quibim has joined a temporary business association (TBA) with molecular imaging companies to develop a total-body positron emission tomography (PET)/ computed tomography (CT) scanner for simultaneous whole-body imaging.
June 2021: Canon Medical’s Digital PET/CT system received FDA clearance for AI-based image reconstruction technology. Advanced intelligent Clear-IQ Engine (AiCE) for PET will be introduced at SNMMI 2021 on Cartesion Prime, further expanding the Technology Across Modalities and into Molecular Imaging.
March 2021: Siemens Healthineers has announced the Food and Drug Administration (FDA) clearance of the Biograph Vision Quadra, a positron emission tomography/computed tomography (PET/CT) scanner designed for clinical uses as well as translation research or the application of scientific research to create therapies and procedures that improve health outcomes.