PET-CT Scanner Market Overview
The global positron emission tomography (PET)-computed tomography (CT) scanner market is expected to grow notably during the forecast period, because of the rising prevalence of chronic diseases and growing preference of people for minimally invasive procedures. On the basis of product, the market is categorized into stationary and portable/mobile scanners. Between the two, stationary PET-CT scanners are estimated to hold a larger share in the PET-CT scanner market in 2017, owing to the increasing adoption of these scanners in hospitals and other healthcare facilities for an effective workflow.
These scanners are majorly used for oncology, neurology, cardiology and other applications. In the historical period, oncology held the largest share in the PET-CT scanner market, which can be attributed to the increasing prevalence of cancer, globally.
On the basis of service providers, the PET-CT scanner industry is categorized into hospitals, diagnostic centers, and research institutes. Among these, hospitals are estimated to hold the largest share in the market in 2017, due to the increasing demand for advanced healthcare and growing healthcare infrastructure. On the basis of slice count, the market is categorized into low-slice scanners (<64 slices), medium-slice scanners (64 slices), and high-slice scanners (>64 slices).
On the basis of radioisotope, FDG is estimated to hold the largest share in the PET-CT scanner market in 2017, owing to its use in the diagnosis of several diseases in the fields of oncology and neurology, and for surgical planning purposes.
During the forecast period, North America is expected to hold the largest share in the PET-CT scanner market, followed by Europe, owing to the presence of a strong distribution channel for PET-CT scanners in the region. The demand for PET-CT scanners is expected to witness fastest growth in Asia-Pacific, owing to the increasing patient pool, infrastructural developments in developing economies, rising prevalence of infectious and chronic diseases, and increase in government investments for R&D in healthcare.
PET-CT Scanner Market Dynamics
Growth Drivers
Increasing shift toward image-guided interventions, preference for minimally invasive procedures, and growing prevalence of diseases such as cancer, human immunodeficiency virus (HIV), Alzheimer’s disease, and cardiovascular diseases are driving the growth of the market. According to the Alzheimer's Association, more than five million Americans have Alzheimer’s disease, and it is expected that by 2050, the number would rise up to 16 million.
With increasing geriatric population, there are more chances of people belonging to this age group to develop cardiovascular diseases, which may further lead to an increase in the adoption of PET-CT scanners in the market. According to the United Nations (UN), the geriatric population is growing faster in urban areas than in rural areas. Globally, between 2000 and 2015, the number of people aged 60 years or over increased by 68% in urban areas, as compared to a 25% increase in rural areas.
Opportunities
Untapped emerging markets, growing preference for multimodal diagnostic imaging systems, and ongoing market shift toward image-guided medical interventions are the factors offering growth opportunities to the players in the PET-CT scanner market.
During the forecast period, China and India are expected to offer ample opportunities to the market players for growth. According to the World Bank, Brazil spent 8.3% of its $2.5 trillion gross domestic product (GDP) on healthcare in 2014. Similarly, China spent 5.5% of its total GDP on healthcare and Mexico spent 6.3% of its total GDP on healthcare in 2014. China, Brazil, and India have a large population base but lack in primary healthcare facilities. This factor is leading to the growing demand for medically advanced devices in these countries, creating ample opportunities for the market players to expand their presence in these emerging economies.
For instance, in December 2017, the Aga Khan University Hospital located in Nairobi announced that it would facilitate diagnosis using PET-CT scanners from March 2018. Earlier, Kenyans had to fly to countries such as India, South Africa, Egypt, and Morocco, which would cost them up to $4,000 (KSh412,000), including the cost of treatment. The technology was acquired by the hospital at an approximate cost of $5.9 million to revolutionize diagnostics and treatment in the region.
PET-CT Scanner Market Competitive Landscape
Key players in the market are launching new products and have been receiving United States Food and Drug Administration (USFDA) approvals for them to gain a larger share in the market. For instance, Siemens AG received the USFDA approval for the Biograph Horizon Flow edition, a budget-friendly scanner. The device is based on the FlowMotion continuous bed motion scanning technology, an offering that was previously introduced in the Siemens Biograph mCT Flow PET-CT. Another important feature of the device is HDChest, which helps in producing motion-frozen chest scans much faster than traditional techniques.
Some of the other key players operating in the PET-CT scanner industry are Canon Medical Systems ANZ Pty Limited (Toshiba Medical Systems Corporation), General Electric Company, Hitachi Ltd., Koninklijke Philips N.V., Shimadzu Corporation, PerkinElmer Inc., Positron Corporation, and Yangzhou Kindsway Biotech Co. Ltd.
