Global PET-CT Market Research and Forecast 2022-2028

Global PET-CT Market Size, Share & Trends Analysis Report By Product Type(Stationary Scanner and Portable Scanner), By Application (Oncology, Neurology, Cardiology, and Others), By End-User (Hospitals, Diagnostic Clinics, and Others)Forecast 2021-2027

The global market for PET-CT Scanner is projected to have a considerable CAGR of around 5.7% during the forecast period. PET-CT (Positron Emission Tomography and Computed Tomography) is a nuclear medicine technique combined with computed tomography. PET-CT scanning is used for the diagnosis of diseases such as cancer, brain abnormalities, and myocardial infarction. It measures blood flow, oxygen use, and sugar metabolism and enables doctors in evaluating the proper functioning of organs and tissues. The rising prevalence of various chronic diseases is leading to higher demand for more accurate scanning. At present, a combined PET/CT scanning is used to provide images that pinpoint the anatomic location of abnormal metabolic activity within the body. The combined scans offer a more accurate and detailed diagnosis compared to the two scans performed separately. A rapidly ageing population and several diseases associated with ageing is another factor that facilitates market growth. The change in lifestyle along with ageing are responsible for several heart issues. Hence, an early and accurate diagnosis is helpful. Furthermore, reimbursement policies available for PET scanning procedures in developed economies have shifted the attention of patients towards these procedures and enable their rapid adoption.

However, certain factors such as high costs and lack of awareness regarding these procedures in emerging economies are hindering the market growth. Moreover, developments of cost-efficient devices in the upcoming years will enable future PET-CT market growth. Additionally, rising investments, as well as increasing awareness in emerging economies such as China and India, are projected to motivate the market in the forecasted period.

Segmental Outlook

The global PET-CT scanner market is segmented based on type, application, and end-user. On the basis of product type, the PET-CT scanner market is bifurcated into stationary scanners and portable scanners. Based on application, the market is categorized into oncology, neurology, cardiology, and others. In terms of end-user, the market is divided into hospitals, diagnostic clinics, and others (research centers).

Global PET-CT Scanner Market Share by Application, 2020(%)

Global PET-CT Scanner Market Share by Application

Oncology is projected to Hold the Major Market Share in the PET-CT Market

Among, application, the oncology segment held the highest market share in 2020, and it is projected to grow at a significant CAGR during the forecast period. The growth of this segment is due to the increase in the prevalence of cancer such as breast cancer, lung cancer, colorectal cancer and others. As per the American Cancer Society report, there were around 1, 762,450 cancer cases were diagnosed in 2019. Moreover, the growth in the number of hospitals coupled with new advanced technology systems such as PET-CT scanners propels the growth of the market. PET_CT is an effective technique to identify the presence of cancer with advanced detectors, hence the use of these scanners in hospitals resulting in the growth of this market. The 18 F-Fluorodeoxyglucose (FDG) PET-CT is widely used in oncology.

These detectors have a major role in preoperative staging of advanced cervical cancer and restaging after treatment. Thus, the need for FDG PET-CT scanners in the early diagnosis and treatment of cancer will lead to an increase in demand for these scanners, which will further drive the growth of the market.

Regional Outlook

Geographically, the global PET-CT market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Among regions, North America is expected to hold a significant market share in the PET-CT scanner market. The factors contributing to the growth of this region include increased awareness in people towards early diagnosis for various health diseases, high incidence of cardiac diseases and neurological disorders, and high R&D expenditure by companies for the development of advanced technology and devices. Europe is projected to become the second-largest market for PET-CT scanners in the region during the forecast period due to the high adoption of PET-CT systems from large institutions to hospitals, and other research centers.

Global PET-CT Market Growth, by Region 2021-2027

Global PET-CT Scanner Market Share by region

Asia-pacific is predicted to grow significantly in the PET-CT market during the forecast period.

Geographically, Asia-Pacific is projected to grow at a significant CAGR during the forecast period in the PET-CT scanner market. The major countries contributing to the PET-CT scanner market in the Asia-Pacific include China, Japan, South Korea, and India. The factors that are boosting the growth of the market in the region include a large patient base vulnerable to various diseases, high disposable income, R&D activities for the development of new technology and system. The presence of major market players and high investment by them in the manufacturing of new devices and diagnosis systems also fuel the growth of the market in the region.

Market Players Outlook

The key players in the PET-CT market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market General Electric Co., Toshiba Corp., Koninklijke Philips N.V., Hitachi, Ltd., Mediso Ltd., PerkinElmer Inc., Siemens AG, Shimadzu Corp., Yangzhou Kindsway Biotech Co., Ltd, among others. To survive in the market, these market players adopt different marketing strategies such as mergers & acquisitions, R&D, product launches, and geographical expansions so on. For instance, in February 2019, Siemens Healthineers Announces FDA Clearance of Biograph Vision Quadra Extended Axial FoV PET/CT Scanner which is designed for clinical use and translational research to develop therapies and to improve health outcomes.

The Report Covers

Market value data analysis of 2020 and forecast to 2027.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global PET-CT scanner market.

Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market entry and market expansion strategies.

Competitive strategies by identifying 'who-stands-where' in the market.