Positron Emission Tomography [PET] Scanners Market: Advancements in Medical Imaging Modality Space to Drive Global Market
Positron Emission Tomography (PET) Scanners Market: Introduction
According to the report, the global positron emission tomography (PET) scanners market was valued at US$ 915.5 Mn in 2019 and is projected to expand at a CAGR of 3% from 2020 to 2030. Major drivers of the global positron emission tomography (PET) scanners market are expansion activities of key radiopharma players, applications in clinical trials, and increase in the geriatric population and disease indication mortality.
Shutdown of a few nuclear reactors has led to the development of cyclotron as an alternate source of production of radioisotopes. Rise in prevalence of cancer and increase in demand for nuclear scans for precise diagnosis are key factors propelling the global positron emission tomography (PET) scanners market.
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Cost advantage over outsourced radioactive tracers and access to technologically advanced diagnostic devices, such as positron emission tomography scan (PET/CT) and single-photon emission computerized tomography (SPECT), augment the global positron emission tomography (PET) scanners market.
The hospitals end user segment accounted for a major share of the global positron emission tomography (PET) scanners market in terms of revenue in 2019. The segment is expected to expand at a moderate CAGR during the forecast period. Hospitals are major end users of radiopharmaceutical products, which are used in the treatment of diseases such as cancer, cardiovascular heart diseases, neurological disorders, and others. Hospitals are an important channel for the usage of radioisotopes as nuclear medicine.
According to government healthcare facilities, hospitals have reimbursement plans and advanced technology systems for disease treatment. Radiopharmaceutical products are made of radioactive agents, which are required to be handled by experts for treating cancer and other diseases. Hence, patients prefer treatment available in hospitals. The easy availability of new diagnostic systems due to government initiatives is another factor for high patient preference for treatment at hospitals.
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Positron Emission Tomography (PET) Scanners Market: Prominent Regions
North America held a prominent share of the global positron emission tomography (PET) scanners market in 2019. The demand for medical devices and services continues to be high in the U.S. It is likely to increase in the future due to rapid increase in the geriatric population.
Additionally, the demand for advanced medical products and technologies is rising. This is projected to boost the growth of the positron emission tomography (PET) scanners market in North America. Asia Pacific accounted for a significant share of the global positron emission tomography (PET) scanners market in 2019. The market in the region is anticipated to grow at a rapid pace during the forecast period.
Governments in Asia Pacific and the Middle East are making substantial investments to develop their respective healthcare sectors. They are focusing on establishing more specialized care centers and medical & research institutes. Furthermore, increase in the total healthcare expenditure per capita has been observed in some countries. The positron emission tomography (PET) scanners market in Asia Pacific is expected to grow at a rapid pace due to higher production rate of isotopes.
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The production of radioisotopes is higher in Japan, China, India, Australia, and South Korea, which held a major share of the positron emission tomography (PET) scanners market in Asia Pacific. Japan is likely to be a prominent market for positron emission tomography (PET) scanners during the forecast period, due to activities of players such as Canon Medical Corporation and Siemens, which supplies PET/CT scanners.
The introduction of a new accelerator system for production of radioisotopes in Japan and Australia is projected to propel the positron emission tomography (PET) scanners market in Asia Pacific. The Middle East is a highly dynamic region and categorized by a distinct combination of cultures. The region is undergoing rapid demographic and socioeconomic changes.
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Positron Emission Tomography (PET) Scanners Market: Key Players
Key players are expanding their footprint to strengthen their positions in the global positron emission tomography (PET) scanners market. These players collaborate with other companies to secure and strengthen their positions in the positron emission tomography (PET) scanners market. Leading players in the global positron emission tomography (PET) scanners market include GE Healthcare, Philips Healthcare, Siemens Healthineers, Neusoft Medical Systems Co., Ltd., ONCOVISION, MiE GmbH, and Canon Corporation.
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