PET-CT Scanner Device Market to Inspire a Growth up to $ 3 Bn by 2026, Owing to Increasing Prevalence of Cancer
Impact Analysis of Covid-19
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The Global PET-CT Scanner Device Market, by Detector Type (FluroDeoxyGlucose, 62CU ATSM, FMISO, Gallium, Thallium, and Others), by Setting (Fixed and Portable), by Application (Cardiology, Neurology, Oncology, and Others), By End User (Hospitals, Diagnostic Centers, and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1.9 billion in 2017, and is projected to exhibit a CAGR of 5.1% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.
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Increasing prevalence of cancer is expected to boost growth of the global PET-CT scanner device market over the forecast period. For instance, according to The American Cancer Society, the U.S. is expected to register around 80,470 new cases of bladder cancer (about 61,700 in men and 18,770 in women) and 17,670 deaths from bladder cancer (about 12,870 in men and 4,800 in women) in 2019.
Reduction in price of PET-CT scanners and development of new radiotracers is also expected to propel growth of the global PET-CT scanner device market. Major advantages of the PET-CT include, better localization of activity to normal versus abnormal structures, better identification of inflammatory lesions, overall decreased scan time, discovery of serendipitous abnormalities, CT visualization of PET-negative lesions, confirmation of abnormal or unusual sites, improved localization for radiotherapy or biopsy, characterization and localization of lesions to confirm or exclude malignancy. These advantages are expected to aid in growth of the market.
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High price of devices is expected to hinder growth of the global PET-CT scanner device market. For instance, in 2013, the cost of PET-CT machines was around US$ 3 million. However, in recent years, price for PET-CT scanners have reduced to US$ 1.5 million for entry-level machines, as vendors have developed lower-cost options.
Among applications, the oncology segment is expected to account for major revenue share in 2018, owing to increasing prevalence of cancer. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in 2017, Toshiba Medical launched new Celesteion PUREViSION Edition PET-CT system. It offers 70 cm true field-of-view and SUREFLiGHT reconstruction technology, including Time of Flight and Point Spread Function techniques. Similarly, in 2016, Neusoft Medical Systems, a China-based medical device manufacturer, launched NeuSight PET-CT scanners. NeuSight PET/CT device received FDA approval in the U.S. and CE Mark approval in the European Union in 2015.
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- The global PET-CT scanner device market is expected to witness a CAGR of 5.1% during the forecast period
- Increasing prevalence of cancer to augment growth of the global PET-CT scanner device market over the forecast period
- Major players operating in the global PET-CT scanner device market include General Electric Co., Hitachi, Ltd., Mediso Ltd., Koninklijke Philips N.V., PerkinElmer, Inc., Positron Corporation, Siemens AG, Shimadzu Corporation, Toshiba Corporation, and Yangzhou Kindsway Biotech Co. Ltd.
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