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.

MARKET DRIVER

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. 

MARKET OPPORTUNITY

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. 

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MARKET RESTRAINT

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. 

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.

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