PET-CT Scanner Device Market to Surpass US$ 3 Billion by 2026

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).

Reduction in price of PET-CT scanners, increasing incidence of cancer, and rising clinical applications of these devices are expected to drive the PET-CT scanner device market growth over the forecast period. According to the American Cancer Society, cancer incidence rates increased in children and adolescents by 0.6% per year since 1975. Cancer is the second most common cause of death among children of age 1 to 14 years in the U.S., after accidents. In 2018, an estimated 10,590 children of this age group are expected to be diagnosed with cancer. Furthermore, continued development of new radiotracers is expected to drive demand for PET-CT scanners in clinical applications such as oncology, Alzheimer's disease and others.

Technological advancements in these devices include introduction of features such as high image contrast and resolution, removal of metal artifacts, improved large field-of-view imaging, and others. In 2017, Toshiba Medical launched new Celesteion PUREViSION Edition PET-CT system to help diagnose and treat oncology patients. It offers 70 cm true field-of-view, and SUREFLiGHT reconstruction technology, including Time of Flight and Point Spread Function techniques, and offers high contrast and sharp images to the oncologists for improved visualization of small tumors. 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, and improved localization for radiotherapy or biopsy. Characterization and localization of lesions to confirm or exclude malignancy is a very important aspect of these devices.

Browse 24 Market Data Tables and 29 Figures spread through 172 Pages and in-depth TOC on "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) - Global Forecast to 2026"

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Manufacturers in the PET-CT scanner device market are focusing on the development of technologically advanced and low price devices. For instance, in 2016, Neusoft Medical Systems, a Chinese medical device manufacturer, launched NeuSight PET-CT scanners, globally. NeuSight PET/CT device received FDA approval in the U.S. and CE Mark approval in the European Union in 2015. The device offers high quality diagnostic images with fast processing speeds. High price of these devices was one of the major factors hindering the imaging centers from purchasing PET-CT scanners in previous years. 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.

Key Takeaways of the PET-CT Scanner Device Market:

The global PET-CT scanner device market is expected to expand at a CAGR of 5.1% during the forecast period (2018–2026), since the PET-CT combination allows for both the structure and the biochemical processes to be shown in an image, which increased the demand for PET-CT in oncology

Among application, oncology segment is expected to account for major revenue share in 2018, owing to increasing prevalence of various types of cancer. According to the American Cancer Society 2018 report, in 2018, the overall estimated cancer cases are 1,735,350, which is over 4,700 new cancer diagnosis daily.
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.