PET Scanners Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Type (PET-CT and PET-MRI); Application (Oncology, Cardiology, Neurology, and Others); End-User (Hospitals, Diagnostic Imaging Centers, and Others); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global PET scanners market is expected to grow at a significant rate of around 3% during the forecast period. PET is a high-end technique, that has gained widespread adoption because of its excellent quality, accuracy, precision, and versatility in diagnosis. Also, this method is the only one that can find cancer, starting with changes in the size of the lymph nodes or abnormal masses. The use of PET scanners for metabolic studies, increased technological advancements, and chronic diseases such as cancer & neurological diseases will boost the growth of the market during the forecast period. For instance, as per the WHO, around 50 million people worldwide have epilepsy and making it one of the most common neurological diseases globally.
General Electric Company; Hitachi, Ltd; Koninklijke Philips N.V.; Mediso Ltd.; PerkinElmer Inc; Siemens Healthcare GmbH; Positron; Shimadzu Corporation; Toshiba Corporation; and Kindsway Biotech are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, PET-MRI monitoring kits category to witness higher CAGR during the forecast period”
Based on the type, the market has been categorized into PET-CT and PET-MRI. Among them, the PET-MRI segment is expected to grow at the highest CAGR in the market. A PET/MRI scan is an imaging test that combines PET (positron emission tomography) and MRI (magnetic resonance imaging) in one session. It creates very detailed pictures of the inside of the body. PET-MRIs are more accurate and able to find minute abnormalities, have lesser exposure to radiation, and are more convenient as it eliminates the different appointments for different procedures. These are the several factors responsible for the significant growth of the segment.
“Amongst Application, oncology monitoring kits category to hold a significant share in 2020”
Based on the application, the market has been categorized into oncology, cardiology, neurology, and others. Among them, the oncology segment holds a significant share of the market. This is mainly due to the growing applications of PET scanners in the diagnosis of various types of cancers including lumps and tumors are the factors expected to drive the segment. Moreover, the introduction of innovative technologies including computer-aided detection and computer-aided diagnosis of suspicious cancer nodules and accessing the risk of malignancy, especially in lung cancer is expected to boost the growth of the market.
“Amongst End-user, diagnostic imaging centers segment to hold a higher CAGR during the forecast period”
Based on the end-user, the market has been categorized into hospitals, diagnostic imaging centers, and others. Among them, the diagnostic imaging centers segment holds a higher CAGR during the forecast period. The presence of specialized professionals along with the presence of a range of diagnostic equipment is attributed to the segmental growth of the diagnostic imaging centers in the PET scanners market. Moreover, the increasing investments in diagnostic centers are also an important factor in the growth of diagnostic centers. For instance, Redcliffe Lifetech, a diagnostics platform, announced it has raised USD 61 million with the participation of players such as HealthSquad, and Growth Spark Ventures, among others.
“Asia Pacific to witness the fastest growth in the market”
Asia-Pacific is anticipated to grow at the fastest rate during the forecast period. The major factors such as rising medical expenditure, and increasing disposable income of people, and companies are increasing their footprints in APAC to the market growth of PET scanners in the region. For instance, in April 2020, Siemens Healthineers announced the expansion of its manufacturing facility in India. In its aim to accelerate the growth of medical devices space in the country, the company has launched its new production line (plant) for Computed Tomography Scanners at its Bengaluru facility.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the PET Scanners Market|
|2.2.||Research Methodology of the PET Scanners Market|
|5||IMPACT OF COVID-19 ON THE PET SCANNERS MARKET|
|6||PET SCANNERS MARKET REVENUE (USD BN), 2020-2028F|
|9.2.||Diagnostic Imaging Centers|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||PET SCANNERS MARKET OPPORTUNITIES|
|13||PET SCANNERS MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Fiver Forces Analysis|
|17.1.||General Electric Company|
|17.3.||Koninklijke Philips N.V.|
|17.6.||Siemens Healthcare GmbH|
Research Methodology for the PET Scanners Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global PET scanners market were the three major steps undertaken to create and analyze the adoption of PET scanners in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global PET scanners market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the PET scanners market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the PET scanners market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the PET scanners diagnostic market. Further, we conducted factor analysis using dependent and independent variables such as the type, application, and end-user of PET scanners. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the PET scanners market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global PET scanners market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the PET scanners market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global PET scanners market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global PET scanners market. Data was split into several segments & sub-segments post studying various parameters and trends in the type, application, and end-user in the global PET scanners market.
The main objective of the Global PET Scanners Market Study
The current & future market trends of the global PET scanners market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the PET scanners market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, application, and end-user.
- Define and analysis of the regulatory framework for the PET scanners industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the PET scanners market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the PET scanners market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry