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Global Positron Emission Tomography (PET) Scanners Market, Trends, Future Prospects During 2016-2026
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Positron Emission Tomography (PET) is a medical diagnostic technique that is used to examine metabolic activity of the tissue inside the body using a radiotracer that is administered intravenously. PET scanners comprise sensitive detectors that capture gamma ray emissions from inside the body creating 3-D images of the tracer concentrations within the body. The global Positron Emission Tomography (PET) scanners market was valued at US$ 903.1 Mn in 2015 and is anticipated to be valued at US$ 935.7 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 3.6%.
Increasing occurrences of chronic disorders and rising penetration of PET machines is expected to drive market growth
Rising demand for effective diagnostic techniques across the globe, increased Medicare coverage for PET scanning, and expanded applications for PET in the field of oncology are expected to boost the growth of the global Positron Emission Tomography (PET) scanners market over the forecast period. The global Positron Emission Tomography (PET) scanners market is expected to grow significantly in terms of revenue over the forecast period owing to increasing availability of value based, technologically advanced PET machines especially in developed countries. However, a short half-life and low supply of radiopharmaceuticals is likely to restrict market growth over the forecast period.
Introduction of technologically advanced PET scanning machines such as machines exhibiting increased granularity in imaging, greater storage capacity, and increased efficiency with respect to reduction in scanning time are the main factors manufacturers are focussing upon to integrate in their PET scanning machines. Leading manufacturers are expected to invest more on technological advancements and better product designs in order to increase their sales.
Market segmentation
The global Positron Emission Tomography scanners market has been segmented by Product Type (Full Ring PET Scanners, Partial Ring PET Scanners); by Application (Oncology, Cardiology, Neurology, Others); by Detector Type (Bismuth Germanium Oxide (BGO), Lutetium Oxyorthosilicate (LSO), Gadolinium Oxyorthosilicate (GSO), Lutetium Fine Silicate (LFS), Lutetium Yttrium Orthosilicate); by End User (Hospitals, Diagnostic Centres, PET Centres, Research Institutes); and by Region (North America, Latin America, Western Europe, Eastern Europe, APEJ, MEA, Japan).
Full Ring PET Scanners segment likely to dominate the market through 2026
The Full Ring PET Scanners product type segment is anticipated to account for a market share of 84.1% in the global Positron Emission Tomography (PET) scanners market by the end of 2016. The Full Ring PET Scanners segment is expected to reach a market valuation of US$ 1,197.0 Mn by 2026 end, registering a CAGR of 4.8% over the forecast period. The Partial Ring PET scanners product type segment is expected to register a CAGR of 4.0% over the forecast period.
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Oncology application segment expected to be the most lucrative market segment
The Oncology application segment was valued at US$ 783.9 Mn in 2015 and is expected to witness a CAGR of 4.2% over the forecast period to reach US$ 1,219.2 Mn by 2026 end. The Cardiology application segment is anticipated to create incremental opportunity of US$ 79.8 Mn between 2015 and 2026.
Lutetium Oxyorthosilicate (LSO) detector type segment expected to dominate the global Positron Emission Tomography (PET) scanners market
The Lutetium Oxyorthosilicate (LSO) detector type segment is estimated to account for 36.0% market share in the global Positron Emission Tomography (PET) scanners market by 2016 end. The Bismuth Germanium Oxide (BGO) detector type segment is estimated to account for 29.4% market share in the global Positron Emission Tomography (PET) scanners market by 2016 end.
Hospitals end user segment expected to hold maximum revenue share by 2026
The Hospitals end user segment was valued at US$ 322.7 Mn in 2015 and this is estimated to increase to US$ 493.6 Mn by 2026 end, registering a CAGR of 4.0% over the forecast period. The PET Centres end user segment was valued at US$ 221.7 Mn in 2015 and is expected to increase to US$ 421.0 Mn by the end of 2026.
North America to continue its dominance in the global Positron Emission Tomography (PET) scanners market through 2026
The North America market is estimated to account for 42.2% market share in the global Positron Emission Tomography (PET) scanners market by 2016 end. In 2015, this market dominated the global Positron Emission Tomography (PET) scanners market and was valued at US$ 382.0 Mn. The market is expected to register 4.8% CAGR over the forecast period to reach US$ 631.9 Mn by 2026 end. The APEJ market is projected to witness the highest CAGR of 5.2% over the forecast period and is estimated to be valued at US$ 220.2 Mn by 2026 end.
Global Positron Emission Tomography (PET) scanners market leaders are diversifying their product portfolio and entering new markets to consolidate their brand value and market positioning
General Electric Co., Toshiba Corporation, Koninklijke Philips N.V., Siemens AG, Hitachi, Ltd., Positron Corporation, Mediso Ltd., and Yangzhou Kindsway Biotech Co. Ltd. are some of the leading players operating in the global Positron Emission Tomography (PET) scanners market. Major players in the global Positron Emission Tomography (PET) scanners market are focussing on enhancing their global and regional presence through introduction of novel products and strategic operational expansion.
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