Positron Emission Tomography Market is Growing Worldwide Owing to Increasing Incidences of Various Cancers
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Ongoing developments in this area are likely to begin its use in other specialties as well. This is also performed in order to assess the progress of the treatment of certain diseases. This procedure is different from magnetic resonance imaging (MRI) and computed tomography (CT) as they only show the tissue structure and blood flow to and from organs. This imaging procedure is also being used in combination with other diagnostic technologies such as CT with an aim to provide more precise information about various neurological, cardiovascular and cancer diseases.
The market for positron emission tomography is growing worldwide owing to increasing incidences of various cancers, neurological and cardiovascular diseases; growing use of PET in combination with other diagnostic technology such as CT and MRI, ongoing technological developments and expanding applications of PET procedure. Uninterrupted developments and discovery of new tracers (radionuclides) are also driving the PET imaging market. In addition, advantages offered by PET over other imaging technologies also drive the market growth. High cost associated with PET equipment has been identified as one of the major factors restraining the PET market growth. PET being highly capital intensive encourages the refurbished market for PET equipment.
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Among all geographies, North America with the highest healthcare spending represents the largest market for PET. Reimbursement policy is playing a key role in driving the market growth in the region. Reimbursement coverage of PET scanning in the U.S. by the Medicaid and Medicare for the Alzheimer's disease offers potential opportunities to companies operating in the North American region. In Asia-Pacific region, increasing awareness among medical fraternity regarding the nuclear imaging technologies is likely to drive the market growth. Asia-Pacific being a home for more than half of the world population represents a large pool of patients suffering from various cancers, neurological and cardiovascular diseases.
The presence of such large pool of patients attracts companies like GE Healthcare, Siemens Healthcare and Philips Healthcare to invest in the region. Boost in the medical tourism industry in the region has also been considered as one of the major factors driving the market growth. A large number of patients come from other countries for various treatment procedures that propel healthcare providers of this region to equip with technically advanced medical technologies.
The market for positron emission tomography is highly consolidated and is dominated by a few select numbers of players, namely, GE Healthcare, Philips Healthcare and Siemens Healthcare. These players collectively account for more than 80% of the market share. Positron Corporation, Segami Corporation, Spectrum Dynamics Ltd., Naviscan, Inc. and MedX Holdings Inc. are some other players operating in this market.
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