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(Health-NewsWire.Net, August 30, 2021 ) PET-CT Scanning Market size is estimated at $1.7 billion in 2020, anticipated to grow at a CAGR of 5.4% during the forecast period 2021-2026. PET-CT is a medical diagnostic technique that examines the metabolic function of tissues within the body using a PET scanner and an x-ray CT scanner. PET scanners assess the functioning of organs and tissues by measuring body functions such as oxygen consumption, oncology, blood flow, and glucose metabolism. The advancements in imaging offer physicians new methods in which to improve treatment in novel ways is a major factor driving the PET-CT Scanning industry.
Computed Tomography imaging produces images of internal organs using x-ray equipment and contrast content, which aids in the interpretation of organ function. When comparing PET and Computed Tomography scans separately, the combined PET-CT scans provide photographs of the precise location of irregular metabolic activity within the body, which can be used to provide more reliable diagnoses. The factors driving the growth of the PET-CT Scanning market globally are technological developments in PET imaging, such as the advent of integrated imaging systems, radiation therapy leading to medical revolution. Amyloid PET imaging is a screening tool used to see whether people with memory problems have amyloid plaques in the brains, which are symptom of Alzheimer's disease, thereby, driving the PET-CT Scanning Industry.
PET-CT Scanning Market Segment Analysis - By Type:
Based on Type, PET-CT Scanning Market is segmented into Full Ring PET Scanners and Partial Ring PET Scanners accounted for the largest revenue market share in 2020, as a full ring PET scanner has no gaps and is impractical for use while the patient is scanned while lying on the proton therapy bed compared to a partial PET scanner and the enhanced timing resolution (such as 300ps) contributes to reduced error in a full ring scanner. It provides the distribution of radio-isotopes in the brain using a ring of radiation therapy detectors, which can measure cerebral blood flow (CBF), oncology, oxygen extraction fraction (OEF), blood volume (CBV), and glucose metabolic rate (CMRgluc) driving the segment growth.
Partial Ring PET Scanners segment is anticipated to grow with the fastest CAGR of 5.9% in the forecast period 2021-2026 as it is most widely used owing to cost effective imaging. Partial-ring PET images are generated from full-ring PET by removing coincidence events that hit detector blocks which drives the PET- Computed Tomography Scanning Industry.
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PET-CT Scanning Market Segment Analysis – Application:
Based on Application, PET-CT Scanning Market is segmented into Oncology, Neurology, Cardiology and Others. Oncology accounted for the largest revenue market share in 2020. Positron Emission Tomography (PET CT) is an important nuclear imaging method used to confirm the existence of different cancers. PET (positron emission tomography) in oncology uses FDG (18Fluorine-2-fluoro-2-Deoxy-d-glucose) as the radiopharmaceutical since it shows malignant cells increased metabolism when compared to normal cells. As the global incidence of cancer rises, so does the demand for advanced imaging techniques, resulting in market development.
PET/ Computed Tomography systems are used in about 84 percent of the slightly more than 1,600 PET facilities in the United States, according to the National Oncology PET Registry. The growing number of cancer cases presents enormous opportunities for nuclear imaging industry players. According to the American Cancer Society (2019), the total number of new oncology cases diagnosed in 2019 is around 1,762,450, compared to 1,735,350 new cancer cases diagnosed in 2018. As a result, the need for early cancer detection and care has increased the use of PET scanners, resulting in PET-CT Scanning Industry growth.
Neurology segment is anticipated to grow with the fastest CAGR of 5.1% during the forecast period 2021-2026. This is to an increase in the incidence of surgery combined with a growing neurological disorder population and increased public awareness, thereby, expanding the PET-CT Scanning Market.
PET-CT Scanning Market Segment Analysis - By Geography:
Based on Geography, North America PET-CT Scanning Market accounted for the 44% revenue share in 2020 owing towards the rising road accidents, sports injuries, and the presence of several key players in the region. The high prevalence of cardiovascular diseases, especially in the United States will provide numerous opportunities for companies operating in this region to expand. The major players are working on modern PET-CT scanning systems that are technologically advanced.
For instance, United Imaging, a global leader in advanced medical imaging and radiotherapy equipment, oncology announced in June 2019 that the uMI 550 DIGITAL PET/ Computed Tomography system had been installed for the first time in the United States. The uMI 550, United Imaging's second PET/CT device in the United States, is now in operation at Southwest X-Ray, LP in El Paso, Texas is accelerating its growth in the United States by sharing its PET/CT technical advances with leading experts in molecular imaging and nuclear medicine, Blood flow, enhancing the market's growth There are approximately 2,670 PET scanners in hospitals throughout the United States, which conduct approximately 2 million scans per year.
The FDA and the US Nuclear Regulatory Commission (NRC) approved the compact RadioGenix System from NorthStar, a Beloit, Wisconsin-based company, in February 2018 to manufacture technetium-99m from non-uranium sourced molybdenum-99 (Mo-99) is accelerating PET-CT Scanning Industry expansion across the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards region's burgeoning medical tourism industry, rising chronic disease prevalence, and favourable reimbursement situation which is assisting the region's growth.
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PET-CT Scanning Market - Drivers
The Increasing Prevalence Of Chronic Diseases & Growing Geriatric Population:
The market is anticipated to expand owing the rising prevalence of infectious and chronic diseases such as cancer and heart disease, as well as the demand for effective diagnostic systems. According to the World Health Organization (WHO), chronic diseases will account for nearly three-quarters of all deaths worldwide by 2020, with ischaemic heart disease accounting for 71% of deaths and diabetes accounting for 70%. Furthermore, according to the National Association of Chronic Disease Directors, chronic disease consumes roughly 75% of all health-care spending in the United States each year, aiding growth towards the PET-CT Scanning Market.
PET-CT Scanning Market - Challenges
Harmful Side Effects:
Owing to altered blood sugar or blood insulin levels, PET-CT scan test results of diabetic patients or patients who ate some food a few hours prior to the review could be adversely affected. Furthermore, obese people can have difficulty fitting into the opening of a traditional PET-CT scanner. When opposed to regular PET, Blood flow motion artifacts could be a big issue with PET-CT imaging. Furthermore, as the dangerous radiation therapy that causes side effects in the body, this scan is not recommended for all patients, including pregnant women. As a result, all of these factors are expected to limit the PET-CT Scanning industry growth.
PET-CT Scanning Market - Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the PET-CT Scanning Market. PET-CT Scanning Market top 10 companies are Spectrum Dynamics Ltd., Naviscan Inc, MedX Holdings Inc., United Imaging, Neusoft Medical Systems, GE Healthcare, Philips Healthcare, Siemens Healthcare, Positron Corporation and Segami Corporation.
Acquisitions/Product Launches:
In February, 2019, Siemens Healthineers launched a new Biograph Vision positron emission tomography/computed tomography (PET/CT) device which was installed at the Hospital of the University of Pennsylvania (HUP) in Philadelphia, making it the first health care facility in the United States. This cutting-edge framework incorporates additional design enhancements that aid in patient management and health-care professional performance.
Key Takeaways
The growing need for early and reliable diagnosis, as well as the increasing demand for better medical solutions around the globe, is expected to drive demand for PET-CT Scanning.
Geographically, North America PET-CT Scanning Market held the largest revenue share of 44% in 2020 owing to the involvement of potential players who are developing innovative products, oncology, high investments in R&D and support of government towards the use of medical equipment’s and investments in healthcare. In the final report, the scope of the PET-CT Scanning Market for various regions will be given.
The PET-CT Scanning Industry is being driven by the rising prevalence of chronic diseases around the world, as well as the increasing demand for their diagnosis, has prompted diagnostic imaging companies to develop new services and expand existing ones.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the PET-CT Scanning Market.
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