Positron Emission Tomography Devices (PET) Market to Witness Significant Revenue Growth Through 2027
Increasing cases of head and neck cancer is the key factor driving the positron emission tomography devices (PET) market. According to the 2018 data suggested by the Australian Institute of Health and Welfare, around 5,091 new cases of head and neck cancer were diagnosed and around 1,034 number of deaths occurred from head and neck cancer in Australia.
The global positron emission tomography devices (PET) market share is expected to grow at an approximate CAGR of 5.6% during forecast period, 2018–2023.
Various other factors such as increasing cases of cancer, technological advancements, presence of a large target patient population and rising patient awareness regarding the benefits of positron emission tomography scanning are also expected to propel the growth of the market.
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However, stringent regulatory guidelines, cost associated with PET scan, and shorter half-life of radioisotopes can hamper the market growth over the forecast period.
Key Players
Some of the key players in the global positron emission tomography devices (PET) market are Agfa Healthcare, Gamma Medica Inc., GE Healthcare, Neusoft Medical Systems, Oncovision, Koninklijke Philips N.V., Positron Corporation, Siemens AG, Segami Corporation, Spectrum Dynamics Ltd., Naviscan, Inc. MedX Holdings Inc., Modus Medical Devices Inc., Radiology Oncology Systems, Inc., Yangzhou Kindsway Biotech Co. Ltd., Toshiba Corporation, Hitachi, Ltd., and others.
Segmentation
The global positron emission tomography devices (PET) market is segmented based on product type, applications, end user and region.
The global market for positron emission tomography devices (PET), by product type is segmented into full ring PET scanners and partial ring PET scanners.
The market, by applications, is segmented into cardiology, neurology, oncology, orthopaedics, urology, gastroenterology, and others
Based on end user, positron emission tomography devices (PET) market is segmented into hospitals, clinics, diagnostic centres, and others.
Regional Analysis
The Americas dominated the global market for positron emission tomography devices (PET) owing to presence of major market players and increased prevalence of Alzheimer's dementia within the region. As per the data suggested by the Alzheimer's Association, an estimated 5.7 million Americans of all ages are living with Alzheimer's dementia in 2018.
Europe is expected to hold the second largest position in the global positron emission tomography devices (PET) market. The market growth in this region is attributed to the government support and improving healthcare related research & development activities.
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Asia Pacific was projected to be the fastest growing region in 2017. Factors such as, growing cases of head and neck cancer, and increasing healthcare expenditure drives the regional markets of the Asia Pacific region.
On the other hand, the Middle East and Africa held least share in the global positron emission tomography devices (PET) market due to the low per capita income, especially within the African region.
