As per MRFR analysis, the PET and CT Scanner Device Market Size was estimated at 0.59 (USD Billion) in 2022. The PET and CT Scanner Device Market industry is expected to grow from 0.67(USD Billion) in 2023 to 2.1 (USD Billion) by 2032. The PET and CT Scanner Device Market CAGR (growth rate) is expected to be around 13.6% during the forecast period (2024 - 2032).
Key PET and CT Scanner Device Market Trends Highlighted
The PET and CT Scanner Device Market is characterized by a continuous evolution of advanced imaging technologies and increasing demand for non-invasive and accurate diagnostic solutions for companion animals.
Key market drivers include the growing pet population, rising disposable incomes, and advancements in veterinary medicine. Opportunities lie in the development of portable and mobile CT scanners for use in remote areas and the integration of artificial intelligence (AI) for improved image analysis and diagnosis.
Recent trends include the adoption of low-dose CT scanners to minimize radiation exposure and the increasing use of CT imaging for pre-surgical planning and cancer diagnosis. Veterinary practices and specialty hospitals are increasingly investing in CT scanners to enhance their diagnostic capabilities and provide better care for pets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PET and CT Scanner Device Market Drivers
Increasing Demand for Early Disease Diagnosis in Pets
The increasing prevalence of chronic diseases in pets, coupled with the growing awareness of pet owners about the importance of preventive healthcare, is driving the demand for early disease diagnosis. PET and CT scanners provide detailed images of pets' internal organs and tissues, enabling veterinarians to detect and diagnose diseases at an early stage. This early detection can lead to more effective treatment and improved outcomes for pets. Moreover, the rising adoption of pet insurance plans is also contributing to the growth of the PET and CT scanner device market, as pet owners are becoming more willing to invest in advanced diagnostic procedures for their beloved companions.
Technological Advancements in PET and CT Scanner Devices
The PET and CT Scanner Device Market is witnessing rapid technological advancements. Manufacturers are continuously innovating and introducing new features and capabilities in their PET and CT scanner devices. These advancements include improved image quality, faster scanning times, and reduced radiation exposure. As a result, PET and CT scanners are becoming more accurate, efficient, and safe, which is driving their adoption in veterinary clinics and hospitals.
Growing Number of Veterinary Clinics and Hospitals
The increasing number of veterinary clinics and hospitals worldwide is creating a favorable environment for the growth of the PET and CT scanner device market. These facilities are investing in advanced diagnostic equipment to provide comprehensive healthcare services to pets. The rising demand for PET and CT scans from veterinarians is also mendorong the growth of the market.
PET and CT Scanner Device Market Segment Insights:
PET and CT Scanner Device Market Modality Insights
The PET and CT Scanner Device Market segmentation by Modality includes Single Modality and Dual Modality. Single modality scanners are designed to perform only CT scans, while dual modality scanners can perform both CT and PET scans. The PET and CT Scanner Device Market for single modality scanners is expected to grow from USD 0.43 billion in 2023 to USD 0.72 billion by 2032, at a CAGR of 6.2%. The growth of this segment is attributed to the increasing adoption of single modality scanners in veterinary clinics and hospitals. Dual modality scanners are expected to grow from USD 0.24 billion in 2023 to USD 1.38 billion by 2032, at a CAGR of 19.6%.The growth of this segment is attributed to the increasing demand for dual modality scanners in research institutions and specialized veterinary hospitals.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PET and CT Scanner Device Market Application Insights
The applications segment of the PET and CT Scanner Device Market has a variety of applications, which are likely to drive growth in the market. Oncology, cardiology, neurology, and other applications such as orthopedics and dentistry, are the key application areas of PET and CT scanner devices. Oncology is expected to hold the largest market share in 2023, owing to the increasing prevalence of cancer in pets. The PET and CT Scanner Device Market for oncology is projected to reach 0.82 billion USD by 2026, exhibiting a CAGR of 12.5% during the forecast period.Cardiology is another significant application area, as PET and CT scanners are increasingly used for the diagnosis and management of cardiovascular diseases in pets. The PET and CT Scanner Device Market for cardiology is expected to reach 0.45 billion USD by 2026, registering a CAGR of 11.8% during the forecast period. Neurology, on the other hand, is expected to witness a steady growth rate, owing to the rising incidence of neurological disorders in pets. The PET and CT Scanner Device Market for neurology is projected to reach 0.32 billion USD by 2026, growing at a CAGR of 10.5% during the forecast period.Other applications, including orthopedics and dentistry, are also expected to contribute to the growth of the global PET and CT scanner device market.
PET and CT Scanner Device Market Pet Tracer Insights
The Pet Tracer segment of the PET and CT Scanner Device Market is anticipated to witness significant growth in the forthcoming years. FDG (Fluorodeoxyglucose) is expected to dominate the market with the largest revenue share, owing to its widespread use in cancer diagnosis and staging. Flouride-18, on the other hand, is projected to exhibit a steady growth rate, primarily driven by its applications in bone imaging. Carbon-11 and Nitrogen-13 are also gaining traction, particularly in research and preclinical studies. Other Pet Tracers, such as Gallium-68 and Indium-111, are expected to contribute to the overall growth of the market.The PET and CT Scanner Device Market segmentation provides valuable insights into the market dynamics and trends, enabling stakeholders to make informed decisions and capitalize on growth opportunities.
PET and CT Scanner Device Market Regional Insights
The PET and CT Scanner Device Market is expected to grow significantly in the coming years, driven by the rising prevalence of companion animals and the increasing demand for advanced diagnostic imaging techniques. The regional market segmentation provides valuable insights into the growth dynamics and opportunities across different regions. North America is anticipated to hold a dominant share in the PET and CT Scanner Device Market due to the presence of a large pet population, advanced healthcare infrastructure, and high adoption of advanced medical technologies.Europe is another major market, owing to the high disposable income of pet owners and the increasing awareness of pet health and well-being. The Asia-Pacific region is expected to witness substantial growth in the market, driven by the rapidly expanding pet population and the rising demand for pet healthcare services. South America and the Middle East and Africa are also expected to contribute to the global market growth, albeit at a slower pace.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
PET and CT Scanner Device Market Key Players And Competitive Insights:
Major players in PET and CT Scanner Device Market are focused on developing innovative technologies to cater to the growing demand for advanced veterinary diagnostic imaging solutions. Leading PET and CT Scanner Device Market players are investing in research and development to enhance the capabilities of their devices and expand their product portfolios. The PET and CT Scanner Device Market is characterized by intense competition, with key players vying for market share through strategic partnerships, acquisitions, and product differentiation. The competitive landscape is expected to remain dynamic in the coming years, driven by technological advancements and increasing demand for pet healthcare services.GE Healthcare is a leading player in the Global PET and CT Scanner Device Market. The company offers a range of PET and CT scanners, including the Discovery PET/CT and the Revolution EVO PET/CT. GE Healthcare's PET and CT scanners are known for their high-quality imaging capabilities and advanced features, such as iterative reconstruction algorithms and dose reduction technologies. The company has a strong global presence and a wide distribution network, which enables it to cater to the needs of veterinarians and pet owners worldwide.Siemens Healthineers is another major player in the Global PET and CT Scanner Device Market. The company offers a portfolio of PET and CT scanners, including the Biograph mCT and the Somatom Definition AS+. Siemens Healthineers' PET and CT scanners are designed to provide veterinarians with accurate and detailed images for diagnosing and treating a wide range of pet health conditions. The company has a strong focus on innovation and is constantly developing new technologies to improve the performance of its PET and CT scanners. Siemens Healthineers has a global presence and a strong distribution network, which enables it to reach a wide range of customers.
Key Companies in the PET and CT Scanner Device Market Include:
PET and CT Scanner Device Market Developments
The PET and CT Scanner Device Market is projected to grow from USD 0.67 billion in 2023 to USD 2.1 billion by 2032, at a CAGR of 13.6%. Key factors driving this growth include increasing pet ownership, rising prevalence of chronic diseases in pets, and growing awareness of advanced diagnostic imaging modalities. The market is witnessing the emergence of advanced technologies such as cone-beam CT and multi-slice CT, which offer improved image quality and faster scanning times. Strategic partnerships and collaborations among market players are expected to fuel innovation and drive market expansion. Recent news developments include the launch of new PET and CT scanner devices by leading manufacturers and the acquisition of smaller players by larger companies to expand their product portfolios.
PET and CT Scanner Device Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 0.59(USD Billion) |
| Market Size 2023 | 0.67(USD Billion) |
| Market Size 2032 | 2.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 13.6% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Fujifilm Healthcare, Toshiba Medical Systems, Neusoft Medical Systems, Esaote, Philips Healthcare, Canon Medical Systems, GE Healthcare, Siemens Healthineers, BioMedical Imaging, Samsung Electronics, United Imaging Healthcare, Mindray Medical, Hitachi Medical Systems, Shimadzu Corporation |
| Segments Covered | Modality, Application, Pet Tracer, Regional |
| Key Market Opportunities | Advanced diagnostic capabilities Growing companion animal population Technological advancements Rising demand for noninvasive imaging Pet insurance policies |
| Key Market Dynamics | Increasing pet ownership rising pet healthcare expenditure technological advancements growing pet insurance penetration expanding veterinary infrastructure |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The PET and CT Scanner Device Market is expected to reach a valuation of 0.67 Billion USD in 2023.
The PET and CT Scanner Device Market is expected to grow at a CAGR of 13.6% from 2023 to 2032.
The growth of the PET and CT Scanner Device Market is attributed to the increasing demand for advanced diagnostic imaging techniques in veterinary medicine and the growing prevalence of chronic diseases in pets.
PET and CT Scanner Devices are primarily used for diagnosing and monitoring a wide range of conditions in pets, including cancer, cardiovascular diseases, and neurological disorders.
Major players in the PET and CT Scanner Device Market include Canon Medical Systems, GE Healthcare, Hitachi Medical Systems, Philips Healthcare, and Siemens Healthineers.
North America is expected to hold the largest market share in the PET and CT Scanner Device Market in 2023 due to the high adoption of advanced veterinary technologies and the presence of a large pet population.
The PET and CT Scanner Device Market is expected to reach a valuation of 2.1 Billion USD by 2032.
Key trends shaping the market include the miniaturization of devices, the development of mobile and portable systems, and the integration of artificial intelligence for improved image analysis.
Challenges faced by the market include the high cost of devices, the need for specialized training for operators, and the limited availability of reimbursement coverage.
The regulatory landscape varies by country, with key regulations including those governing the use of radiation in medical imaging and the certification of medical devices.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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