A burgeoning elderly population will drive industry growth.
New York, NY (PRWEB) November 16, 2014
Over the past five years, the PET Scanner Manufacturing industry has experienced growth, thanks to a rise in PET utilization among the industry's downstream markets. In particular, PET scanner utilization among oncologists has been high, because PET scanners can be used to diagnose and determine the stages of many types of cancer. According to data from the National Oncologic PET Registry, which documents the number of patient cases in which PET scanners are used by physicians, PET scanners have been vital in diagnosing or verifying diseases in more than one out of every three patient cases on average. “Further exacerbating demand for PET scanners, many healthcare providers have rapidly adopted PET scanners, due to this technology lowering overall healthcare costs,” according to IBISWorld Industry Analyst Sarah Turk. For example, PET scanners can provide early diagnoses of neurological disorders, such as Alzheimer's disease, which enables patients to access therapies that are more effective during the initial stages of the disease, instead of undertaking more expensive treatments that occur later in the later stages.
The burgeoning elderly population's high incidence of cancer has also spurred healthcare providers' use of PET scanners. According to data from Johns Hopkins Medicine, elderly individuals are 11 times more likely to develop cancer than younger individuals. “As elderly individuals have comprised a larger share of patient volumes in recent years, many healthcare providers have implemented PET scanners to help diagnose and detect cancer,” says Turk. During the five years to 2014, industry revenue is expected to grow at an annualized rate of 2.3% to $6.6 billion. In 2014, revenue is anticipated to rise 4.0% alone, thanks to the Centers for Medicare and Medicaid Services implementing higher reimbursement rates for PET imaging services, thus inciting healthcare providers to demand more scanners to address growing PET scanner utilization.
Profit in the industry has risen over the past five years because operators have been able to mark up product prices by including superior scan imaging and combining PET equipment with computerized tomography (CT) scans. In particular, as PET scanner manufacturers focus on improving the quality and quantity of information that can be gathered in a single scan, healthcare providers will be able to provide more streamlined care, stimulating demand for industry products.
For more information, visit IBISWorld’s PET Scanner Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
This industry manufactures positron emission tomography (PET) scanners. These machines produce 3D images of functional processes in the body. Unlike CT and MRI scans, PET scans show molecular function and activity, rather than structure, to better differentiate between normal and abnormal tissues.
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