Canada PET Scan Market Analysis

Canada PET Scan Market Executive Summary

The Canada PET Scan market is at around $155.2 Mn in 2023 and is projected to reach $224.3 Mn in 2030, exhibiting a CAGR of 5.4% during the forecast period.

A positron emission tomography (PET) scan is an imaging test that produces images of the body’s organs and tissues. PET is a type of nuclear medicine approach as a radioactive chemical called tracer is used for analyzing how the body tissues absorb and use different chemicals in real time. PET evaluates the metabolism of tissues to provide information about their anatomy and physiology as well as their biochemical properties. This is in contrast to other techniques such as magnetic resonance imaging (MRI) scan and computed tomography (CT) scan which provide images of merely the anatomy of the body. Before the actual PET scan, a tracer is injected into body and once the tracer is absorbed, a ring-shaped scanner is positioned over the body area for scanning. The most commonly used tracer in PET scan is a type of sugar, fluorodeoxyglucose (FDG) which is taken up by extensive energy-consuming cells of the body. The tracer is radiolabeled so it emits gamma rays which are detected by the scanner. A computer then analyzes this information to create 3-D images of the body. The radioisotopes used in PET scan to label tracers are 11C, 13N, 15O, and 18F. To produce even more detailed images, nowadays, most PET scans are performed along with MRI and CT scan and this combination is called PET-MRI and PET-CT scan, respectively. The PET scan is usually performed as an outpatient procedure as it consumes only around 1 hour.

The Canada faces a heavy burden in the healthcare sector due to the rising chronic diseases. The Canada PET Scan Market is thus driven by significant factors such as the rising prevalence of chronic diseases, rising demand for non-invasive diagnostic devices, and increased demand for early diagnosis. However, the high cost, limited availability of radiotracers, and competition from other imaging techniques restrict the growth and potential of the market.

The leading players of the Canada PET Scan Market are GE Healthcare, Hitachi, Siemens Healthineers, Toshiba, and Canon Medical Systems, among others.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Chronic Diseases: There are 73% of individuals aged 65+ years who have at least 1 of 10 common chronic diseases including hypertension with 65.7%, diabetes with 26.8%, and cancer with 21.5% prevalence. The increase in chronic diseases, particularly cancer, is responsible for the rise of the PET Scan Market. Early detection is crucial because the number of cancer cases is on the rise. In addition to being effective diagnostic tools, PET scans are essential for cancer staging. Planning the course of treatment requires having access to crucial information about the cancer's spread and severity, which staging offers. PET scans aid in pinpointing the precise malignant areas, enabling more focused treatment, particularly in the context of radiation therapy. Additionally, PET scans assist in differentiating between benign and dangerous tumours, so avoiding needless biopsies. Consequently, PET scans have many benefits that enable early intervention and perhaps better treatment outcomes, which ultimately leads to a growth in the market.

Rising Demand for Non-Invasive Diagnostic Tools: Patients typically favour invasive procedures since they result in less pain and discomfort. Patients are more likely to comply with non-invasive techniques because they prevent incisions and surgical procedures, like PET scans. Furthermore, compared to other treatments, PET scans have shorter recovery periods, allowing patients to resume their regular activities considerably sooner. Most notably, compared to invasive procedures, non-invasive methods have lower risk of complications. In general, the market is growing because of the growing demand for non-invasive procedures because of their advantages.

Increased Demand for Early Diagnosis: PET scans, as opposed to more conventional CT and X-ray techniques, focus on the elevated metabolic activity of cells considerably earlier. Early diagnosis is the result, allowing for the most effective treatment options to be chosen. A cascading impact of early discovery eventually results in increased utilization of PET scans for screening, response tracking, and better prognosis. Thus, the market for PET scans is growing as a result of the emphasis on early disease identification.

Market Restraints

High Cost: The scan procedure, the radiopharmaceuticals used, and the scanner itself all contribute to the high initial capital requirements associated with PET scans. This can be costly for some people and medical facilities, particularly in places with tight healthcare budgets. This cost is further increased by the cost of operations and continuing maintenance. If reimbursement rules tighten, market expansion can therefore be limited.

Restricted Availability of Radiotracers: Due to their brief half-lives, many radiotracers utilized in PET scans must be generated and used quickly. Additionally, a cyclotron and radiochemistry lab must be close to the manufacturing facilities, which may not be feasible in rural or underdeveloped areas. Furthermore, the production and wide-scale distribution of radiotracers are challenging due to the need for cutting-edge technology and strict compliance with regulations. The lack of sufficient radiotracer supply presents numerous logistical, technological, and regulatory obstacles that impede the PET Scan Market's complete expansion.

Competition from Other Imaging Techniques: The innovative PET scans face a competition from the established imaging techniques like Single Photon Emission Computed Tomography (SPECT), CT, and MRI scans. Patients find them more appealing because they are also more affordable than PET scans. Additionally, they are highly preferred since, in contrast to PET scans, they are easily accessible and widely available. As a result, the PET Scan Market is negatively impacted by the widely used older imaging modalities.

Regulatory Landscape and Reimbursement Scenario

The regulatory body in charge of policing a range of medical goods and services is the Health Canada. Foods, pharmaceuticals, medical equipment, biologics, natural health products, and other health products are all under the purview of Health Canada. Health Canada oversees the safety, effectiveness, and quality of all pharmaceutical medications intended for human use in Canada, both before and following their entry into the Canadian market, under the Food and Drugs Act.

The Department carries out this task by combining monitoring, scientific evaluation, compliance, and enforcement actions. It seeks to guarantee that people who require information about safety issues are informed and that the general public has prompt access to pharmaceuticals that are both safe and effective. Some of the responsibilities of the Health Canada include: Enforcing the pharmaceutical industry’s compliance with regulations, such as those pertaining to clinical trials, drug manufacturing, and the reporting of adverse drug reactions; reviewing clinical trial applications; reviewing drug submissions from manufacturers for market authorization and post-market changes; monitoring the safety of drugs in the Canadian market and informing the public and health care professionals about safety risks.

Through the Canada Health Transfer (CHT), the federal government distributes money to the states, territories, and provinces. Each province’s share of financing is decided by a complicated system that takes into account factors including population, health care requirements, and past expenditure trends. The costs of hospital stay, doctor visits, diagnostic tests, and some prescription drugs are then covered by the public healthcare insurance programs that are managed by the provinces and territories.

Competitive Landscape

Key Players

Here are some of the major key players in the Canada PET Scan Market:

• GE Healthcare
• Hitachi
• Siemens Healthineers
• Toshiba
• Canon Medical Systems
• Hermes Medical Solutions
• Philips Healthcare
• Mediso Medical Imaging Systems
• Shimadzu Corporation
• Neusoft Medical Systems