India PET Scan Market Analysis

India PET Scan Market Executive Summary

The India PET Scan market is at around $35.3 Mn in 2023 and is projected to reach $62 Mn in 2030, exhibiting a CAGR of 8.4% during the forecast period.

PET Scan is an advanced diagnostic and imaging technique which effectively identifies a variety of health issues such as cancer, heart disease, and brain disorders. It aids in the initial diagnosis and also in monitoring of the conditions for planning the treatment course. There are various types of PET scan including whole body PET scan. In whole body PET scan, the images of the entire body from head to toe are detected. A radiotracer is injected into the body which gets absorbed by all the tissues in the body. The scanner then detects the emitted radiation and creates detailed images of the organs and tissues. A whole-body PET scan is typically used to detect cancer, determine the stage of cancer, and monitor the treatment effectiveness. This type of scan is particularly useful for metastasis detection as it can identify even small tumors which might not be identified through other imaging tests. Another type of PET scan, called DOTATATA PET scan is used which is highly sensitive and specific for diagnosing neuroendocrine tumors (NETs). It utilizes a radiotracer called Gallium-68 DOTATATE, which combines somatostatin analog (DOTATATE) with a radioactive isotope (Gallium-68). The radiotracer targets somatostatin receptors which are often over expressed on the neuroendocrine tumors, allowing for the detection of both primary and metastatic NETs. A PSMA PET Scan is another type of PET scan used to detect, stage, and monitor prostate cancer. PSMA is the short for Prostate-Specific Membrane Antigen, which is overexpressed on the prostate cancer cells.

Chronic diseases are a major public health concern in India, with cardiovascular diseases, diabetes, respiratory diseases, cancer, and mental health disorders among the top concerns. In India, about 21% of the elderly had at least one chronic disease in 2022. 17% elderly in rural areas and 29% in urban areas suffer from a chronic disease. The India PET Scan Market is thus driven by significant factors such as the expanding applications in medical field, rising advantages over other imaging techniques, and technological advancements However, the high cost, limited availability of radiotracers, and competition from other imaging techniques restrict the growth and potential of the market.

The prominent players of the India PET Scan Market are GE Healthcare, Siemens Healthineers, Toshiba, Schiller, Mindray, and Hitachi, among others.

Market Dynamics

Market Growth Drivers

Expanding Applications in Medical Field: Prior to now, PET scans were mostly employed in the diagnosis and staging of cancer. Nevertheless, a far greater spectrum of illnesses can benefit from the use of PET scans, which help with overall diagnosis and monitoring. A growing number of medical disciplines are incorporating PET scans into their diagnostic methods as their applications grow outside cancer. As a result, manufacturers and suppliers of PET scans attract new clients, boosting market demand. For example, in cardiology, PET scans are used to measure heart blood flow, pinpoint areas of damage, and gauge how well heart failure medications are working. In the field of neurology, PET scans are used to diagnose and track illnesses including migraine and seizures as well as neurodegenerative diseases like Parkinson's and Alzheimer's. PET scans are also being researched for use in organ transplant rejection assessment, therapy response assessment, and identification of autoimmune diseases. Thus, a major factor propelling market expansion is the growing range of uses for PET scans outside of cancer diagnosis.

Advantages Over Other Imaging Techniques: In many clinical scenarios, PET scans are superior to conventional imaging modalities because they provide certain distinct advantages. The PET scan makes functional imaging possible. PET scans provide information on the activity and functionality of individual cells by detecting changes in a tissue’s metabolism. This is particularly helpful in oncology, as it may be used to distinguish benign from malignant tumours by looking at their metabolic activity. Furthermore, because PET scans detect cellular changes before structural modifications show up on other imaging modalities like CT or MRI scan, they enable an earlier diagnosis and course of therapy. Finally, whole-body imaging is a benefit of PET scans that helps detect metastases and stage cancers throughout the body in a single examination. On the other hand, MRI and CT typically focus on specific organs or anatomical areas. These benefits offered by PET scan are valuable in various medical fields which drives the PET Scan Market.

Technological Advancements: The accuracy and efficiency of diagnosis as well as patient outcomes have increased with the significant technological advancements made in PET scans. The continuous development of novel radiotracers with improved specificity and affinity for a range of biological targets (such as protein synthesis, glucose metabolism, and receptor binding) has made more accurate imaging of some diseases and disorders possible. Solid-state detectors and time-of-flight (TOF) PET are examples of advances in detector technology that have improved the sensitivity and spatial resolution. This raises the clarity of the images and allows for a closer look at small lesions and structures. These advancements in technology have a significant impact on the market growth.

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 may be too 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 or if these costs don't go down, market expansion may be limited.

Limited Availability of Radiotracers: Due to their brief half-lives, many radiotracers used in PET scans must be created 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 competition 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, as 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

In India, the primary regulatory body for pharmaceutical sector is the Central Drugs Standard Control Organization (CDSCO) and the Drug Controller General of India (DCGI) is the key official within the CDSCO. The CDSCO consistently works to achieve transparency, accountability, and standardization in its services to guarantee the safety, effectiveness, and quality of medical products that are produced, imported, and distributed throughout the nation. The Drugs & Cosmetics Act, 1940 and Rules 1945 lays out the foundation for ensuring the safety, rights and well-being of patients by regulating the manufacturing, import, sale, and distribution of drugs and cosmetics.

Under this act, CDSCO is responsible for granting license for approved drugs, conducting clinical trials, setting standards for drugs, monitoring the quality of drugs imported into the nation, and coordinating the efforts of State Drug Control Organizations by offering professional advice in an effort to standardize the enforcement of the D&C Act.

India’s healthcare reimbursement scenario is complex and evolving, with both public and private players involved. Ayushman Bharat Pradhan Mantri Jan Arogya Yojana is a national public health insurance scheme of the Government of India that aims to provide free access to health insurance coverage for low-income earners in the country. These programs offer cashless or payment benefits for certain illness-related hospital stays in affiliated hospitals. Certain demographics, such as government employees, are eligible for social health insurance programs in several states. Private insurance firms’ voluntary health insurance programs are becoming more popular. Reimbursement decisions are made according to the specific plan purchased and cover surgery, hospital stays, and occasionally, prescription drugs.

Competitive Landscape

Key Players

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

• GE Healthcare
• Siemens Healthineers
• Toshiba
• Schiller
• Hitachi
• Canon Medical Systems
• Philips
• Mindray
• Neusoft Medical
• United Imaging Healthcare