Singapore PET Scan Market Analysis

Singapore PET Scan Market Executive Summary

The Singapore PET Scan market is at around $2.3 Mn in 2023 and is projected to reach $3.5 Mn in 2030, exhibiting a CAGR of 6% during the forecast period.

PET imaging (Positron Emission Tomography) is a diagnostic imaging tool used in Nuclear Medicine to obtain clinical information from the patient. An extension of this imaging modality is the PET-CT hybrid. The system consists of two scanning machines: PET imaging and an X-ray computed tomography (CT) scanner that are combined in a PET-CT scan to provide detailed information on the anatomy and physiology of the body. It is usually performed in a single scanning session and is an established technology which is widespread and accepted globally. A CT scan is a diagnostic imaging procedure that uses a combination of X-rays and computer technology to produce images of the inside of the body. A PET-CT scan is a hybrid imaging method that combines the anatomical and functional imaging of CT with PET to produce finely detailed, high-resolution pictures for use in the diagnosis and treatment of a variety of medical disorders. Another frequently used integrated diagnostic imaging method is PET-MRI scan. MRI is magnetic resonance imaging which uses strong magnetic fields and radio waves to produce finely detailed images of the brain and other soft tissues like muscles and ligaments. PET-MRI scan provides superior soft tissue contrast compared to CT scans in PET-CT which allows for more precise anatomical visualization alongside the functional data from the PET scan. Moreover, PET-MRI offers sharper images than CT scans, particularly in regions close to bones, which can introduce artifacts because of bone density. When identifying disorders of the pelvis, spine, or skull, this can be extremely important.

In Singapore, there is a high prevalence of chronic diseases, especially hyperlipidemia, hypertension, diabetes, and obesity which leads to an increase in morbidity and mortality. The Singapore PET Scan Market is thus driven significant factors such as the increased healthcare expenditure, increased geriatric population, and rising prevalence of chronic diseases. However, the radiation exposure concerns, regulatory challenges, and lack of skilled professionals restrict the growth and potential of the market.

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

Market Dynamics

Market Growth Drivers

Increased Healthcare Expenditure: Higher healthcare spending fuels the expansion and modernization of healthcare infrastructure, prompting new hospitals, diagnostic centres, and specialized clinics to incorporate PET scanning services. This integration enhances diagnostic capabilities and appeals to patients seeking advanced medical treatments. Additionally, healthcare systems with increased expenditures prioritize integrated care strategies, utilizing PET scans in conjunction with imaging modalities such as CT or MRI for comprehensive diagnostic assessments. This integrated approach enhances treatment efficacy and drives market growth. Furthermore, increased investment supports R&D, with PET scans playing a pivotal role in clinical trials, drug discovery, and medical research, driving innovations in PET scan technology and widening its clinical applications.

Increased geriatric population: Singapore is currently facing an aging population, caused by increased life expectancy coupled with decreasing birth rates. As people age, they become more susceptible to various age-related diseases, especially certain chronic health conditions such as cancer, cardiovascular diseases, and neurodegenerative disorders. PET scans are valuable in diagnosing and monitoring these conditions, leading to higher demand among the elderly population. Elderly population, as a result, frequently have complicated medical needs that require accurate and comprehensive diagnostic instruments. PET scans provide individualized care management by offering comprehensive information on the course of the disease, the efficacy of treatment, and general health management. In general, the aging population emphasizes the need for the PET Scans, which eventually drives the PET Scan Market growth.

Rising Prevalence of Chronic Diseases: According to the Ministry of Health (MoH) of Singapore, the prevalence of hyperlipidaemia, hypertension, diabetes, and obesity was 39.1%, 37.0% 8.5%, and 11.6%, respectively, for 2021-2022. As per the WHO, the age standardized cancer incidence rate for males and females was 231.1 in the year 2022. These statistics highlight the increased prevalence of these chronic diseases and the burden on healthcare. However, PET scans are valuable for accurate and early detection, staging, treatment planning, and monitoring, leading to improved disease prognosis. The PET scans demand rises and this fuels the market growth.

Market Restraints

Radiation Exposure Concerns: Although the benefits offered by PET scan are endless in the medical field, the radiation exposure is a significant concern due to its impact on patient safety, public perception, and regulatory compliance. PET scans involve the use of radiotracers which emit ionizing radiation. Although in low doses, repeated exposure to ionizing radiation may pose a concern for the patients and can lead to reluctance from the patients. Also, pregnant women and children are more susceptible to the harmful effects of radiation which limits the use of PET scans in these patients. These concerns ultimately affect the growth of the PET Scan Market.

Regulatory Challenges: Preclinical research, clinical trials, and regulatory filings are all necessary for the stringent regulatory approval of radiotracers used in PET scans. The introduction of novel radiotracers and the availability of sophisticated imaging choices can be impeded by delays in licensing processes. Also, introduction of novel radiotracers and innovative PET imaging technologies can be complicated by regional and national regulatory constraints, which furthers delays market entry and adoption. Therefore, the overall regulatory approval process for medical devices in the country can be considered a potential market restraint for the PET Scan Market.

Lack of Skilled Professionals: The number of PET scans that can be carried out may be limited if there are insufficiently skilled personnel to operate the scanners and analyse the results, which could cause delays in diagnosis and treatment. Moreover, the shortage of skilled professionals might be more acute in certain regions, creating geographical disparities in access to PET scans. The limited supply of skilled professionals can increase the already high costs associated with PET scans, making them less accessible to some patients, ultimately affecting the market growth.

Regulatory Landscape and Reimbursement Scenario

The Health Sciences Authority (HSA) is the board under the Ministry of Health (MoH) of Government of Singapore which is responsible for ensuring the safety, efficacy, and quality of pharmaceuticals and medical devices, thus safeguarding the public health. The HSA conducts a thorough evaluation for applications from pharmaceutical companies seeking to register and market new drugs in Singapore. 

The HAS’s responsibility extends beyond just granting marketing authorizations, and includes collecting and analysing data on adverse drug reactions reported by the patients. Also, the HAS safeguards the participants of the clinical trial by ensuring their ethical principles and safety above all. Overall, the HAS plays a crucial role in protecting patient health, ensuring quality, and promoting innovation.

The reimbursement scenario in Singapore’s healthcare system is aimed at achieving affordability and access to quality care for all patients. Regarding the public healthcare system, Singapore has a two-tiered healthcare system that consists of a subsidized public system (MediShield Life and MediSave) and a private system. The MediShield Life is an obligatory national health insurance program that covers the basics of hospital expenses in certain private hospitals with Class B2 and C ward accommodations as well as authorized public hospitals. MediSave is a mandated savings program where people save funds for their future medical expenses. With specific restrictions, it can be used in both public and private hospitals for both inpatient and outpatient care, including the certain medicines. The Integrated Shield Plans (IPs) are voluntary private health insurance plans that complement MediShield Life by providing broader coverage, including higher hospitalization reimbursements, coverage for outpatient care and medications, and coverage in private hospitals with higher-class wards.

Competitive Landscape

Key Players

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

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