PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424993
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424993
Positron Emission Tomography Market size was valued at USD 2,612.3 Million in 2023, expanding at a CAGR of 5.5% from 2024 to 2032.
Positron emission tomography (PET) is a medical imaging technique that assesses physiological function by examining blood flow, metabolism, neurotransmitters, and radiolabelled drugs. PET provides quantitative analysis, enabling the monitoring of relative changes over time as a disease progresses or in response to a specific stimulus. Primarily utilized by oncologists, neurologists, neurosurgeons, and cardiologists, PET is increasingly being adopted in various other fields as advancements in PET technologies continue. Generally, PET scans are employed to assess organs and tissues for the presence of diseases or other conditions. Additionally, PET can evaluate the functionality of organs like the heart or brain. The primary application of PET is the detection and evaluation of cancer and its treatment.
Positron Emission Tomography Market- Market Dynamics
The growth of the market is expected to be driven by the increasing cases of cancer and the expanded coverage of PET imaging.
The incidence of cancer is on the rise, leading to a greater demand for PET imaging in the diagnosis, staging, treatment planning, and monitoring of cancer patients. According to the National Center for Health Statistics, it is projected that there will be 1,958,310 new cancer cases and 609,820 cancer deaths in the United States in 2023. Additionally, the expanded coverage of PET imaging involves the utilization of PET scans in a wider range of medical conditions and patient populations. Denmark has seen the highest number of PET scans per 100,000 inhabitants in the European Union, with 1,400 scans performed in 2020, according to Eurostat statistics. The continuous advancements in PET technology and the expansion of its applications present growth opportunities for the market. However, the high initial costs and ongoing operational expenses may hinder the growth of the market.
Positron Emission Tomography Market- Key Insights
As per the analysis shared by our research analyst, the global Positron Emission Tomography market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2024-2032)
Based on product type segmentation, Full Ring PET Scanners was predicted to show maximum market share in the year 2023
Based on application segmentation, Oncology was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Positron Emission Tomography Market is segmented on the basis of Product Type, Application, Distribution and Region.
The market is divided into two categories based on product type: Full Ring PET Scanners and Partial Ring PET Scanners. The dominant segment in the market is Full Ring PET Scanners. These advanced imaging devices, known as Full Ring PET scanners, are utilized in nuclear medicine to detect gamma rays emitted by a positron-emitting radionuclide.
The market is divided into three categories based on application: Cardiology, Neurology, Oncology and Other Application. The market is primarily dominated by the oncology segment. In the field of oncology, PET imaging is extensively utilized for the identification, staging, and monitoring of different cancer types. The capability of PET scans to visualize metabolic activity in tissues plays a crucial role in the identification and characterization of tumors, evaluating their response to treatment, and detecting potential metastases.
Positron Emission Tomography Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be dominated by North America, primarily due to the high demand for accurate diagnosis and technological advancements in PET technology. North America has a well-established healthcare system that has a strong demand for advanced diagnostic technologies, including PET imaging. The region's focus on achieving precise and accurate diagnoses, especially for conditions like cancer and neurological disorders, drives the demand for PET scans. 97% of the US population lives within 75 miles of a clinical PET facility as stated by the National Center for Biotechnology Information. North America is a center for technological innovation, particularly in the field of medical imaging technologies. Europe, on the other hand, is the second-largest region for market growth during the forecast period. This is attributed to the increased adoption of newer PET techniques and products, as well as the establishment of guidelines in radiopharmaceuticals.
The PET imaging market is constantly evolving, with ongoing efforts to enhance imaging capabilities, broaden applications, and address healthcare challenges. Companies that can adapt to these changes and offer valuable solutions to healthcare providers are likely to maintain a strong competitive position. Competition is driven by continuous innovation in PET imaging technology, which includes advancements in image resolution, sensitivity, and speed. Companies strive to expand their global market presence by entering new regions and forming partnerships with healthcare providers. For instance, GE HealthCare recently announced the US FDA 510(k) clearance of Precision DL, a groundbreaking deep learning-based image processing software that is part of GE HealthCare's expanding Effortless Recon DL portfolio. Precision DL delivers image quality performance benefits similar to hardware-based Time-of-Flight (ToF) reconstruction, such as improved contrast-to-noise ratio, contrast recovery, and quantitative accuracy.
On November 2023, Siemens Healthineers made an announcement regarding the clearance of their latest innovation, the Biograph Vision.X™¹, by the Food and Drug Administration (FDA). This cutting-edge positron emission tomography/computed tomography (PET/CT) scanner boasts an impressive time of flight (TOF) of 178 picoseconds (ps), making it the fastest TOF in the industry². The Biograph Vision.X™¹ is a part of the renowned Biograph Vision family of scanners and represents the next generation of advanced imaging systems.
GLOBAL POSITRON EMISSION TOMOGRAPHY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Agfa Healthcare
GE Healthcare
Neusoft Medical Systems
Oncovision
Koninklijke Philips N.V.
Positron Corporation
Siemens Healthineers AG
Segami Corporation
Spectrum Dynamics Ltd.
CMR Naviscan
MedX Holdings Inc.
Modus Medical Devices Inc.
Radiology Oncology Systems, Inc.
Yangzhou Kindsway Biotech Co. Ltd.
Toshiba Corporation
Hitachi, Ltd.
Cerveau Technologies, Inc.
Others