Positron Emission Tomography (PET) is a diagnostic and therapeutic imaging technique used to diagnose diseases such as Cancer and Alzheimer’s. The basic idea behind PET imaging is to detect a pair of gamma rays emitted indirectly by a radiotracer. PET can also distinguish between benign and malignant tumors. A PET scan can aid in diagnosing various disorders, including Cancer, heart difficulties, and brain abnormalities.
The global positron emission tomography market was worth $1057.15 million in 2021 and is expected to be worth $1508.56 million by 2030, representing a CAGR of 4.03% from 2021 to 2030.
Key industry drivers
The rising cancer prevalence will likely drive the global positron emission tomography (PET) scanners market throughout the forecast period. In 2020, Cancer caused almost 10 million deaths as per the World Health Organization.
The PET imaging device market is expanding due to its numerous uses. PET imaging technologies identify brain illnesses, breast, cervical, colorectal, esophageal, skin, and thyroid cancer, heart disease, cerebrovascular diseases, epilepsy, head and neck issues, lung issues, lymphatic system, pancreatic, prostate Huntington’s disease, and Parkinson’s disease. According to the Center for Neurological Treatment and Research, Huntington’s disease affects one in every 10,000 persons in the United States. Furthermore, PET can be employed in cancer treatment and small animal imaging.
According to the extent of the report, positron emanation tomography (PET) is a symptomatic procedure that involves radioactive substances for imaging tissues and organ work. These radioactive substances are called tracers that show the movement in the body. PET has applications in both clinical and research fields. Clinically, it is broadly utilized in oncology conclusions and as an examination apparatus to plan the human cerebrum and heart capability and back drug improvement.
The increasing utilization of dual-modality imaging techniques or hybrid imaging is likely to provide profitable growth prospects for market participants. The use of hybrid imaging, which combines PET and X-ray transmission CT scans, is increasing globally due to its potential to decrease acquisition time while also providing accurate attenuation correction and fusion imaging, resulting in increased diagnostic sensitivity and specificity.
Furthermore, the development of guidelines for the production of radiopharmaceuticals is divine to aid in market expansion.
The ongoing reduction in reimbursement is projected to hamper the market growth. Globally, declining payer reimbursement for PET and SPECT treatments has reduced outpatient volumes of cost-effective imaging. Limiting patient access to high-quality diagnostic services and prompting doctors to seek alternative modalities, such as PET-CT.
The short half-life of radiopharmaceuticals is also predicted to limit market expansion. Furthermore, the high cost associated with PET is also expected to restrict the market growth.
- In terms of application, the positron emission tomography market is divide into oncology, neurology, cardiology, and others. The oncology segment held a significant position, with a more than 80% market share. The significant position is due to the rising demand for early diagnosis of Cancer and the rise in the usage of PET scanners.
- On the basis of detector type, the industry is divide into lutetium oxyorthosilicate, gadolinium oxyorthosilicate, bismuth germanium oxide, lutetium fine silicate, and lutetium yttrium orthosilicate. The global Positron Emission Tomography (PET) scanners dominated the Lutetium Oxyorthosilicate (LSO) detector type segment, which accounted for 36.0% of the market. LSO crystals are perfect for PET because they have great light output and density, a quick decay time, and excellent energy resolution.
- In terms of end-user, the industry is divide into diagnostic centers, PET centers, hospitals, and research institutes. With a market value of US$ 322.7 million, the Hospital category is the largest market sector by end-user. The market has grown due to the rise in demand for early cancer identification and treatment. And the accessibility of qualified medical specialists in PET.
- In terms of the region, the market is across Europe, North America, Latin America, Asia-Pacific, and The Middle East and Africa. The market for Positron Emission Tomography (PET) scanners globally was dominant in the North American area. Which accounted for 42.2% of the total market share by geography. Due to the strong need for accurate diagnosis in the region and the advancements in PET technology, North America currently controls the majority of the global market for positron emission tomography. However, the Asia-Pacific region is divine to have the greatest rate of growth in the positron emission tomography market, with countries like Australia, China, India, and South Korea leading the way to a projected US$88.9 million by 2027.
- GE Healthcare
- Modus Medical Devices Inc.
- Cerveau Technologies, Inc.
- Radiology Oncology Systems, Inc.
- Positron Corporation
- Neusoft Medical Systems
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Spectrum Dynamics Ltd.
- CMR Naviscan
- Toshiba Corporation
- MedX Holdings Inc.
- Other Players