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The Positron Emission Tomography Market size is estimated to grow by USD 725.97 million at a CAGR of 5.97% between 2023 and 2028.
The increasing prevalence of chronic conditions is expected to drive the growth of the positron emission tomography market growth. A PET scanner is used for diagnosing severe and chronic conditions. The prevalence of cancer, cardiovascular diseases (CVDs), and neurological diseases is increasing globally, which is triggering the demand for diagnostic imaging produfcts, including PET scanner systems. Moreover, the high incidence of cancer is increasing the demand for cancer screening and diagnoses, which is expected to drive the growth of the positron emission tomography market. Similarly, the increasing prevalence of other chronic conditions, such as cardiovascular diseases and neurological disorders, will increase the demand for PET scanners and, in turn, will drive the growth of the market during the forecast period.
Study Period |
2024-2028 |
Base Year For Estimation |
2023 |
CAGR |
5.97% |
Forecast period |
2024-2028 |
Fastest Growing Region |
North America at 36% |
List of Charts and Table |
175 |
Our segment comprises two primary segments, each with its respective sub-segments for further detailed analysis within specific national markets. Furthermore, our market coverage extends across geographic regions including North America, Europe, APAC, South America, and the Middle East and Africa, with comprehensive breakdowns to provide in-depth insights.
Positron Emission Tomography has revolutionized medical imaging technology, particularly in the field of cancer diagnosis. PET scan utilize radiopharmaceuticals containing radioactive isotopes to detect metabolic changes in tissues. These diagnostic equipment play a crucial role in hospitals and research facilities, aiding in the early detection and monitoring of various diseases, including cancer. In oncology, PET scanners provide valuable insights into tumor metabolism, guiding treatment decisions and assessing treatment response. Similarly, PET imaging is also utilized in neurology and cardiology for evaluating brain function and heart conditions, respectively. The continuous advancements in PET technology are enhancing healthcare outcomes and improving patient care across diverse medical disciplines.
The market share growth by the PET-CT segment will be significant during the forecast period. PET-CT is a medical imaging technique that combines the functional information from PET scan, which detect metabolic activity, with detailed anatomical images from CT scan, providing a comprehensive and fused view for accurate diagnosis and treatment planning.
The PET-CT segment was the largest and was valued at USD 1.40 billion in 2018. PET-CT plays a crucial role in cancer staging, helping oncologists assess the spread of the disease. It is instrumental in treatment planning by offering insights into both the metabolic activity of tumours (PET) and their precise anatomical location (CT). PET-CT facilitates real-time monitoring of how tumours respond to treatment, allowing for adjustments to the therapeutic approach as needed. This is essential for optimizing patient care and improving treatment outcomes. The combination of PET and CT reduces the likelihood of false-positive results by cross-verifying findings from both modalities. This increased specificity enhances diagnostic confidence. Further, as technological advancements continue, with improvements in image resolution, faster scanning times, and the development of novel radioisotopes, the demand for PET-CT scanners is expected to increase, which will fuel the growth of the PET market through the PET-CT segment during the forecast period.
The scanners is increasing significantly in the oncology application segment due to the unique capabilities of PET imaging that provide crucial insights into cancer diagnosis, staging, treatment planning, and monitoring. PET scan are highly effective in detecting cancer at an early stage, allowing for timely intervention and improved outcomes. Additionally, PET imaging aids in accurately staging cancers and determining the extent of disease spread within the body. Such devices provide detailed information about the metabolic activity of tumours, helping oncologists devise precise and personalized treatment plans. Moreover, as advancements in PET technology continue, including the development of more sensitive radiotherapy and improved image resolution, the demand for PET scanners in oncology is expected to rise further, which will fuel the growth of the PET market through the oncology segment during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Canon Inc. - The company offers positron emission tomography such as The Celesteion Pure ViSION Edition PET.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing remarkable growth fueled by advancements in medical imaging technology. It plays a crucial role in cancer diagnosis and treatment within the healthcare sector, particularly in oncology, neurology, and cardiology. The scanners and diagnostic equipment is rising steadily in hospitals and research institutions. The development of novel radiopharmaceuticals and radioactive isotopes has further enhanced the diagnostic capabilities of PET, allowing for precise diagnosis and treatment monitoring. With continuous research and innovation, the market is poised for significant expansion to meet the growing demands of the medical community. Our researchers analyzed the data with 2023 as the base year, along with trends, and challenges.
Technological advancements in PET scanners are an emerging trend shaping the market growth. Recent technological advancements in PET scanners have led to significant improvements in image quality, sensitivity, and specificity. Some recent technological advancements in the positron emission tomography market include time-of-flight (TOF) PET, high-resolution PET, digital PET detectors, siemens healthineers biograph vision quadra, GE healthcare SIGNA PET/MR and Philips healthcares vereos PET/CT. For instance, time-of-flight (TOF) PET scanners have become increasingly prevalent. These scanners measure the time it takes for a gamma ray to travel from the emission source to the detector, allowing for more accurate localization of the positron emission. This results in improved image resolution and enhanced diagnostic accuracy.
However, these innovations enhance diagnostic accuracy, expand clinical applications, and contribute to the ongoing evolution of PET as a crucial medical imaging modality and, in turn, will boost the growth of the market during the forecast period.
High costs associated with PET imaging are a significant challenge hindering market growth. Healthcare is a cost-intensive industry with huge capital allocation toward manufacturing. The fixed costs in terms of plant, machinery, and associated variable costs for raw materials and labor account for a major part of the expenditure for manufacturing medical equipment. Thus, all these factors have the potential to impede the growth of the healthcare equipment industry, including the market. Further, scanners are mainly used for diagnostic purposes in the oncology, cardiology, and gynaecology fields. The average cost of scan procedures is USD 50- USD 1,500. The procedure cost includes hospital stays, facilities, and the fees of physicians and supporting staff.
Moreover, the cost of the diagnosis can vary depending on the healthcare infrastructure. The high costs associated with PET scan procedures can reduce their adoption, especially in developing countries. This is expected to limit the growth of the global PET market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The market in North America is a significant and rapidly growing segment within the healthcare industry. With advancements in technology, such as PET-CT, and the rise in the prevalence of cancer, there is a high demand for PET scanners in this region. The market is driven by factors such as the increasing adoption of personalized medicine, the need for early cancer detection, and the development of targeted therapies. North America boasts a strong healthcare infrastructure, expertise in genomics research, and widespread access to advanced technologies in imaging.
In addition, the increasing prevalence of various chronic conditions, such as lung diseases, breast cancer, and spinal disorders, is expected to further drive the growth of the positron emission tomography market in North America. The major contributors to the market in North America are the US and Canada, owing to the high prevalence of chronic diseases and the large number of diagnostic procedures performed in these countries. Hence, the number of PET scanner installations is increasing in the region, which will drive the growth of the regional market during the forecast period.
The PET market is witnessing significant growth driven by several factors. The introduction of advanced imaging systems and PET imaging devices has revolutionized cancer diagnosis and treatment. Rising cancer cases have propelled the demand for PET systems in hospitals and healthcare providers, enabling accurate visualization of lesions and organs. The development of radiopharmaceuticals and radioactive isotopes has enhanced PET effectiveness in oncology applications, aiding in treatment selection and progression monitoring. PET systems offer a wide field of view, allowing for precise imaging of organs and tissues, while biomarkers like estrogen receptor status further improve treatment efficacy. With continuous advancements and product launches in the field, the market is projected to expand further in the coming years.
The technology is extensively used in medical centers and hospitals worldwide for its advanced imaging capabilities. It relies on the administration of radiopharmaceuticals, which emit positrons that interact with tissues, aiding in the diagnosis and staging of various conditions, including cancer. In particular, PET is instrumental in breast cancer detection, providing valuable insights into tumor metabolism and response to treatment. The integration of PET with other diagnostic equipment enhances healthcare providers' ability to deliver precise and effective care. As the demand for accurate and timely diagnoses continues to rise, PET remains a cornerstone in modern medical imaging technology.
Bio-based PET Market by Application and Geography - Forecast and Analysis 2021-2025
Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.97% |
Market growth 2024-2028 |
USD 725.97 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.53 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bracco Spa, Canon Inc., Cardinal Health Inc., CellSight Technologies Inc., CMR Naviscan Corp., GE Healthcare Technologies Inc., Jubilant Pharmova Ltd., Koninklijke Philips N.V., Mediso Ltd., MinFound Medical Systems Co. Ltd., Modus Medical Devices Inc., Neusoft Corp., Novartis AG, PETsys Electronics SA, Positron Corp., Radiology Oncology Systems Inc., RefleXion Medical Inc., Shimadzu Corp., Siemens Healthineers AG, and Yangzhou Kindsway Biotech Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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