The body’s metabolic activity is measured using the clinical imaging diagnostic technology known as positron emission tomography (PET). For imaging the functioning of the tissues and organs and for diagnosing the onset of epilepsy, cancer, and Alzheimer’s disease, it makes use of a radioactive chemical (tracer) that can be injected, swallowed, or inhaled. Compared to other medical examination methods, PET scans can aid in the early detection of various disorders.
The market for positron emission tomography in 2021 was USD 1057.15 million and will reach USD 1508.56 million by 2030 at a 4.03% CAGR during 2021-2030.
The market has grown due to the rising incidence of neurological, cardiovascular, and cancer disorders. Additionally, the high demand for precision diagnostics, technological developments in the field of PET technology that enables its use with other specializations, and the development of novel tracers are anticipated to have a beneficial impact on the market in the years to come.
Market Dynamics
Drivers
Rising cancer incidence is anticipated throughout the projected period to drive market growth for positron emission tomography (PET) scanners.
Medicare coverage for PET scanning will contribute to the market’s expansion. The radioisotope 18F-fluorodeoxyglucose (FDG), used in PET/computed tomography (PET-CT) scanners, has a high success rate in diagnosing cancer. Expanded coverage for PET imaging in cancers such as lung cancer, lymphoma, head and neck cancer, breast cancer, melanoma, esophageal cancer, colorectal cancer, cervical cancer, myeloma, thyroid cancer, and ovarian cancer also supports the usage of these scanners.
Restraints
Continuous reimbursement reductions hamper market expansion. Globally, decreasing outpatient volumes as a result of diminishing payer reimbursement for PET and SPECT treatments harms patients’ access to high-quality, reasonably priced imaging and diagnostic services.
Additionally, the short half-life of radiopharmaceuticals may restrain market expansion. The most used radiotracer for PET imaging is fluoro-deoxy glucose (FDG), which uses fluorine-18 as the tracer. Its half-life is just under two hours for the radiotracer. This reduces the usefulness of it for diagnostic imaging.
Opportunity
Positron emission tomography market patterns will change when newer PET techniques are widely adopted. Additionally, more advanced positron emission tomography imaging techniques (such as dual-modality imaging), brain positron emission tomography, positron emission tomography drugs, CPET scan, and heart positron emission tomography can aid in accelerating the growth rate of the market for positron emission tomography scanners, providing a wide range of future opportunities.
Market Segmentation
- Oncology accounted for more than 80% of the market share by application. According to the World Health Organization, cancer causes about one out of every six fatalities worldwide. As a result, the use of PET scanners has increased, leading to market expansion in response to the rising demand for early cancer detection and treatment.
- The market for Positron Emission Tomography (PET) scanners globally was ruled by the Lutetium Oxyorthosilicate (LSO) detector type segment contributing 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. As per the Institute of Electrical & Electronics Engineers, the light decay period of LSO is 40 ns. Because of this, the PET device market has grown significantly due to the widespread use of LSO.
- With a market value of US$ 322.7 million, the Hospital segment held 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. The Lawrence Berkeley Laboratory estimates that over 2500 hospitals in the United States of America use PET scanners to conduct about 2 million scans annually.
Regional Insights
North America ruled the entire regional market with a 42,2% revenue share. 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. In 2018, there were 6 PET scans performed for every 1000 people, which is anticipated to double by 2025. Consequently, the market for this niche increased due to the rising demand for PET scans. However, the Asia-Pacific region will 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.
Key Players
- Neusoft Medical Systems
- Oncovision
- Agfa Healthcare
- GE Healthcare
- Positron Corporation
- Siemens Healthineers AG
- Segami Corporation
- Koninklijke Philips N.V.
- Spectrum Dynamics Ltd.
- Radiology Oncology Systems, Inc.
- Yangzhou Kindsway Biotech Co. Ltd.
- CMR Naviscan
- MedX Holdings Inc.
- Modus Medical Devices Inc.
- Toshiba Corporation
- Hitachi, Ltd.
- Cerveau Technologies, Inc.
The market for positron emission tomography in 2021 was USD 1057.15 million and will reach USD 1508.56 million by 2030 at a 4.03% CAGR during 2021-2030. The market expansion is aided by the expanding application range of the product with various diagnostic technologies, the rising use of Time of Flight (TOF), and the growing development of multiple procedures.
