Positron-Emission Tomography (PET) Market

SKU: DMMI2052 | Last Updated On: Sep 25 2022 | Available Formats

>Positron-Emission Tomography (PET) Market Expected to reach a high CAGR 4.78% By 2029:

Positron-Emission Tomography (PET) Market is segmented By Product Type (Full-Ring PET Scanners, Partial Ring PET Scanners), By Application (Cardiology, Neurology, Oncology, Others), By End-User (Hospitals, Diagnostic Centers, Academic & Research Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Positron-Emission Tomography (PET) Market is expected to grow at a high CAGR 4.78% during the forecasting period (2022-2029). Positron-Emission Tomography (PET) Market is a nuclear medicine functional imaging technique that is used to observe the metabolic process in the body as an aid to diagnosis of disease. PET offers significant advantages, including excellent contrast and resolution and reduced ionizing radiation, as compared to well-established PET.

Positron-Emission Tomography (PET) Market Dynamics

The Positron-Emission Tomography (PET) market is growing due to several factors such as, rising demand for PET analysis in radiopharmaceuticals, technological advancements in pet imaging, and rising incidence of various chronic diseases

Technical trends in the PET imaging such as the introduction of integrated imaging systems leading to the medical revolution is one of the primary drivers leading to the growth of the PET market globally. For instance, in April 2019, according to the Journal of Nuclear Medicine, researchers have discovered a way to better predict the progression of Alzheimer's disease. Amyloid PET imaging is a diagnostic technique that determines whether patients with memory complaints have amyloid plaques in the brain, an indicator of Alzheimer's disease.

In 2018, the EXPLORER human scanner (a total-body PET/CT scanner) was introduced which has proven its ability to produce quality images in less time, coupled with a much lower dose of radiotracer (18F-FDG).

The key players are developing new technologically advanced PET imaging systems. For instance, in June 2019, United Imaging, a global leader in advanced medical imaging and radiotherapy equipment, announced the first U.S. clinical installation of the uMI 550 DIGITAL PET/CT system. The second United Imaging PET/CT system installed in the U.S., the uMI 550 is now in use at Southwest X-Ray, LP in El Paso, Texas. United Imaging is continuing to rapidly build its momentum in the U.S. by sharing its technological advancements in PET/CT and PET/MR with leading professionals in molecular imaging and nuclear medicine.

Positron-Emission Tomography (PET) Market Segmentation

Based on product type, the global Positron-Emission Tomography (PET) market is segmented into Full-Ring PET Scanners and Partial Ring PET Scanners. Among these, the full ring PET scanners segment is estimated to hold significant market share during the forecast period (2020-2027) segment, as a full ring PET scanner has no gaps and is impractical for use when the patient is scanned while lying on the proton therapy bed compared to the partial PET scanner and the improved timing resolution (such as 300ps) leads to reduced error even in a full ring scanner.

By application, the oncology segment accounted for the largest market share in 2018, as Positron Emission Tomography (PET CT) is an effective nuclear imaging technique used to confirm the presence of various cancers. In the field of oncology, the PET (positron emission tomography) uses FDG (18Fluorine-2-fluoro-2-Deoxy-d-glucose) as the radiopharmaceutical, as it demonstrates the increased metabolism by malignant cells when compared to that of normal cells. With the rising incidence of cancer globally, the demand for advanced imaging techniques is growing resulting in the growth of the market. Oncology accounts for more than 80% of the PET and PET/CT procedures performed, whereas cardiology and neurology account for about 5% each. According to the National Oncology PET Registry, about 84% of the slightly more than 1,600 PET facilities in the United States have PET/CT systems. The rising number of cases of cancer is creating tremendous opportunities for market players in nuclear imaging. According to the American Cancer Society (2019), the estimated number of new cancer cases diagnosed is about 1,762,450 in 2019 while in 2018, there were 1,735,350 new cancer cases diagnosed in the United States. Thus, the need for early diagnosis and treatment of cancer cases has enhanced the usage of PET scanners and has led to the growth of the market.

Positron-Emission Tomography (PET) Market

Metrics

Details

Market CAGR

4.78%

Segments Covered

By Product Type, By Application, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Positron-Emission Tomography (PET) Market Geographical Analysis

North America holds the dominant market share for Positron-Emission Tomography (PET) in 2018 and is expected to maintain the growth over the forecast period, increasing prevalence of cancer in United States, rising number of PET scans, and introduction of new devices for the imaging by manufacturers.

The volume of PET procedures in the United States is approximately two million per year. There are about 2,670 PET scanners in hospitals across the U.S. that collectively performs about 2 million scans per year. In February 2018, the FDA and the Nuclear Regulatory Commission (NRC) of the United States have approved the compact RadioGenix System from NorthStar, a Beloit, Wisconsin firm, to produce technetium-99m from non-uranium sourced molybdenum-99 (Mo-99). It is the first time in 30 years that America has its own source of Tc-99m, as it was previously available only from Canada, Poland, South Africa, and a few other places. Delivering the radioactive material from afar is a logistical nightmare that drives up the cost of the radioisotope by the time it reaches a U.S. imaging center.

Positron-Emission Tomography (PET) Market Competitive Landscape

Some of the major manufacturers in the Positron-Emission Tomography (PET) market are: GE Healthcare, Philips Healthcare, Siemens Healthcare, Positron Corporation, Segami Corporation, Spectrum Dynamics Ltd., Naviscan Inc, MedX Holdings Inc., United Imaging, Neusoft Medical Systems, among others.

The key players are adopting various growth strategies such as new product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the Positron-Emission Tomography (PET) market globally. For instance,

In February 2019, Siemens Healthineers introduced a new Biograph Vision positron emission tomography/computed tomography (PET/CT) system which has been installed at the Hospital of the University of Pennsylvania (HUP) in Philadelphia, the first health care institution in the United States to install the technology.

In December 2018, Subtle Medical, a firm in California, won both FDA clearance and the European CE Mark of approval to introduce its SubltePET system on both sides of the Atlantic. The system uses artificial intelligence techniques to improve the quality of fast positron-emission tomography (PET) scans, allowing patients to go through exams faster than before without suffering from poorer image resolution.

In June 2017, Siemens won FDA clearance for its Biograph Horizon Flow edition, a budget-friendly positron emission tomography/computed tomography (PET/CT) scanner that includes some advanced features of its more expensive cousin. The main selling point is that the new device includes FlowMotion continuous bed motion scanning technology, an offering that was previously introduced on Siemens Biograph mCT Flow PET/CT.

Frequently Asked Questions

What is the Projected CAGR value of the Positron-Emission Tomography (PET) Market?

Surgical Retractor Market is expected to grow at a CAGR of 4.78% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Positron-Emission Tomography (PET) Market during 2022-2029

Which is the fastest growing region in the Positron-Emission Tomography (PET) Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period

Trending Topics

Computed Tomography Market

Mammography Detectors Market

Vascular Imaging Market

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest