The global positron emission tomography (PET) scanners market was valued at US$ 915.5 Mn in 2022 and is anticipated to expand at a CAGR of 3% from 2020 to 2030.
The global positron emission tomography (PET) scanners market was valued at US$ 915.5 Mn in 2022 and is anticipated to expand at a CAGR of 3% from 2020 to 2030
Advancements in Medical Imaging Modality Space to Drive Global Market
Advancements in nuclear medicine imaging have played a key role in paving the way for novel nuclear imaging techniques such as positron emission tomography wherein positron emission tomography (PET) scanners are used. As the popularity of positron emission tomography (PET) continues to grow around the world, the demand for positron emission tomography (PET) scanners has witnessed rise. The increasing adoption of nuclear medicine imaging to evaluate, diagnose, and treat a range of diseases, including cardiovascular diseases, cancer, gastrointestinal, and neurological diseases is a major factor that has shaped the growth of the global positron emission tomography (PET) scanners market over the past few years – a factor that is expected to drive the market during the forecast period.
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The increasing demand for non-invasive medical procedures coupled with the rising prevalence of chronic diseases are some of the other factors anticipated to fuel the growth of the global positron emission tomography (PET) scanners market during the assessment period. Over the past few years, PET has established a solid foothold in the medical imaging modality space and as per the current observations, the trend is expected to continue over the assessment period. Moreover, consistent developments made by PET instrumentation has played a key role in improving the various facets of imaging due to which, the adoption of positron emission tomography (PET) scanners has increased at a consistent pace.
At the back of these factors, along with the onset of novel digital technologies, the global positron emission tomography (PET) scanners market is projected to cross market value of US$ 1.2 Bn by the end of 2030.
Hardware Improvements and Advancements in PET Instrumentation to Fuel Market Growth
Over the past few years, PET instrumentation has evolved at a rapid pace due to which, the medical imaging sphere has garnered considerable attention. Some of the most noteworthy advancements include development of new hardware, integration of designs with digital photomultipliers, and fast electronics, which have enabled the implementation of time-of-light reconstruction. Furthermore, players involved in the positron emission tomography (PET) scanners market landscape have increasingly focused toward improving PET sensitivity, which requires 3D imaging and a larger axial field. Considerable efforts have been made to increase the adoption of positron emission tomography (PET) scanners for cardiac and respiratory patients to improve the overall quality of imaging and resolution. Numerous positron emission tomography (PET) scanner manufacturers are increasingly focusing on improving the quality of PET images by increasing the spatial resolution and sensitivity of the image, while simultaneously augmenting the spatial accuracy. Rapid advancements made by new detector technologies is expected to play an imperative role in boosting the overall growth of the global positron emission tomography (PET) scanners market during the assessment period.
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High Adoption to Manage Oncological Diseases to Aid Market Growth
Due to the growing awareness pertaining to the benefits of radiation oncology, radiotherapy, along with increasing demand for non-invasive procedures worldwide, the global positron emission tomography (PET) scanners market is staring at a bright future during the assessment period. The increasing adoption of radiation oncology to treat a range of oncological diseases and improve target volume delineation for the radiotherapy procedures in the pipeline is expected to augment the demand for positron emission tomography (PET) scanners during the assessment period. Positron emission tomography (PET) has gained considerable spotlight, particularly in a clinical environments to improve the management of oncological patients that are undergoing radiotherapy. In addition, as PET enables the quantification and visualization of tumoral features on a molecular level in comparison with the conventional imaging techniques, the adoption of PET is increasing worldwide– a factor that is expected to boost the growth of the global positron emission tomography (PET) scanners market.
Adoption of PET Scanners to Detect COVID-19 in Patients to Grow
The outbreak of the novel COVID-19 pandemic could provide a push to the overall growth of the global positron emission tomography (PET) scanners market, as scientists, researchers, and medical experts are increasingly focusing on exploring the possibilities of positron emission tomography (PET) scanners to detect COVID-19 disease among patients. For instance, research is being conducted to assess the use of fluorine 18-fluorodeoxyglucose positron emission tomography (PET) scanner examinations to diagnose COVID-19 in asymptomatic left ventricular assist device (LVAD) recipients.
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Analysts’ Viewpoint
The global positron emission tomography (PET) scanners market is expected to expand at a moderate CAGR of ~3% during the forecast period. The market growth is driven by increasing prevalence of chronic diseases, advancements in the medical imaging space, onset of novel digital technologies, rising demand for non-invasive medical procedures, and focus on research and development. Market players should focus on improving the overall imaging quality of their products by utilizing new technologies to gain a competitive edge in the market.
Positron Emission Tomography (PET) Scanners Market: Overview
The global positron emission tomography (PET) scanners market for the historical period 2018–2019 and forecast period 2020–2030, increase in per capita healthcare expenditure, rise in nuclear imaging & health care infrastructure such as cardiac & oncology institutes and hospitals, and rapid urbanization in developing countries in Asia leading to high influx of immigrants who require sufficient healthcare services to address the unmet medical needs are projected to drive the global positron emission tomography (PET) scanners market
Increase in Purchasing Power of Hospitals and Technological Advancements: Key Drivers of Positron Emission Tomography (PET) Scanners Market
Rise in prevalence of cancer and increase in demand for nuclear scans for precise diagnosis are the key factors driving the global market. Availability of better imaging techniques is expected to prompt healthcare service providers to make significant investments in advanced medical automation technologies in order to meet patient needs, improve operational efficiency, and save both service costs and time. This is likely to drive the global positron emission tomography (PET) scanners market.
Radionuclide medicine is primarily used in hospitals, owing to high utilization of radiopharmaceuticals in treatment. According to the World Nuclear Association, 95% of the radioisotopes in the form of nuclear medicine is used by hospitals. The trend of development of radioisotopes has come into existence due to the introduction of SPECT and PET systems for cancer diagnosis and imaging techniques. Introduction of PET systems and increase in installation of cyclotrons regionally have propelled the production of photon emitting radioisotopes (radiopharmaceutical), which fuels the growth of the global positron emission tomography (PET) scanners market.
Major Shift from SPECT to PET/CT
The field of nuclear medicine is dominated by applications related to positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). Increase in applications of the PET technology in oncology, cardiac, and neurological disorders is anticipated to propel the positron emission tomography (PET) scanners market.
Hybrid imaging modalities in the field of nuclear medicine is an emerging trend in the diagnostic imaging industry. Hybrid PET/CT machines have largely contributed toward better imaging and diagnosis of cancer. This is projected to augment the global positron emission tomography (PET) scanners market over the next few years.
Launch of value-based PET/CT with high diagnostic accuracy, strong prognostic power, and low radiation dose have resulted in increase in adoption of PET/CT machines in hospitals and diagnostic centers. This is likely to accelerate the global positron emission tomography (PET) scanners market.
Stringent Regulatory Guidelines to Hamper Positron Emission Tomography (PET) Scanners Market
Production, storage, and usage of radioisotopes require proper precautions, as radioisotopes generate radiation that can affect the mass population and the environment. Approval from the Food and Drug Administration and the Medicines and Healthcare Products Regulatory Agency is mandatory for any usage, storage, or production of radioisotopes.
According to the Nuclear Regulatory Commission, approximately 6,000 licenses are maintained for the use of radioactive materials; violation of agreement leads to enforcement actions, including loss of license
Positron Emission Tomography (PET) Scanners Market: Competition Landscape
This report profiles major players in the global positron emission tomography (PET) scanners market based on various attributes such as company overview, positron emission tomography (PET) scanners cost analysis, pricing analysis, service cost analysis, financial overview, product portfolio, business strategies, and recent developments in the global positron emission tomography (PET) scanners market
The global positron emission tomography (PET) scanners market is highly consolidated, with the presence of a small number of players
GE Healthcare, Philips Healthcare, Siemens Healthineers, and Canon Corporation accounted for major market share and were tier 1 players in the global market in 2019. These companies dominated the global market due to
- diversified product portfolios
- extensive geographic presence
- and acquisition strategies
- Neusoft Medical Systems Co., Ltd.
- ONCOVISION
Positron Emission Tomography (PET) Scanners Market: Key Developments
Key players in the global positron emission tomography (PET) scanners market are engaged in regulatory approvals, introduction of technologically advanced products, acquisitions, and collaborative agreements with other companies. These business development strategies adopted by key players are likely to fuel the global positron emission tomography (PET) scanners market.
The report on the global positron emission tomography (PET) scanners market discussed individual strategies, followed by company profiles of manufacturers of positron emission tomography (PET) scanners products. The competition landscape section has been included in the positron emission tomography (PET) scanners market report to provide readers with a dashboard view and a company market share analysis of key players operating in the global positron emission tomography (PET) scanners market.
Key Questions Answered in Positron Emission Tomography (PET) Scanners Market Report
- What is the scope of growth of products in the positron emission tomography (PET) scanners market?
- What will be the Y-o-Y growth of the global positron emission tomography (PET) scanners market between 2020 and 2030?
- What is the influence of changing trends in nuclear medicine and PET/CT on the global positron emission tomography (PET) scanners market?
- Will North America continue to be the most profitable market for positron emission tomography (PET) scanner providers?
- Which factors are anticipated to impede the growth of the global positron emission tomography (PET) scanners market during the forecast period?
- Which are the leading companies in the global positron emission tomography (PET) scanners market?
Positron Emission Tomography (PET) Scanners Market – Segmentation
Application
- Oncology
- Cardiology
- Neurology
- Others
Product
- Partial Ring PET Scanner
- Full Ring PET Scanner
End User
- Hospitals
- Diagnostic Centers
- Other End Users
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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