Positron Emission Tomography Market Size by Product (Standalone PET Systems, PET/CT Systems, PET/MRI Systems), Application (Oncology, Cardiology, Neurology), End User (Hospitals & Surgical Centers, Diagnostic & Imaging Clinics) & Region - Global Forecasts to 2028
The global size of positron emission tomography market in terms of revenue was estimated to be worth USD 2.5 billion in 2023 and is poised to reach USD 3.5 billion by 2028, growing at a CAGR of 6.6% from 2023 to 2028. The research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
The increasing number of research grants, rising prevalence of chronic diseases, and rising focus on precision medicine are expected to drive the market during the forecast period.
Global Positron Emission Tomography Market
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Positron Emission Tomography Market Dynamics
Driver: Growing adoption of multimodal PET imaging devices
An emerging trend in the diagnostic imaging industry is the use of hybrid imaging modalities in the field of nuclear imaging. The integration of PET/CT machines has significantly improved imaging capabilities and the diagnosis of cancer. The introduction of a high-precision, low-radiation dose PET/CT machine with strong prognostic power based on value has led to a surge in the uptake of PET/CT equipment by hospitals and diagnostic centers.
For example, in October 2020, Siemens Healthineers launched the Biograph Vision Quadra, a new PET/CT scanner with a 106-cm axial PET field of view (FOV). Biograph Vision Quadra facilitates whole-body imaging from the top of the head to the thigh concurrently. The system is intended for both clinical and research purposes, with a particular emphasis on translational research that leverages scientific discoveries to create novel therapies and techniques.
In November 2021, Minfound Medical System Co., Ltd officially launched MinFound high-end ScintCare TOF PET/CT in Hangzhou, China.
Restraint: High Capital and operational costs
The high cost of purchasing and operating PET scanners can limit their availability and use in healthcare settings. The initial capital costs of PET scanners are expensive, ranging from several hundred thousand to over a million dollars, which can be a significant barrier for hospitals and medical centers with limited budgets. Moreover, PET scanners require ongoing maintenance, calibration, and repair, as well as specialized personnel to operate and interpret the results, leading to additional ongoing costs that can be significant and accumulate over time. These factors make PET scanners a costly investment for many healthcare providers. The high cost of PET scanners can make it difficult for smaller hospitals and medical centers in rural areas to purchase and operate these devices. As a result, patients in these areas may have limited access to PET scans, which can lead to delayed diagnosis and treatment.
According to national service and technology review advisory committee, the cost of capital investment for this option is projected to be more than USD 13 million, while the estimated annual operating expenses are expected to range from USD 2 to USD 3 million.
Opportunity: Increase in PET utilization for the detection of breast cancer
The use of PET scanners for breast cancer is an area of increasing opportunity, as PET imaging can provide valuable information about the extent of disease and treatment response. In breast cancer patients, PET scans can be used to evaluate the extent of the disease and the involvement of lymph nodes, as well as to detect metastases to other organs. In addition, PET scanning can be used to monitor treatment response and to detect recurrent disease. This is particularly important in patients who have undergone neoadjuvant chemotherapy, as PET scanning can help to determine the effectiveness of the treatment and guide further management decisions. The use of PET scanning in breast cancer has been shown to improve the accuracy of staging and to impact treatment decisions in a significant proportion of patients.
A systematic review and meta-analysis published in the journal Cancer Imaging in 2020 evaluated the use of PET scanning in the diagnosis and staging of breast cancer. The analysis found that PET scanning had high diagnostic accuracy for detecting both primary breast tumors and metastatic disease and was particularly useful in detecting bone and distant organ metastases.
As breast cancer incidence continues to rise globally, PET scanners have become an important tool for diagnosis and staging of the disease. PET scanning can help determine the extent and spread of cancer, which can inform treatment decisions and improve outcomes for patients. According to the world health organization in the year 2020, around 2.3 million women were diagnosed with breast cancer, resulting in approximately 685,000 deaths globally.
Challenge: Availability of alternate imaging technologies
While PET scanners are powerful diagnostic tools, they are not the only option available. Other imaging technologies, such as MRI and CT scans, can also provide valuable diagnostic information and may be more widely available and affordable. While PET scanning offers unique advantages, such as its ability to detect metabolic activity in tissues, it may not always be the most appropriate or cost-effective option for every patient. The availability of these alternate imaging technologies means that healthcare providers may need to carefully consider the best imaging modality for each individual patient, taking into account factors such as the patient's age, overall health, and the stage of their cancer.
By product, the spectroscopy segment of the positron emission tomography industry accounted for the largest share in 2022
Based on product, the global positron emission tomography market is segmented into standalone PET systems, PET/CT systems, and PET/MRI systems. In 2022, the PET/CT system segment accounted for the largest market share. The rising use of advanced instruments in oncology research and the need for better turnaround time and enhanced precision is driving the segment growth.
By end user, the hospitals and surgical centers companies segment accounted for the largest share of the positron emission tomography industry in 2022
Based on end user, the global positron emission tomography market is segmented into hospitals and surgical centers, diagnostic and imaging clinics, ambulatory surgical centers, and other end users. In 2022, hospitals and surgical centers accounted for the largest market share. The highest share of this segment is attributed to prevailing cases of chronic diseases and increased healthcare investments.
By application, the oncology applications segment of the positron emission tomography industry to register significant growth in the near future
Based on application, the global positron emission tomography market is segmented into oncology, cardiovascular, neurology, and other applications. Oncology applications register the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the advanced modalities and increasing cancer cases.
By region, North America is expected to be the largest region of the global positron emission tomography market during the forecast period
North America, comprising the US and Canada, accounted for the largest market share in 2022. Factors such as growing funding for oncology studies, increasing applications in the healthcare/medical sector, and the presence of major players in the region are driving market growth in North America.
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As of 2021, prominent players in the market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherland), Canon Inc. (Japan), Shanghai United Imaging Healthcare Co., Ltd (China), and Shimadzu Corporation (Japan).
Scope of the Positron Emission Tomography Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
USD 2.5 billion |
|
Projected Revenue by 2028 |
USD 3.5 billion |
|
Revenue Rate |
Poised to grow at a CAGR of 6.6% |
|
Market Driver |
Growing adoption of multimodal PET imaging devices |
|
Market Opportunity |
Increase in PET utilization for the detection of breast cancer |
This report categorizes the global positron emission tomography market to forecast revenue and analyze trends in each of the following submarkets:
By Product
-
PET/CT Systems
- Low Slice Scanners
- Medium Slice Scanners
- High Slice Scanners
- PET/MRI Systems
By Application
- Oncology Applications
- Neurological Applications
- Cardiovascular Applications
- Other Applications
By End User
- Hospital & Surgical Centers
- Diagnostic & Imaging Clinics
- Ambulatory Care Centers
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Rest of the World
Recent Developments of Positron Emission Tomography Industry
- In May 2021, Zionexa, a top innovator in in-vivo biomarkers for oncology and neurology, has been acquired by GE Healthcare. This acquisition will enable GE Healthcare to advance Zionexa's pipeline biomarkers, as well as the recently FDA-approved PET imaging agent, Cerianna (fluoroestradiol F-18). Cerianna can be used in conjunction with biopsy to detect estrogen receptor (ER) positive lesions, providing valuable information for treatment selection in patients with recurrent or metastatic breast cancer. The aim is to bring these biomarkers to market and promote more personalized healthcare.
- In February 2023, United Imaging, a renowned global leader in advanced medical imaging and radiotherapy equipment, participated as a Platinum partner at Arab Health 2023 held in Dubai, UAE from January 30 to February 2. They showcased an extensive range of cutting-edge medical imaging devices including the HD TOF PET/MR uPMR 790, which is capable of producing high-quality images; the uCT 960+, a 16cm detector/640 slice CT scanner that is the fastest cardiac CT scanner in the world; the uMI 780, an ultra-fast high-resolution digital PET/CT scanner; the uMR 680, a 1.5T Wide Bore MRI System with "3T-like" performance, powered by uAiFI; and the uDR 380i Pro, the most compact mobile DR system.
- In May 2022, Mediso Ltd has recently acquired Bartec Technologies Ltd, a UK-based company that specializes in providing and supporting Nuclear Medicine and Molecular Imaging equipment and accessories.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the positron emission tomography market?
The positron emission tomography market boasts a total revenue value of USD 3.5 billion by 2028.
What is the estimated growth rate (CAGR) of the positron emission tomography market?
The global positron emission tomography market has an estimated compound annual growth rate (CAGR) of 6.6% and a revenue size in the region of USD 2.5 billion in 2023.
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6 POSITRON EMISSION TOMOGRAPHY MARKET, BY PRODUCT (Page No. - 66)
The study involved four major activities in estimating the current size of the positron emission tomography market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial positron emission tomography market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the positron emission tomography market. The primary sources from the demand side include hospitals, diagnostic imaging centers, and ambulatory care centers. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2022, Tier 1 = >USD 50 billion, Tier 2 = USD 1 billion to USD 50 billion, Tier 3 = USD 500 million to USD 1 billion.
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Market Estimation Methodology
In this report, the positron emission tomography market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value. This process involved the following steps:
- Generating a list of major global players operating in the positron emission tomography market.
- Mapping annual revenues generated by major global players from the product segment (or nearest reported business unit/product category)
- Revenue mapping of major players to cover a major share of the global market share, as of 2022
- Extrapolating the global value of the positron emission tomography market industry
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global positron emission tomography market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the positron emission tomography market was validated using top-down and bottom-up approaches.
Market Definition
Positron emission tomography (PET) refers to the medical imaging technique that is used to visualize metabolic and functional processes in the body. It involves the use of a radioactive tracer, which emits positrons (positively charged particles) as it decays. PET scans help doctors diagnose and monitor a wide range of medical conditions, including cancer, heart disease, and neurological disorders.
Key Stakeholders
- PET system manufacturers, suppliers, and providers
- PET software solution providers
- Private research institutions
- Private and public hospitals
- Diagnostic centers
- Imaging centers
- Surgical centers
- Consulting firms
Objectives of the Study
- To define, describe, and forecast the positron emission tomography market based on product, type, application, enduser, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World
- To profile the key players and comprehensively analyze their market ranking and core competencies
- To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of market share and product footprint
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present global positron emission tomography market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Positron Emission Tomography Market