The Global Report Positron Emission Tomography Market is experiencing significant growth, with estimated revenue reaching $2.5 billion in 2023 and projected to reach $3.5 billion by 2028. This growth is fueled by a robust compound annual growth rate (CAGR) of 6.6% from 2023 to 2028. A new research study has been conducted to analyze the industry trends in the PET market, encompassing various aspects such as pricing analysis, patent research, insights from conferences and webinars, identification of key stakeholders, and an in-depth understanding of buying behavior in the market.
One of the key drivers of this growth is the increasing number of research grants. The PET market is witnessing a surge in funding, facilitating advancements in technology, and promoting the development of new diagnostic and therapeutic applications. Additionally, the rising prevalence of chronic diseases worldwide is contributing to the expansion of the PET market. PET's ability to provide accurate and early detection of diseases like cancer, cardiovascular conditions, and neurological disorders has made it a crucial tool in the medical community.
The research study also explores various industry trends and analyzes pricing strategies, allowing stakeholders to make informed decisions about their products and services. Moreover, the examination of patents provides insights into the innovative developments within the PET sector and can potentially foster further advancements.
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Key Market Players:
As of 2022, prominent players in the positron emission tomography market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Inc. (Japan), Shanghai United Imaging Healthcare Co., Ltd (China), and Shimadzu Corporation (Japan).
Positron Emission Tomography Market Dynamics:
Drivers:
- Growing adoption of multimodal PET imaging devices
Restraints:
- High Capital and operational costs
Opportunities:
- Increase in PET utilization for the detection of breast cancer
Challenges:
- Availability of alternate imaging technologies
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The positron emission tomography (PET) market is expected to experience significant growth over the forecast period of 2023-2028. Among the different product segments, PET/CT systems are anticipated to register the highest growth rate. In 2022, the PET/CT segment accounted for the largest share of the market.
PET/CT segment of the global positron emission tomography market to register significant growth rate over the forecast period of 2023-2028
Based on the product, the global market is segmented into Standalone PET syetems, PET/CT systems, and PET/MRI systems. The PET/CT segment is anticipated to register the highest growth rate over the forecast period. The PET/CT segment accounted for the highest share of the positron emission tomography market in 2022.
Oncology segment accounted for the largest share of the positron emission tomography market, by application in 2022.
Based on application, the global market is segmented into oncology, cardiology, neurology and other applications. Oncology applications accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period. Factors such as the rising incidence of cancer cases, the growing geriatric population, and the launch of integrated modalities drive the growth of PET products.
The hospital and surgical centers segment accounted for the largest share of the positron emission tomography market, by end user, in 2022
Based on end user, the global positron emission tomography market is segmented into hospitals and surgical centers, diagnostic and imaging clinics, ambulatory surgery centers, and other end users. The hospital and surgical centers segment accounts for the largest share of the market in 2022. Factors attributing to the share of this particular are increasing funds and rising healthcare expenditure for the expansion of healthcare infrastructure are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific positron emission tomography market is estimated to register the highest growth from 2023 to 2028. The top and major players in the market are expanding their manufacturing facilities in the regions of APAC. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.
Recent Developments:
- 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.
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