Positron Emission Tomography Market Forecasts to 2030 - Global Analysis By Product (Radiotracers, Positron Emission Tomography (PET) Scanners, Radiopharmaceuticals and Other Products), Application, End User and By Geography

According to Stratistics MRC, the Global Positron Emission Tomography Market is accounted for $1.5 billion in 2023 and is expected to reach $2.7 billion by 2030 growing at a CAGR of 8.6% during the forecast period. A nuclear medicine and biochemical analysis technique called "positron emission tomography" (PET) is used to measure the metabolic activity of cells. Through an intravenous (IV) line, a small quantity of radioactive glucose, or sugar, is injected into the patient's vein. PET scans are mostly utilized in oncology, where they help with cancer identification, staging, and therapy monitoring by allowing the imaging and assessment of metabolic activity in tissues. PET scans help physicians identify problems and evaluate the effectiveness of treatment by providing precise images of physiological processes at the molecular level through the use of radioactive tracers.

According to the World Nuclear Association April 2022 update, around 40 million nuclear medicine procedures are performed each year, and demand for radioisotopes is increasing by up to 5% annually.

Market Dynamics:

Driver:

Rising incidence of cancer

The need for sophisticated diagnostic instruments has increased as cancer incidence is rising, especially in elderly people. PET imaging is vital to oncology because of its popularity for identifying molecular-level metabolic activity. By offering extensive knowledge of the metabolic processes of tissues, it facilitates accurate cancer diagnosis, staging, and therapy response monitoring. Moreover, PET scans are a vital tool that oncologists can use to adapt therapies depending on the needs of each patient as healthcare systems throughout the world grapple with the rising incidence of cancer.

Restraint:

High capital cost

PET scanners have become costly for many healthcare facilities, especially those with limited resources, due to the significant financial outlays required for their purchase, setup, and maintenance. This high capital cost is a result of the sophisticated technology and particular components needed for PET imaging, which restricts the availability of PET scans for patients and healthcare providers. However, the cost burden extends beyond the original purchase and includes continuing expenditures for radiopharmaceutical supply, equipment maintenance, and qualified worker training.

Opportunity:

Growing emphasis on personalized medicine

PET is essential to the paradigm shift in medical care, which is shifting more and more toward customized and tailored therapies. PET imaging offers vital information on the distinct molecular features of diseases, enabling an improved understanding of how each patient will respond to treatment. PET helps doctors identify the most effective treatments and track their effects by allowing them to witness metabolic activity at the molecular level. In addition to improving diagnostic precision, this individualized approach helps develop more focused and effective therapies that minimize adverse effects and maximize outcomes for patients.

Threat:

Limited accessibility of cyclotrons

Short-lived radioisotopes, like fluorine-18, are generated in cyclotrons and are crucial for PET imaging. However, cyclotron accessibility and availability are frequently limited, especially in certain geographical areas or medical facilities. The installation and operation of cyclotrons require expensive and sophisticated infrastructure, which makes it difficult to establish PET imaging centers in places where these resources are limited. In addition to impeding the further integration of PET technology, this restriction on cyclotron accessibility creates logistical difficulties in ensuring an ongoing supply of radiopharmaceuticals.

COVID-19 Impact:

Healthcare services were disrupted as a result of the epidemic, and controlling and restricting the virus gained precedence. Several non-urgent medical procedures-such as certain diagnostic imaging studies-were canceled or postponed in order to use resources more effectively for pandemic-related initiatives. This resulted in a brief decrease in demand for the routine use of PET scans for a variety of medical disorders. PET imaging services' accessibility was further limited by supply chain problems, logistical difficulties, and patient mobility limitations. Healthcare systems faced difficulties adhering to regular maintenance schedules and delays in the installation of new PET equipment as they adjusted to the changing pandemic environment.

The radiotracers segment is expected to be the largest during the forecast period

Radiotracers segment is expected to be the largest during the forecast period. Short-lived radioactive chemicals, or radiotracers, are essential parts of PET imaging that make the body's metabolic activities accessible. The growing need for a variety of specific radiotracers is a result of the growing uses of PET in oncology, cardiology, and neurology, among other medical specialties. Moreover, novel tracers have been developed as a result of developments in radiopharmaceutical research and development, improving diagnostic precision and broadening the application of PET imaging.

The cardiology segment is expected to have the highest CAGR during the forecast period

Cardiology segment is expected to have the highest CAGR. PET imaging is becoming more and more popular in cardiology due to its incredible ability to offer high-resolution, functional insights into heart metabolism and blood flow. When it comes to the detection and treatment of cardiovascular diseases, including myocardial infarction and coronary artery disease, this technology is essential. Moreover, because PET may provide comprehensive information about heart function, viability, and perfusion, it is highly sought after in cardiology. This information helps doctors make timely and precise decisions regarding patient care.

Region with largest share:

Asia Pacific region dominated the largest share. PET imaging use is being aided by the region's expanding healthcare infrastructure and rising medical technology investments. Growing rates of chronic illnesses, such as cancer and heart problems, are driving up the need for sophisticated diagnostic instruments, of which PET is an essential component. Governments around Asia-Pacific are promoting the incorporation of cutting-edge imaging technologies as a means of enhancing healthcare quality and accessibility.

Region with highest CAGR:

Due to factors including the growing need for precision diagnostics and the technological improvements in PET imaging for oncology and advanced diagnostic applications, the North American region is projected to have lucrative growth. Significant market growth in the region is also anticipated due to the increasing incidence of cancer cases, including prostate and breast cancer. For instance, according to the American Cancer Society's 2022 forecast, 1,918,030 new cases of cancer are expected in the United States in 2022.

Key players in the market:

Some of the key players in Positron Emission Tomography market include GE Healthcare, Philips Healthcare, Toshiba Corporation, Hitachi, Ltd, Rigaku Corporation, Siemens Healthineers, Positron Corporation, Medtronic plc, PerkinElmer, Inc., Eckert & Ziegler Group, Naviscan, Inc., Cubresa Inc, Raycan Technology Co., Ltd, CMR Naviscan Corporation, Navidea Biopharmaceuticals and Rotem Industries Ltd.

Key Developments:

In August 2022, Positron Corporation, a nuclear medicine PET imaging device system and clinical services company, purchased its first PET-CT system and was on its way from its partner Neusoft Medical Systems. Positron's "Affinity PET-CT" system is on its way from China to its validation partner in the United States.

In July 2022, Radialis Inc. received clearance to market the Radialis PET Imager, an organ-targeted positron emission tomography (PET) system, in the United States. The advanced sensitivity of the Radialis PET Imager to radiotracer enables the system to produce functional images with high spatial resolution, expanding the insight available from molecular imaging.

Products Covered:

• Radiotracers
• Positron Emission Tomography (PET) Scanners
• Radiopharmaceuticals
• Other Products

Applications Covered:

• Neurology
• Cardiology
• Infectious Diseases
• Oncology
• Pulmonary Disorders
• Research and Drug Development
• Other Applications

End Users Covered:

• Specialty Clinics
• Cancer Treatment Centers
• Diagnostic Centers
• Hospitals
• Radiology Centers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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