PET Imaging Drug Market: Current Analysis and Forecast (2023-2030)

PET (Positron Emission Tomography) imaging is a medical imaging technique that uses a radioactive tracer to visualize biochemical processes in the body. The drug used in PET imaging, also known as a radiotracer, is typically a small molecule that is labeled with a positron-emitting radionuclide, such as fluorine-18 or carbon-11. The PET imaging drug market has witnessed robust growth driven by several key factors. Technological advancements in imaging equipment, such as high-resolution PET scanners, have significantly improved the quality and accuracy of images, enhancing diagnostic capabilities. The rising prevalence of chronic diseases, including cancer and neurological disorders, has necessitated accurate disease staging and treatment monitoring, boosting the demand for PET imaging drugs.

The PET imaging drug market is expected to grow at a steady rate of around 8.5% owing to increasing instances of cancer, cardiovascular diseases, and neurological disorders. Additionally, the growing emphasis on personalized medicine has led to increased adoption of molecular imaging techniques like PET scans, enabling tailored treatment plans. Collaborations between pharmaceutical companies and research institutions have fostered the development of innovative radiotracers, further expanding the market's offerings. As medical professionals and patients recognize the value of early disease detection and precise diagnostics, the PET imaging drug market is poised for sustained growth in the coming years.

Based on radiotracer type, the market is segmented into F-18 (FDG18), Ga-68 (FAPI), and others. Amongst, Ga-68 (FAPI) category to witness considerable growth during the forecast period. Ga-68 is used to visualize amino acid metabolism in the body, making it useful for the diagnosis of certain types of cancer, such as neuroendocrine tumours. It is also used to evaluate the effectiveness of treatment for certain types of cancer. Increasing product advancements drive the growth of the market during the forecast period. For instance, in 2020, Ga-68 PSMA-11, approved by FDA and developed by Advanced Accelerator Applications that is used for prostate-specific membrane antigen (PSMA) PET imaging. it offers high-resolution images to detect prostate cancer metastases and is gaining prominence for its role in guiding treatment decisions.

On the basis of application, the market is categorized into cancer, brain disease, coronary artery disease, and others. Among these, the cancer is expected to grow at a fastest CAGR during the forecast period. This is mainly due to growing inidences of various types of cancer is major factors for the growing demand of diagnosis or treatment types which will further drive the PET imaging drug market. For instance, as per WHO, in America, nearly 1.9 million new cancer cases were diagnosed in 2021. Approximately 608,570 Americans are expected to die of cancer in 2021, which translates to about 1,670 deaths per day.

Based on end-users, the PET imaging drug market has been classified into hospitals, diagnostic centers, and others. The hospitals category is to witness higher adoption of PET imaging drug market during the forecast period. Hospitals offer comprehensive medical services, making them key providers of PET imaging services. As medical facilities increasingly integrate advanced imaging technologies, the demand for PET imaging drugs grows. Hospitals' ability to offer diverse medical specialties under one roof enhances patient convenience and fuels the market's expansion. For instance, according to the American Nuclear Society, more than 10,000 hospitals throughout the world use radioisotopes. Nearly 90% of these are used for the diagnosis of infectious diseases, cancer, neurological disorders, and other diagnostic applications.

For a better understanding of the market adoption of the PET imaging drug market industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Positron Emission Tomography (PET) PET imaging drug market has been rapidly gaining traction in the APAC region. This advanced medical imaging technique utilizes radiotracers to visualize metabolic processes in the body, aiding in the diagnosis and monitoring of various diseases. The APAC region, encompassing diverse economies like China, Japan, India, and other Asian countries, has witnessed significant growth in the adoption of PET imaging due to its accuracy and non-invasiveness. As medical technologies continue to evolve, the PET imaging drug market presents substantial growth opportunities in this dynamic region.

Some of the major players operating in the market include: ABX advanced biochemical compounds GmbH; Blue Earth Diagnostics; Cardinal Health; Eli Lilly and Company; GE Healthcare; IBA Radiopharma Solutions; Jubilant Pharma Limited; Lantheus Holdings Inc.; Yantai Dongcheng Pharmaceutical Group Co. Ltd.; Siemens Healthineers AG