Positron Emission Tomography (PET) Market

Positron Emission Tomography (PET) Market Overview:

The global positron emission tomography (PET) market size reached US$ 1,196.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,934.9 Million by 2032, exhibiting a growth rate (CAGR) of 5.33% during 2024-2032. Significant advancements in imaging technology, the rising prevalence of chronic diseases, and the expanding healthcare infrastructure due to the extensive demand for precision medicine represent some of the key factors driving the growth of the market.

Positron Emission Tomography (PET) Market Analysis:

• Major Market Drivers: The main factor that is pushing the market is the growing number of chronic diseases like cancer and Alzheimer’s disease, which demand advanced imaging technologies for diagnosis and monitoring. The rising demand for personalized medicine and targeted therapies is also a great factor that contributes to the PET scans' importance in the exact evaluation of the metabolic and physiological processes in the body. Moreover, the development of molecular imaging technology, along with the application of AI and machine learning, improves the PET scan capabilities, which leads to the increased usage of PET scans in the fields of clinical diagnostics and research.
• Key Market Trends: A major trend in the PET market is the creation of hybrid imaging systems like PET/CT and PET/MRI which offer the synthesis of metabolic and anatomical data to provide more complete diagnostic information. Besides the existing radiotracers are also being designed to be more specific for different diseases, this will lead to an increase in the accuracy of diagnosis. The transition towards the least invasive diagnostic methods encourages the market growth since these methods offer essential data with less patient pain than traditional methods. Moreover, the wider application of PET in the fields of cardiology and neurology is expanding the market.
• Geographic Trends: North America accounts for the largest region in the PET market due to the advanced healthcare infrastructure, the high healthcare spending, and the early adoption of new technologies. The region has a high rate of cancer and heart diseases, hence the need for PET scans becomes very important as a method of detecting these diseases. USA healthcare policies and big investments in research and development are the key factors in the increased use of advanced imaging systems. Besides, the fact that the US and Europe have the most pharmaceutical and biotechnology companies that are working with the imaging companies to improve the drug development processes, North America is again confirming its leadership in the global PET market.
• Competitive Landscape: Some of the major market players in the positron emission tomography (PET) industry include Agfa Healthcare (Dedalus Group), GE Healthcare, Koninklijke Philips NV, Neusoft Medical Systems, Positron Corporation, Oncovision (Bruker), Mediso Medical Imaging Systems Ltd., Siemens Healthineers AG, Segami Corporation, Hitachi Ltd., among many others.
• Challenges and Opportunities: The PET market has problems such as high costs for PET scans and low reimbursement that can cut the market growth. There are technical problems in producing and maintaining the radiopharmaceuticals. There is a need for specialized facilities and personnel. However, these difficulties provide the chance for the creation of new ideas in cost-cutting and efficiency improvement. The growth of PET in therapy monitoring and the efficacy of treatment assessment, especially in emerging markets, is the main factor of growth opportunity. Besides, improvements in radiotracer chemistry and imaging technology are the factors that will make PET an indispensable tool in modern medicine and will thus, also, expand its applications.
   

Positron Emission Tomography (PET) Market Trends:

Increasing Brain Disorder Cases

The growing brain disorders cases are the main factor for the development of the positron emission tomography (PET) market. Brain disorder is a disease that disturbs the brain's usual working due to illness, genetics, or traumatic injury. The PET scans employ a radioactive substance called a tracer which can display both the normal and the abnormal metabolic activity in the brain. It also checks the brain activities, disease developments, and reactions to the treatment and makes the diagnoses of the conditions that are invisible on other types of imaging. According to the Alzheimer's Association, a US-based non-profit organization, as of 2022, an estimated 6.7 million Americans aged 65 and older are living with Alzheimer's dementia. Further, it is expected to increase to 13.8 million by 2060.

Increasing Incidences of Alzheimer's Disease

The rising trends of Alzheimer's disease are boosting the development of the positron emission tomography (PET) market. Alzheimer's disease is a dementia that results in difficulties with cognition, memory, and behavior. The symptoms slowly but surely increase to the point where they become so severe that they interfere with normal daily activities. The accumulation of the abnormal amyloid protein in the brain's cortex, which is one of the primary signs of Alzheimer's disease, is what a PET scan can detect. For instance, in March 2023, according to the Alzheimer's Association, a US-based organization that provides care, support, and research for those with Alzheimer's, in 2023, approximately 6.7 million Americans aged 65 and over were diagnosed with Alzheimer's disease. Alzheimer's disease affects about one in every nine adults aged 65 and over (10.7%).

Revolutionizing PET Scans

Large firms in the PET market are coming up with new products by introducing new technologies like the Optiso Ultra Dynamic Range (UDR) detector technology to provide their customers with reliable services. The Optiso Ultra Dynamic Range (UDR) detector is a new generation of PET detector that combines several technologies to deliver maximum performance in a large range of count rates, thus, increasing the image quality and diagnostic accuracy of PET scans, especially for patients with high-activity tracers. For instance, in June 2023, Siemens Healthineers AG, a Germany-based provider of healthcare solutions and services, launched Biograph Vision X, a next-generation positron emission tomography/computed tomography (PET/CT) scanner. It has been developed with Optiso Ultra Dynamic Range (UDR) detector technology, which uses silicon photomultipliers (SiPMs), which enables the use of small 3.2 mm x 3.2 mm lutetium oxyorthosilicate (LSO) crystal elements to deliver higher spatial resolution than larger crystals and provides a time of flight (TOF) of 178 picoseconds (PS).

Positron Emission Tomography (PET) Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type, detector type, application, and end-user.

Breakup by Product Type:

• Full-Ring PET Scanners
• Partial-Ring PET Scanners
   

The report has provided a detailed breakup and analysis of the market based on the product type. This includes full-ring pet scanners and partial-ring pet scanners.

Full-ring PET scanners are the ones that have a ring of detectors around the area of interest that encompasses the whole body of the patient while at the same time the patient is able to have the continuous, simultaneous acquisition of high-resolution images from all angles around the subject. They are widely used in cancerology for tumor detection, the monitoring of the response to therapy, and the radiation treatment planning. Besides, they are also used in cardiology, neurology, and other medical fields that have the best imaging capabilities. The need for full-ring PET scanners is caused by the fact that they can provide the total information about the body that is required for proper treatment planning and patient care.

Besides this, partial-ring PET scanners are composed of a group of detectors that do not complete a circle, therefore, it has some limitations in image quality and uniformity in comparison to the full-ring PET scanners. Moreover, partial-ring scanners are recognized for their affordability and are usually smaller, hence they fit well into spaces that are small or inadequate financially. They are used in many clinical settings; however, their uses might be limited because of the narrow field of view and the possibility of the images being distorted.

Breakup by Detector Type:

• Bismuth Germanium Oxide (BGO)
• Lutetium Oxyorthosilicate (LSO)
• Lutetium Fine Silicate (LFS)
• Lutetium Yttrium Orthosilicate (LYO)
• Gadolinium Oxyorthosilicate (GSO)
   

A detailed breakup and analysis of the market based on the detector type. This includes bismuth germanium oxide (BGO), lutetium oxyorthosilicate (LSO), lutetium fine silicate (LFS), lutetium yttrium orthosilicate (LYO), and gadolinium oxyorthosilicate (GSO).

The Bismuth Germanium Oxide (BGO) detectors have high stopping power and are capable of detecting gamma photons which makes them the most suitable for high-resolution PET imaging. They have been the mainstay of PET systems because of their steadfastness and the performance they deliver. BGO detectors have an energy resolution that is quite good, and they are especially effective in detecting high-energy photons thus they are very reliable for the various clinical and research applications in PET imaging.

LSO detectors are the preferred PET systems' choice nowadays because of their fast scintillation decay time which in turn allows for high count rates and good timing resolution which are the prerequisites for the time-of-flight PET imaging. They offer high light output and excellent energy resolution; hence, they ensure the images are of very high quality.

LFS is a newly introduced type of detector that is renowned for its scintillation properties that are quite like LSO, which include fast decay times and high photon yield. The following features support the fact that LFS is a good choice for high-resolution PET imaging and TOF applications.

Lutetium Yttrium Orthosilicate (LYO) is a variety of the LSO detector, which has yttrium instead of lutetium in its composition, thus changing its scintillation properties. Besides, the use of yttrium will enable the crystal to be tuned for the specific imaging tasks that may be needed for PET which will, in turn, improve the timing resolution or the light output of the detector and this will be useful to the specialized PET applications which require the tailor-made detector characteristics.

Gadolinium Oxyorthosilicate (GSO) detectors are famous for their stable scintillation properties and their ability to withstand various challenges, hence they always work well in PET imaging. They provide the right mix of stopping power and resolution, which makes them ideal for many PET applications.

Breakup by Application:

• Cardiology
• Neurology
• Oncology
• Others
   

Oncology represents the leading market segment

The report has provided a detailed breakup and analysis of the market based on the application. This includes cardiology, neurology, oncology, and others. According to the report, oncology represented the largest segment.

The oncology sector is the most important part of the PET market since the number of PET scans for cancer treatment is growing. PET imaging is outstanding in the detection of cancer, the monitoring of the treatment effectiveness, the evaluation of the therapy responses, and the finding of recurrences. It covers in depth all the aspects of tumor metabolism, staging, and metastasis, which are of the utmost importance to the development of individualized treatment strategies. The extensive use of PET in oncology is due to the increasing global cancer burden and the continuous improvement in PET technology, which, in turn, makes its accuracy and diagnostic capabilities better.

Breakup by End-User:

• Hospitals and Clinics
• Diagnostic Centers
• Others
   

A detailed breakup and analysis of the market based on the end-user. This includes hospitals and clinics, diagnostic centers, and others.

Hospitals and clinics are applying these modern imaging systems to give patients the most thorough diagnosis and treatment. Besides, PET scanners are the key to finding out many diseases, like cancer, heart disorders, and neurological problems. The purposes of these tools are to allow the physicians to correctly determine the stage of cancer, to check the treatment effectiveness, and to evaluate the patient's reactions to the therapy. Moreover, hospitals and clinics usually combine PET imaging with other diagnostic methods like CT or MRI, therefore the diagnostic accuracy is improved, and the treatment of the patients is better, thus they are the centers for advanced medical imaging.

Diagnostic centers are the buildings that are made for imaging and early detection of diseases and where PET technology is a major component. The outpatient centers are the places where patients can get their imaging done in high quality which helps in the early detection, stage, and monitoring of various diseases, especially cancers. Apart from this, the other part comprises research institutions, academic centers and small private practices that use PET imaging to boost the diagnostic process and provide high-level services to their patients, thus contributing to the whole PET market growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America is leading the PET market, mainly because of the sophisticated healthcare system, the high levels of healthcare spending, and the strong influence of the major medical technology firms. Also, the region is the extra booster to market growth through the introduction of government initiatives that are beneficial for the growth of the market, research and development (R&D) activities, and the popularity of advanced imaging technologies. The United States market is being expanded by its better healthcare system, continuous investments in nuclear medicine, and the growing number of chronic conditions that require PET imaging.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have been provided. Some of the major market players in the positron emission tomography (PET) market include Agfa Healthcare (Dedalus Group), GE Healthcare, Koninklijke Philips NV, Neusoft Medical Systems, Positron Corporation, Oncovision (Bruker), Mediso Medical Imaging Systems Ltd., Siemens Healthineers AG, Segami Corporation, Hitachi Ltd., etc.

The PET market's leading players are involved in partnerships, technological inventions, and the extension of their product lines to boost their market position. They aim to create the next generation of PET imaging technologies that are characterized by better resolution, speed, and patient comfort. On the other hand, these firms are also spending a lot on research and development to combine AI and machine learning for image analysis which, in turn, improves diagnostic accuracy. Besides, they are also extending their area of operation via the negotiation of partnerships, mergers, and acquisitions, to enter the emerging markets and meet the increasing demand for effective diagnostic solutions.

Positron Emission Tomography (PET) Market Latest News:

• In May 2024, Canon Medical Systems proudly announces the debut installation of the Aquilion Serve SP CT scanner with INSTINX, AI-driven workflow automation, in the United States at Steinberg Diagnostic Medical Imaging (SDMI), Las Vegas, NV. The Aquilion Serve SP CT scanner combines top-tier imaging capabilities with enhanced efficiency, consistency, and throughput, setting a new standard in medical imaging technology.
• In November 2024, Positron Corporation, a leading molecular imaging medical device company offering PET imaging systems and clinical services, welcomed A prominent cardiovascular practice in Pennsylvania as a new customer utilizing Postiron’s Attrius PET System and services.

Positron Emission Tomography (PET) Market Report Scope:

Key Questions Answered in This Report:

• How has the positron emission tomography (PET) market performed so far, and how will it perform in the coming years? 
• What has been the impact of COVID-19 on the positron emission tomography (PET) market? 
• What is the breakup of the positron emission tomography (PET) market on the basis of product type? 
• What is the breakup of the positron emission tomography (PET) market on the basis of detector type? 
• What is the breakup of the positron emission tomography (PET) market on the basis of application?
• What is the breakup of the positron emission tomography (PET) market on the basis of end user?
• What are the various stages in the value chain of the positron emission tomography (PET) market?
• What are the key driving factors and challenges in the positron emission tomography (PET) market?
• What is the structure of the positron emission tomography (PET) market, and who are the key players?
• What is the degree of competition in the positron emission tomography (PET) market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the positron emission tomography (PET) market from 2018-2032.        
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global positron emission tomography (PET) market. 
• The study maps the leading, as well as the fastest-growing, markets. It further enables stakeholders to identify the key country-level markets within the region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the positron emission tomography (PET) industry and its attractiveness.        
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.