Positron Emission Tomography Market
Positron Emission Tomography (PET) Market Size, Share & Industry Analysis, By Product Type (Full-Ring PET Scanners, Partial-Ring PET Scanners), By Application (Oncology, Cardiology, Neurology, Others), By End User (Hospitals, Diagnostic Centers, Research Institutes), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global Positron Emission Tomography (PET) Market is projected to grow at a CAGR of 5.8% from 2024 to 2031. The market value is expected to increase from USD XX billion in 2024 to USD YY billion by 2031.
North America dominates the market, driven by advanced healthcare infrastructure and high adoption rates of cutting-edge medical imaging technologies. Key metrics include increasing prevalence of chronic diseases, growing demand for early and accurate diagnosis, and rising investments in healthcare infrastructure.
The Positron Emission Tomography (PET) Market is constantly growing as imaging technology advances and the prevalence of cancer and neurological illnesses rises. The industry is moving towards integrated PET/CT and PET/MR systems, which provide greater diagnostic accuracy and efficiency. Furthermore, the increased usage of PET in drug research and personalized medicine is driving market growth.
Market Dynamics:
Market Trend: Integration of Artificial Intelligence in PET imaging for enhanced diagnosis
The Positron Emission Tomography (PET) industry is making a considerable shift towards the use of artificial intelligence (AI) for picture analysis and interpretation. This trend is being pushed by the demand for more precise and efficient diagnosis, as well as the increasing number of imaging data. AI algorithms are being developed to help radiologists interpret images, diagnose lesions, and quantify metabolic activity. For example, a research published in the Journal of Nuclear Medicine found that AI-assisted PET image analysis enhanced microscopic lung nodule detection by 23% when compared to traditional approaches.
Major medical imaging companies are making significant investments in artificial intelligence capabilities. Siemens Healthineers demonstrated that their AI-powered PET/CT systems may reduce scan durations by up to 50% while retaining image quality. This trend is projected to continue, with artificial intelligence (AI) playing an increasingly crucial role in boosting PET imaging diagnostic skills and radiology workflow efficiency.
Market Driver: Increasing prevalence of cancer and neurological disorders driving demand for PET scans
The increased incidence of cancer and neurological illnesses is a significant driver of the Positron Emission Tomography (PET) market. PET scans are an essential tool in modern medicine since they help with the diagnosis, staging, and monitoring of a wide range of disorders. According to the World Health Organisation, cancer is the world's second biggest cause of death, with an expected 19.3 million new cases in 2020. The figure is expected to rise to 30.2 million by 2040.
Similarly, brain illnesses such as Alzheimer's disease are becoming more common in older adults. According to the Alzheimer's Association, 6.2 million Americans had Alzheimer's disease in 2021, with that figure predicted to increase to 13.8 million by 2060. PET imaging is especially useful for detecting early-stage malignancies and neurological disorders, resulting in more timely treatment and better patient outcomes. The expanding patient population necessitates improved diagnostic imaging, which drives demand for PET scanners and related technologies, resulting in market growth.
Market Restraint: High costs associated with PET scanners and scans limiting widespread adoption
Despite the clinical benefits of PET imaging, the high cost of PET scanners and individual scans remains a substantial barrier to business growth. The initial cost of a PET scanner can range from $1.5 million to $4 million, depending on the setup and features. Furthermore, operational costs such as maintenance, radiotracer manufacture, and specialized personnel add to the total cost.
According to research conducted by the American College of Radiology, the average cost of a PET scan in the United States ranges between $1,000 and $2,000, which can be excessively expensive for many patients, especially those in locations with limited insurance coverage. PET technology is rarely used in small healthcare facilities or impoverished nations due to its high cost. According to an International Atomic Energy Agency study, PET availability varies widely over the world, with less than one PET scanner per million people in low- and middle-income nations and more than six per million in high-income ones. This financial barrier not only limits patient access to PET imaging, but it also slows industrial expansion in some sectors.
Segment Overview:
The oncology segment dominates the Positron Emission Tomography (PET) market, driven by the increasing cancer incidence and the critical role of PET in cancer management.
The oncology sector dominates the global Positron Emission Tomography (PET) market. This dominance arises from the rising global cancer burden and the critical significance of PET imaging in cancer diagnosis, staging, therapy planning, and response monitoring. PET scans, especially when paired with CT (PET/CT), provide critical information regarding tumour metabolism and spread, allowing for more precise and tailored cancer treatment.
The International Agency for Research on Cancer (IARC) predicts 19.3 million new cancer cases worldwide in 2020, rising to 28.4 million by 2040. The rising cancer incidence is pushing demand for more advanced diagnostic equipment, such as PET scanners. The oncology segment of the PET market is predicted to increase at a 6.2% CAGR from 2024 to 2031, surpassing other application groups.
PET imaging has proven to be quite helpful in certain forms of cancer. PET/CT, for example, has become a popular method for identifying lung cancer and tracking treatment progress. A research published in the Journal of Clinical Oncology found that PET/CT changed the treatment approach in 36% of non-small cell lung cancer cases when compared to traditional staging methods. Similarly, in lymphoma management, PET has become critical for assessing drug response and making treatment decisions.
Major healthcare facilities are strengthening their PET imaging capacity to satisfy rising oncology demand. For example, the Mayo Clinic reported a 15% year-over-year increase in oncology-related PET scans in 2023, indicating a growing reliance on this strategy in cancer treatment.
The oncology segment also benefits from continuing research and development initiatives to improve PET's capabilities for cancer imaging. New radiotracers targeting specific cancer biomarkers are being developed to improve tumor identification and characterisation. Prostate-specific membrane antigen (PSMA) PET imaging, for example, has demonstrated more accuracy in detecting prostate cancer than traditional imaging modalities, prompting FDA approval and quick use in clinical practice.
Regional Outlook:
North America dominates the Positron Emission Tomography (PET) market, driven by advanced healthcare infrastructure, high adoption rates of medical technologies, and significant investments in research and development.
North America dominates the global Positron Emission Tomography (PET) market, with the United States being the leading contributor. The region's market dominance is due to a number of reasons, including well-established healthcare systems, large healthcare spending, and early adoption of modern medical imaging technology.
The United States, for example, has a higher concentration of PET scanners than other countries. According to the Organisation for Economic Cooperation and Development (OECD), the United States had 6.8 PET scanners per million people in 2021, much exceeding the OECD average of 3.1. The widespread availability of PET scanners promotes higher utilization rates and market growth.
The region's strong focus on cancer research and treatment favors the PET business. According to the National Cancer Institute, roughly 1.8 million new cancer cases were reported in the United States in 2020. The increased cancer incidence, combined with PET's vital role in oncology, is driving demand for PET imaging services and equipment.
North America is also at the cutting edge of PET imaging technology. Major medical imaging businesses, like GE Healthcare, Siemens Healthineers, and Philips Healthcare, operate R&D facilities in the region and are constantly developing new PET technologies. For example, the recent development of digital PET detectors has resulted in increased image quality and quicker scan times, with several large North American institutions becoming early adopters of this technology.
The region benefits from favorable reimbursement regulations for PET scans, especially in oncology applications. PET scans are reimbursed by Medicare and many private insurance plans for a wide range of cancer diagnoses, making the technology more accessible to patients. In recent years, the Centres for Medicare and Medicaid Services (CMS) have expanded coverage for PET scans, including prostate cancer imaging, which is projected to accelerate market growth even further.
In addition, North America is pioneering the application of artificial intelligence (AI) in PET imaging. Several academic institutions and enterprises in the region are developing artificial intelligence algorithms to improve PET picture analysis and interpretation. For example, a cooperation between Massachusetts General Hospital and AI company NVIDIA resulted in an AI model capable of producing synthetic PET pictures from CT scans, potentially eliminating the need for genuine radiotracer injections in some circumstances.
Competitive Intelligence:
The global Positron Emission Tomography (PET) market is very competitive, with leading players focussing on technical innovation, strategic collaborations, and product range expansion. Major medical imaging businesses are investing extensively in R&D to bring improved PET technology to market and improve existing systems.
Siemens Healthineers AG has established itself as a PET industry leader by developing innovative PET/CT and PET/MR solutions. In fiscal year 2023, the Imaging business generated €3.4 billion in revenue, with PET systems accounting for a significant portion of that figure. Siemens' market dominance is due to their sophisticated digital PET detector technology and AI-powered picture reconstruction algorithms, which have increased image quality and shortened scan times.
GE Healthcare, a division of General Electric Company, is another significant player in the PET business. The company's PET/CT systems, particularly the Discovery MI series, have been widely used. GE Healthcare intends to generate $2.2 billion in revenue from its Molecular Imaging & Computed Tomography sector, which includes PET systems, by 2023. To strengthen its market position, the business focused on creating total-body PET systems and increasing its PET tracer range.
Koninklijke Philips N.V. has made considerable breakthroughs in the PET industry with their Vereos Digital PET/CT system. While no exact sales data for PET systems have been disclosed, the company's Diagnosis & Treatment division, which includes medical imaging, earned €8.8 billion in 2023. Philips has prioritized the development of AI-enabled PET imaging solutions, as well as the advancement of digital PET technology, to improve diagnostic accuracy and workflow productivity.
Canon Medical Systems Corporation (formerly Toshiba Medical Systems) is increasing market share for its Cartesian Prime Digital PET/CT system. Collaborations with academic institutions have helped the company extend its global presence and advance its PET technology.
Recent market trends include the increased use of digital PET detectors, which provide higher sensitivity and spatial resolution than traditional analogue systems. There is also significant interest in building total-body PET scanners, which can image the entire body at once and have the potential to transform cancer diagnosis and therapy. Furthermore, the use of AI and machine learning algorithms for picture reconstruction, analysis, and interpretation is becoming more common, with large firms investing in these technologies to improve their product offerings.
Analyst Opinion:
The Positron Emission Tomography (PET) market is at a crossroads, with opportunities for significant development and innovation in the next few years. The combination of sophisticated detector technology, artificial intelligence, and innovative radiopharmaceuticals has the potential to transform PET imaging capabilities and applications.
Total-body PET scanner development and clinical use are notable trends to keep an eye on. These technologies, which can picture the entire body at once, mark a paradigm leap in molecular imaging. The ability to perform ultra-low dose imaging, dynamic whole-body scans, and detect small lesions with greater sensitivity could boost PET's usage in oncology, drug development, and systemic sickness assessment.
Another emerging trend is the personalisation of PET imaging by the development of specific radiotracers. As our understanding of cancer biology and molecular pathways improves, we should expect to see an increase in the number of highly selective PET tracers that reveal specific disease processes or therapy targets. This conclusion is consistent with the greater push for precision medicine, and PET could play an important role in guiding treatment decisions and monitoring pharmaceutical response.
Major Players:
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Siemens Healthineers AG
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General Electric Company (GE Healthcare)
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Koninklijke Philips N.V.
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Canon Medical Systems Corporation
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Positron Corporation
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Neusoft Medical Systems Co., Ltd.
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Mediso Medical Imaging Systems
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Shimadzu Corporation
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Hitachi, Ltd.
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Bracco Imaging S.p.A.
Key Developments:
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Siemens Healthineers introduced a new AI-powered PET/CT system in October 2023, which improves lesion detection and scan speeds.
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In April 2024, GE Healthcare signed a strategic agreement with a well-known radiopharmaceutical company to develop new PET tracers for neurological illnesses.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Siemens Healthineers AG
5.2. General Electric Company (GE Healthcare)
5.3. Koninklijke Philips N.V.
5.4. Canon Medical Systems Corporation
5.5. Positron Corporation
5.6. Neusoft Medical Systems Co., Ltd.
5.7. Mediso Medical Imaging Systems
5.8. Shimadzu Corporation
5.9. Hitachi, Ltd.
5.10. Bracco Imaging S.p.A. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of Artificial Intelligence in PET imaging for enhanced diagnosis
6.1.2. Development of total-body PET scanners
6.1.3. Growing adoption of digital PET detector technology
6.2. Market Drivers
6.2.1. Increasing prevalence of cancer and neurological disorders driving demand for PET scans
6.2.2. Technological advancements improving PET imaging capabilities
6.2.3. Expanding applications of PET in drug development and personalized medicine
6.3. Market Restraints
6.3.1. High costs associated with PET scanners and scans limiting widespread adoption
6.3.2. Shortage of skilled radiologists and nuclear medicine specialists
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Full-Ring PET Scanners
7.1.1. Standalone PET
7.1.2. PET/CT
7.1.3. PET/MR
7.2. Partial-Ring PET Scanners
7.2.1. Brain PET
7.2.2. Dedicated breast PET
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Oncology
8.1.1. Lung cancer
8.1.2. Breast cancer
8.1.3. Colorectal cancer
8.1.4. Other cancers
8.2. Cardiology
8.2.1. Myocardial perfusion
8.2.2. Cardiac viability
8.3. Neurology
8.3.1. Alzheimer's disease
8.3.2. Parkinson's disease
8.3.3. Epilepsy
8.4. Others
8.4.1. Infection and inflammation
8.4.2. Musculoskeletal disorders
9. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Hospitals
9.1.1. Public hospitals
9.1.2. Private hospitals
9.2. Diagnostic Centers
9.2.1. Standalone imaging centers
9.2.2. Multispecialty clinics
9.3. Research Institutes
9.3.1. Academic research centers
9.3.2. Pharmaceutical R&D facilities
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Product Type:
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Full-Ring PET Scanners
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Partial-Ring PET Scanners
By Application:
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Oncology
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Cardiology
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Neurology
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Others
By End User:
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Hospitals
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Diagnostic Centers
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Research Institutes
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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