Positron Emission Tomography Market size is set to grow by USD 725.97 mn from 2024-2028,increasing prevalence of chronic conditions worldwide boost the market- Technavio

NEW YORK, April 3, 2024 /PRNewswire/ -- The global positron emission tomography market size is estimated to grow by USD 725.97 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.97% during the forecast period. The global Positron Emission Tomography (PET) market is projected to grow due to the rising prevalence of chronic conditions, particularly cancer, cardiovascular diseases, and neurological diseases. The incidence of these diseases is increasing, driving demand for diagnostic imaging products like PET scanners. Key trends include product launches, advances in radioisotopes and imaging systems, and oncology applications for staging, treatment selection, and biopsy. Factors influencing market dynamics include changes in healthcare provider bargaining power and technological innovations.

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Segment Overview

This positron emission tomography market report extensively covers market segmentation by Type (PET-CT, PET-MRI) Application (Oncology, Cardiology, Neurology) Geography (North America, Europe, Asia, Rest of World (ROW))

Market segmentation by Type

The Positron Emission Tomography (PET) market is witnessing significant development and projections, driven by the increasing demand for advanced PET-CT systems. These integrated imaging devices offer a comprehensive view of organ function by combining the functional information from radioactive isotopes in PET with the detailed anatomical images from CT. Healthcare providers are increasingly preferring PET systems due to their effectiveness in oncology applications, including staging, treatment selection, and biopsy. Key developments in the PET-CT market include product launches, advances in radioisotope technology, and improvements in field of view and visualization. The use of biomarkers in PET imaging is a promising approach, enabling early detection and monitoring of diseases. The growing list of oncology applications, including estrogen receptor status assessment and radiotherapy planning, further strengthens the market's position. Despite the market's progression, challenges remain, such as the bargaining power of healthcare providers and the threat from alternative imaging modalities like magnetic resonance imaging. The use of short-lived radioisotopes and the need for specialized expertise and infrastructure add to the complexity of the market. Siemens and other leading players continue to innovate, launching new products and pushing the boundaries of PET-CT technology.

Geography Overview

The Positron Emission Tomography (PET) market in North America experiences significant growth due to the introduction of advanced PET scanners and the rising number of cancer cases. These imaging devices provide precise images of the body, enabling early disease detection and effective treatment selection. Radiopharmaceuticals, which are essential for PET scans, undergo continuous development, leading to improvements in accuracy and the detection of even small lesions. Breast cancer, among other diseases, significantly contributes to the market's growth. Healthcare infrastructure, expertise in genomics research, and access to advanced technologies in North America strengthen the market's position. Key developments include the integration of PET with Computed Tomography (CT) and advancements in radioisotopes and their half-life. Healthcare providers seek high-quality PET imaging devices and services to enhance patient care and improve treatment outcomes. The market's projections reflect changes in disease prevalence, oncology applications, and staging effectiveness. Threats to market growth include bargaining power of customers and events that impact the availability of radioactive isotopes. Siemens and other leading companies dominate the market with their innovative PET systems.

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• The Positron Emission Tomography (PET) market has witnessed notable advancements, with Time-of-Flight (TOF) and High-Resolution PET scanners leading the way. TOF PET improves localization and resolution, while High-Resolution PET offers finer imaging details. These innovations enhance diagnostic accuracy in oncology applications, enabling better staging, treatment selection, and biopsy. Siemens and other manufacturers continue to launch new products, focusing on organ function visualization, biomarkers, and radiotherapy planning.
• The Positron Emission Tomography (PET) market faces growth challenges due to high costs in manufacturing medical equipment, particularly PET scanners. With an average cost ranging from USD70,000 to USD300,000, these expenses burden patients and healthcare providers. Applications in oncology, neurology, and cardiology drive demand for PET imaging, but high costs limit access to these essential diagnostic tools. Advancements in radiopharmaceuticals and services aim to improve accuracy and reduce costs.

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Research Analysis

The Positron Emission Tomography (PET) market is a significant segment of the medical imaging technology industry, playing a crucial role in cancer diagnosis and treatment planning in healthcare settings. This diagnostic equipment utilizes radiopharmaceuticals, which are radioactive isotopes, to identify metabolic processes in the body. Hospitals and research institutions employ PET scanners in various fields, including oncology, neurology, and cardiology, to diagnose and monitor diseases. The technology's ability to detect radioactive signals emitted from the body provides valuable insights into the structure and function of organs and tissues, contributing to more accurate diagnoses and effective treatment strategies. The advancements in PET technology continue to drive innovation in healthcare, particularly in the fields of radioactive isotopes and diagnostic equipment.

Market Research Overview

The Positron Emission Tomography (PET) market is experiencing significant growth due to the increasing demand for advanced diagnostic imaging technologies. PET scans utilize radioactive isotopes to produce detailed images of the body, enabling early detection and accurate diagnosis of various diseases, including cancer and neurological disorders. The market is driven by factors such as technological advancements, rising healthcare expenditures, and an aging population. In addition, the growing preference for non-invasive diagnostic procedures and the increasing number of research studies on PET imaging are further fueling market growth. The market is projected to expand at a robust CAGR during the forecast period, with major players focusing on product innovation and strategic collaborations to strengthen their market position. The global PET market encompasses various components, including PET scanners, tracers, and imaging agents, with each segment exhibiting promising growth opportunities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• PET-CT
• PET-MRI
• Application
• Oncology
• Cardiology
• Neurology
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio