Positron Emission Tomography Market worth $3.5 billion | MarketsandMarkets

CHICAGO, June 13, 2023 /PRNewswire/ -- The positron emission tomography (PET) industry is poised for remarkable advancements in the near future. As a non-invasive imaging technique, PET plays a vital role in diagnosing and monitoring various diseases, including cancer, cardiovascular conditions, and neurological disorders. In the coming years, we can expect significant developments in PET technology, leading to improved image resolution, faster scanning times, and enhanced diagnostic accuracy. Advancements in radiotracer production and the emergence of novel radiopharmaceuticals will expand the range of applications for PET imaging, enabling more precise disease characterization and treatment planning. Additionally, the integration of PET with other imaging modalities, such as magnetic resonance imaging (MRI) and computed tomography (CT), will provide comprehensive and multi-dimensional insights into complex medical conditions. The growing demand for personalized medicine and targeted therapies will drive the adoption of PET imaging as an essential tool for patient-specific treatment strategies. Furthermore, advancements in data analysis and artificial intelligence (AI) algorithms will facilitate better image interpretation and quantitative analysis, enabling more precise and reliable clinical decision-making. As research and development efforts continue to accelerate, the PET industry is poised to revolutionize disease diagnosis, monitoring, and treatment, ultimately improving patient outcomes and transforming the future of healthcare.

Positron Emission Tomography Market in terms of revenue was estimated to be worth $2.5 billion in 2023 and is poised to reach $3.5 billion by 2028, growing at a CAGR of 6.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising geriatric population, various chronic diseases, and increasing healthcare expenditure increasing public-private funds and investments in emerging markets.

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Positron Emission Tomography Market Scope:

PET/CT segment of the global positron emission tomography market to register significant growth rate over the forecast period of 2023-2028

Based on the product, the global market is segmented into Standalone PET syetems, PET/CT systems, and PET/MRI systems. The PET/CT segment is anticipated to register the highest growth rate over the forecast period. The PET/CT segment accounted for the highest share of the positron emission tomography market in 2022.

Oncology segment accounted for the largest share of the positron emission tomography market, by application in 2022.

Based on application, the global market is segmented into oncology, cardiology, neurology and other applications. Oncology applications accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period. Factors such as the rising incidence of cancer cases, the growing geriatric population, and the launch of integrated modalities drive the growth of PET products.

The hospital and surgical centers segment accounted for the largest share of the positron emission tomography market, by end user, in 2022

Based on end user, the global positron emission tomography market is segmented into hospitals and surgical centers, diagnostic and imaging clinics, ambulatory surgery centers, and other end users. The hospital and surgical centers segment accounts for the largest share of the market in 2022. Factors attributing to the share of this particular are increasing funds and rising healthcare expenditure for the expansion of healthcare infrastructure are driving the growth of this segment.

The Asia Pacific market to register the highest growth in the market during the forecast period

The Asia Pacific positron emission tomography market is estimated to register the highest growth from 2023 to 2028. The top and major players in the market are expanding their manufacturing facilities in the regions of APAC. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.

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Positron Emission Tomography Market Dynamics:

Drivers:

1. Growing adoption of multimodal PET imaging devices

Restraints:

1. High Capital and operational costs

Opportunities:

1. Increase in PET utilization for the detection of breast cancer

Challenges:

1. Availability of alternate imaging technologies

Key Market Players:

As of 2022, prominent players in the positron emission tomography market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Inc. (Japan), Shanghai United Imaging Healthcare Co., Ltd (China), and Shimadzu Corporation (Japan).

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Recent Developments:

• In May 2021, Zionexa, a top innovator in in-vivo biomarkers for oncology and neurology, has been acquired by GE Healthcare. This acquisition will enable GE Healthcare to advance Zionexa's pipeline biomarkers, as well as the recently FDA-approved PET imaging agent, Cerianna (fluoroestradiol F-18). Cerianna can be used in conjunction with biopsy to detect estrogen receptor (ER) positive lesions, providing valuable information for treatment selection in patients with recurrent or metastatic breast cancer. The aim is to bring these biomarkers to market and promote more personalized healthcare.
• In February 2023, United Imaging, a renowned global leader in advanced medical imaging and radiotherapy equipment, participated as a Platinum partner at Arab Health 2023 held in Dubai, UAE from January 30 to February 2. They showcased an extensive range of cutting-edge medical imaging devices including the HD TOF PET/MR uPMR 790, which is capable of producing high-quality images; the uCT 960+, a 16cm detector/640 slice CT scanner that is the fastest cardiac CT scanner in the world; the uMI 780, an ultra-fast high-resolution digital PET/CT scanner; the uMR 680, a 1.5T Wide Bore MRI System with "3T-like" performance, powered by uAiFI; and the uDR 380i Pro, the most compact mobile DR system.
• In May 2022, Mediso Ltd has recently acquired Bartec Technologies Ltd, a UK-based company that specializes in providing and supporting Nuclear Medicine and Molecular Imaging equipment and accessories.

Positron Emission Tomography Market Advantages:

• Accurate Diagnosis: PET imaging provides detailed metabolic information and functional insights into various diseases. It allows for the early detection, staging, and evaluation of conditions such as cancer, heart disease, and neurological disorders. The ability to accurately diagnose and characterize diseases leads to timely and targeted treatment strategies, resulting in improved patient outcomes.
• Therapeutic Monitoring: PET scans enable healthcare professionals to monitor the effectiveness of treatment plans and assess disease progression. By visualizing metabolic changes within the body, PET imaging can evaluate treatment response, identify potential relapse, and guide adjustments to therapy. This allows for personalized and adaptive treatment approaches, enhancing patient care and management.
• Research and Drug Development: PET imaging plays a crucial role in clinical research and drug development. It helps researchers study disease mechanisms, evaluate new therapies, and assess drug safety and efficacy. PET imaging allows for non-invasive visualization and quantification of biological processes, aiding in the development of targeted therapies and precision medicine.
• Functional Imaging: PET scans provide functional imaging capabilities by measuring metabolic activity, blood flow, and receptor binding in tissues. This allows for a comprehensive understanding of disease physiology and enables the assessment of organ function. Functional information obtained from PET scans can guide treatment decisions and surgical planning, leading to more successful interventions.
• Molecular Imaging: PET imaging utilizes radiotracers that specifically bind to targeted molecules within the body. This molecular imaging approach enables the visualization and quantification of specific biological processes, such as tumor metabolism or neuroreceptor distribution. Molecular imaging with PET helps in characterizing disease at the molecular level, facilitating personalized medicine and advancing disease management.
• Advancements in Technology: The PET market is witnessing continuous advancements in technology, leading to improved image quality, faster scan times, and reduced radiation exposure. The integration of PET with other imaging modalities, such as CT and MRI, allows for combined anatomical and functional imaging, providing a more comprehensive diagnostic evaluation. These technological advancements enhance the clinical utility and accessibility of PET imaging.
• Potential for Personalized Medicine: PET imaging contributes to the emerging field of personalized medicine by providing quantitative and functional information specific to an individual's disease characteristics. By tailoring treatment plans based on the unique features of each patient's condition, PET imaging supports precision medicine approaches, optimizing therapeutic outcomes and minimizing unnecessary interventions.
• Growing Clinical Applications: The clinical applications of PET imaging are expanding, covering various medical specialties, including oncology, cardiology, neurology, and psychiatry. As research uncovers new uses for PET imaging, its versatility and clinical value continue to grow, opening up opportunities for broader adoption and utilization in different healthcare settings.

Overall, the advantages of the PET market lie in its ability to provide accurate diagnosis, guide treatment decisions, facilitate research and drug development, offer functional and molecular imaging capabilities, leverage technological advancements, support personalized medicine, and enable a wide range of clinical applications. These advantages position PET imaging as a valuable tool in modern healthcare, contributing to improved patient care, better outcomes, and advancements in medical knowledge.

Positron Emission Tomography Market - Key Stakeholders:

• PET system manufacturers, suppliers, and providers
• PET software solution providers
• Private research institutions
• Private and public hospitals
• Diagnostic centers
• Imaging centers
• Surgical centers
• Consulting firms

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