Global Positron-Emission Tomography (PET) Market - 2022-2029

Global Positron-Emission Tomography (PET) Market - 2022-2029

Market Overview

Positron-Emission Tomography (PET) Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 4.78% during the forecast period (2022-2029).

Positron-Emission Tomography (PET) is a nuclear medicine functional imaging technique used to observe the metabolic process in the body as an aid to the diagnosis of disease. PET offers significant advantages, including excellent contrast and resolution and reduced ionizing radiation, compared to well-established PET.

Market Dynamics

The positron-emission tomography (PET) market is growing due to several factors, such as rising demand for PET analysis in radiopharmaceuticals, technological advancements in pet imaging, and rising incidence of various chronic diseases.

The growing research and market developments are fueling global market growth.

Positron Emission Tomography (PET) enables a high resolution and high-sensitivity measurement of the biological system's functional processes. The latest advancements in biology and radio-chemistry allowed for the utilization of PET for studying a large number of functional processes. Furthermore, the growing research and market developments are fueling the global market growth; for instance, on July 20, 2022, Blue Earth Diagnostics, a Bracco company and recognized leader in the development and commercialization of innovative PET radiopharmaceuticals published the results of two retrospective studies for the evaluation of Axumin (fluciclovine F 18) use for PET imaging in men with biochemical recurrence of prostate cancer who were undergoing androgen deprivation therapy (ADT) and both of which showed that there was no difference in Axumin performance and that the length of time on ADT did not influence Axumin detection rates. Moreover, on July 19, 2022, Radialis Inc. received approval from US FDA to market the Radialis PET Imager, an organ-targeted positron emission tomography (PET) system in the United States market.

The lack of proper reimbursement policies is hampering the global market growth.

Lack of proper reimbursement policies causes rejection of payer’s reimbursement for PET and SPECT procedures globally; also, the short half-life of radiopharmaceuticals makes the whole procedure cost ineffective, slowing the global market growth.

Industry analysis

The global positron-emission tomography (PET) market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing, Etc.

Segment Analysis

The oncology segment is predicted to dominate the global market during the forecast period (2022-2029).

The oncology segment subjugated the market in 2021, as positron emission tomography (PET CT) is an effective nuclear imaging technique used to confirm the presence of various cancers. In oncology, PET (positron emission tomography) uses FDG (18Fluorine-2-fluoro-2-Deoxy-d-glucose) as the radiopharmaceutical, demonstrating the increased metabolism by malignant cells when compared to that of normal cells. With the rising incidence of cancer globally, the demand for advanced imaging techniques is growing, resulting in market growth. Oncology accounts for more than 80% of the PET and PET/CT procedures performed, whereas cardiology and neurology account for about 5% each. Furthermore, the growing incidence of cancer globally is driving the dominance of the oncology segment over the global market. For instance, the statistics from the Global Cancer Observatory indicate that in 2020, there were 19,292 789 new cases of all types of cancer, and a total of 9,958,133 deaths were because of different types of cancer. Thus, the need for early diagnosis and treatment of cancer cases has enhanced PET scanners' usage and led to market growth.

Geographical Analysis

North America is estimated to subjugate the global positron-emission tomography (PET) market.

North America dominated the positron-emission tomography (PET) market in 2021 and is expected to maintain the growth over the forecast period (2022-2029), increasing the prevalence of cancer in the United States, rising number of PET scans, and the introduction of new devices for the imaging by manufacturers. The volume of PET procedures in the United States is approximately two million per year. Because of the increasing cases of chronic diseases and cancer in the United States. For instance, according to the National Cancer Institute, in 2020, over 1,806,590 new cancers and 606,520 cancer deaths were registered. In addition, as per the American Cancer Society, in 2021, nearly 1.9 million new diagnoses and 608,570 deaths were registered. Also, according to the CDC's prediction, by 2040, there will be 29.5 million cancer diagnoses. Furthermore, the presence of key market players that hold a major market share, such as Positron Corporation, Segami Corporation, Naviscan Inc, MedX Holdings Inc. and GE Healthcare, ensure the command of North America over the global market.

Competitive Landscape

The market's major key players are Some of the major manufacturers in the positron-emission tomography (PET) market are GE Healthcare, Philips Healthcare, Siemens Healthcare, Positron Corporation, Segami Corporation, Spectrum Dynamics Ltd., Naviscan Inc, MedX Holdings Inc., United Imaging, Neusoft Medical Systems, among others. The key players are adopting various growth strategies such as new product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the global positron-emission tomography (PET) market. For instance, on August 09, 2022, GE Healthcare collaborated with Nex Cubed to select six digital health start-ups for the inaugural Edison Accelerator in Canada. Also, on April 01, 2022, GE Healthcare inaugurated its new manufacturing plant in India.

GE Healthcare

Overview:

GE Healthcare is headquartered in Chicago, Illinois, United States, founded in 2004. It is a subsidiary of American Multinational Conglomerate General Electric. It is a leading manufacturer and distributor of diagnostic imaging and radiopharmaceuticals for imaging modalities used in medical imaging procedures.

Product Portfolio:

GE Healthcare’s product portfolio for positron-emission tomography (PET) has Discovery IQ, Discovery MI Gen 2, MotionFree, NM 830, NM/CT 850, NM/CT 860, NM/CT 870 DR, NM/CT 870 CZT, Etc.

The global positron-emission tomography (PET) market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.