Positron Emission Tomography - Market Insights, Competitive Landscape and Market Forecast-2027
Positron Emission Tomography (PET) Market By Type (Full-Ring Pet Scanners, Partial Ring Pet Scanners), By Application (Oncology, Cardiology, Neurology, Others), By End-User (Hospitals, Diagnostic Imaging Centres, Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to rising cases of patients suffering from various cancers and growing geriatric population
Global Positron Emission Tomography (PET) Market was valued at USD 1,026 million in 2021, growing at a CAGR of 6.92% during the forecast period from 2022 to 2027 to reach USD 1,533 million by 2027. The increase in demand for PET Scanners is primarily attributed to the rising cases of patients suffering from various cancers like breast cancer, lung cancer; brain disorders such as Alzheimer’s disease, brain tumors, epilepsy; and cardiovascular diseases like coronary artery disease. In addition, the growing geriatric population across the globe who are more susceptible to developing brain and cardiovascular diseases. Also, approval and launch of various advanced PET products are anticipated to bolster the market, thereby contributing to the growth of the Positron Emission Tomography (PET) market during the forecast period from 2021-2026.
Positron Emission Tomography Market Dynamics:
The Positron Emission Tomography market is witnessing a growth in product demand owing to various reasons. A PET scanner is used to identify a variety of diseases including many types of cancers, heart diseases, brain disorders, and other abnormalities within the body. Nowadays, it is used along with Computed Tomography (CT) and Magnetic Resonance Imaging (MRI) scans to assist in the diagnosis.
Chronic diseases such as cancers and their rising prevalence are the important factor responsible for the growth of the Global Positron Emission Tomography market. Cancer cells show up as bright spots on PET scans because they have a higher metabolic rate than do normal cells. PET scans may be useful in detecting cancer and revealing whether cancer has spread or not. As per International Agency for Research on Cancer, WHO 2021, around 1.2 million young adults (aged 20-39) were diagnosed with cancer globally in 2020.
In addition to cancers, Alzheimer’s is another disease that makes use of PET scanners for the diagnosis of the disease. PET enables various brain systems to be monitored in living individuals. In patients with Alzheimer’s, PET is used to investigate changes in cerebral glucose metabolism, various neurotransmitter systems, neuroinflammation, and the protein aggregates that are characteristic of the disease, notably the amyloid deposits. According to WHO 2021, currently, more than 55 million people live with dementia worldwide, and there are nearly 10 million new cases every year. Dementia results from a variety of diseases and injuries that primarily or secondarily affect the brain. Alzheimer's disease is the most common form of dementia and may contribute to 60-70% of cases. Therefore, the growing incidence of these diseases is projected to result in the growing demand for Positron Emission Tomography, thereby contributing to the growth of the Positron Emission Tomography market during the forecast period.
Another key factor responsible for the growth of the Positron Emission Tomography market is the increasing geriatric population base across the globe. According to the data provided by the World Health Organization, in 2020, about one billion people across the world were over the age of 60. The source further stated that by 2050, the elderly population in the 60 and above age group is expected to double in number representing about 2.1 billion people, and people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million. Age is considered as one of the key risk factors associated with the development of various disorders of the brain and cardiovascular diseases such as Dementia, Alzheimer’s disease, therefore, the rising elderly population is expected to lead to a rise in the patient population of chronic diseases across the world, which in turn would lead to an increase in demand for Positron Emission Tomography during the forecast period, which will drive the Positron Emission Tomography market growth.
However, high costs and stringent regulatory norms may be certain limiting factors of the Positron Emission Tomography market growth.
The COVID-19 pandemic had a substantial impact on healthcare systems and that includes diagnostic imaging services. A special report of the Radiological Society of North America COVID-19 task force reported a 40–90% decline in examination volumes in radiology practices during the COVID-19 pandemic. This was due to the outbreak of the pandemic which led to the cancellation of outpatient visits and the suspension of non-emergency hospitals and procedures. However, an accurate and detailed understanding of the PET-CT scanning activity during the first wave, and the ability of PET-CT services to recover, contributed to ensuring that management plans for people with cancer which should not be delayed in the future and that relapse of the disease in cancer survivors should be detected in a timely fashion and this resumption of regular healthcare services thereby kept the demand for products on track in the Positron Emission Tomography market.
Positron Emission Tomography Market Segment Analysis:
Positron Emission Tomography Market By Type (Full-Ring PET Scanners, Partial Ring PET Scanners), By Application (Oncology, Cardiology, Neurology, Others), By End-User (Hospitals, Diagnostic Imaging Centres, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the Type segment of the Positron Emission Tomography market, the Full-Ring PET Scanners are estimated to hold a higher share in the Positron Emission Tomography market during the forecast period. This can be attributed to the specific features associated with these devices.
The improved timing resolution eliminates the error. Several market players have a strong portfolio of Full-Ring PET Scanners and are now actively being involved in research and development.
A Full-Ring PET Scanner is faster than a Partial Ring PET Scanner. Another added advantage associated with Full-Ring PET Scanner is that they have superior imaging qualities, higher spatial resolution.
Therefore, considering the advantages associated with Full-Ring PET Scanner, this product category is expected to generate significant revenue share eventually contributing to the overall growth of the global Positron Emission Tomography market in the forecast period.
North America is expected to dominate the overall Positron Emission Tomography Market:
Among all the regions, North America is expected to account for the largest share in the global Positron Emission Tomography market. Factors such as the rising incidence of Alzheimer's, rapid technological developmental activities, growing awareness for early detection, increasing incidences of the aging population, and increased product launches are expected to aid in the growth of the North America Positron Emission Tomography Market.
As per the Alzheimer's Association 2022, an estimated 6.2 million Americans age 65 and older are living with Alzheimer's dementia in 2021, where 72% are aged 75 or older and one in nine people age 65 and older (11.3%) has Alzheimer's dementia. Almost two-thirds of Americans with Alzheimer's are women. Older Black Americans are about twice as likely to have Alzheimer's or other dementias as older whites.
In addition, according to the Centers for Disease Control and Prevention (CDC), in 2020, about 5.8 million Americans suffered from Alzheimer’s disease. The number of people living with this disease, in the United States, doubles every five years. The most affected people are above 65 years of age. Moreover, this number is expected to nearly triple, to reach 14 million people by 2060, which in turn, will increase the demand for Positron Emission Tomography.
Therefore, the rising adoption of Positron Emission Tomography in the country would result in the rising demand for treatments that make use of Positron Emission Tomography, which in turn would provide a conducive growth environment for the North America market.
Furthermore, the increased emphasis on product development activities and the high interest of device manufacturers in accessing local markets further aid in the growth of the regional markets for Positron Emission Tomography. Technological advancements, like the introduction of Time of Flight (TOF), as well as the rise in increasing popularity of the hybrid imaging systems also benefit the growth of the Positron Emission Tomography Market. The hybrid imaging using combined scanners, like SPECT/CT, PET/CT, and PET/MRI, is likely to propel the growth of the industry in the future.
These kinds of product launches in the local markets drive the product demand in the market. Therefore, the interplay of various factors such as the presence of a large patient population, encouraging reimbursement policies as well as new product launches in the region is expected to boost the North America Positron Emission Tomography market during the forecast period.
Positron Emission Tomography Market Key Players:
Some of the key market players operating in the Positron Emission Tomography market include General Electric Company, Mediso Ltd., Bruker Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, Positron Corporation, Shimadzu Corp., RefleXion, CMR Naviscan Corporation, Segami Corporation, Neusoft Medical Systems Co., Ltd., Sofie Biosciences (PerkinElmer Inc.), United Imaging Healthcare Co., Ltd., MinFound Medical Systems Co., Ltd, MR Solutions and others.
Recent Developmental Activities in the Positron Emission Tomography Market:
- In September 2021, Lantheus Holdings, Inc. and RefleXion Medical Inc. collaborated to evaluate the use of Lantheus’ prostate-specific membrane antigen (PSMA)-targeted positron emission tomography (PET) imaging agent, piflufolastat F 18, to enable real-time therapeutic guidance of biology-guided radiotherapy (BgRT) in prostate cancer with RefleXion’s X1 platform.
- On February 12, 2020, Shimadzu Corporation started selling Elmammo dedicated breast PET systems in China. Elmammo systems enable highly accurate breast cancer examinations.
- On March 1, 2021, Shimadzu Corporation released the world’s first TOF-PET System, BresTome TOF-PET functional imaging system,s dedicated to scanning brain tumors, epilepsy, and breast cancers within the Japanese domestic market.
- Market size analysis for current Positron Emission Tomography market size (2021), and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Positron Emission Tomography market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the global Positron Emission Tomography market.
- Various opportunities available for the other competitor in the Positron Emission Tomography market space.
- What are the top performing segments in 2021? How these segments will perform in 2027.
- Which is the top-performing regions and countries in the current Positron Emission Tomography market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Positron Emission Tomography market growth in the coming future?
- Positron Emission Tomography products providers
- Research organizations and consulting companies
- Positron Emission Tomography-related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders dealing in Positron Emission Tomography
- Various End-users who want to know more about the Positron Emission Tomography market and latest technological developments in the Positron Emission Tomography market.
1. What is Positron Emission Tomography?
A PET scanner is used to identify a variety of diseases including many types of cancers, heart diseases, brain disorders, and other abnormalities within the body.
2. What is the market for Global Positron Emission Tomography?
Global Positron Emission Tomography (PET) Market was valued at USD 1,026 million in 2021, growing at a CAGR of 6.92% during the forecast period from 2022 to 2027 to reach USD 1,533 million by 2027.
3. What are the drivers for the Global Positron Emission Tomography Market?
The Positron Emission Tomography market is witnessing a positive market growth owing to the rising cases of patients suffering from various cancers; brain and cardiovascular diseases. In addition, the growing geriatric population across the globe who are more susceptible to developing brain and cardiovascular diseases. Also, approval and launch of various advanced PET products are anticipated to bolster the market.
4. Who are the key players operating in the Global Positron Emission Tomography Market?
Some of the key market players operating in the Positron Emission Tomography market include General Electric Company, Mediso Ltd., Bruker Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V., Canon Medical Systems Corporation, Positron Corporation, Shimadzu Corp., RefleXion, CMR Naviscan Corporation, Segami Corporation, Neusoft Medical Systems Co., Ltd., Sofie Biosciences (PerkinElmer Inc.), United Imaging Healthcare Co., Ltd., MinFound Medical Systems Co., Ltd, MR Solutions and others.
5. Which region has the highest share in Positron Emission Tomography Market?
North America is expected to hold the highest share in the revenue in the Positron Emission Tomography market during the forecast period. Factors such as the rising incidence of Alzheimer's, rapid technological developmental activities, growing awareness for early detection, increasing incidences of the aging population, and increased product launches are expected to aid in the growth of the North America Positron Emission Tomography Market in this region.
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- 1.Positron Emission Tomography Market Report Introduction
- 2.Positron Emission Tomography Market Executive Summary
- 2.1. Scope of the Study
- 2.2. Market at Glance
- 2.3. Competitive Assessment
- 2.4. Financial Benchmarking
- 3. Regulatory and Patent Analysis
- 3.1. The United States
- 3.2. Europe
- 3.3. Japan
- 3.4. China
- 4. Positron Emission Tomography Market Key Factors Analysis
- 4.1. Positron Emission Tomography Market Drivers
- 4.1.1. The rising incidence of Brain and Cardiovascular diseases
- 4.1.2. Growing geriatric population
- 4.1.3. Technological Advancements in Product Development
- 4.2. Positron Emission Tomography Market Restraints and Challenges
- 4.2.1. High Cost of the Equipment
- 4.2.2. Stringent Regulatory Norms
- 4.3. Positron Emission Tomography Market Opportunities
- 4.3.1. Need For PET Scans for the Diabetic Population
- 4.3.2. Targeting Emerging Markets for Product Launches
- 5. Positron Emission Tomography Market Porter’s Five Forces Analysis
- 5.1. Bargaining Power of Suppliers
- 5.2. Bargaining Power of Consumers
- 5.3. Threat of New Entrants
- 5.4. Threat of Substitutes
- 5.5. Competitive Rivalry
- 6. COVID-19 Impact Analysis on Positron Emission Tomography Market
- 7. Positron Emission Tomography Market Layout
- 7.1. By Type
- 7.1.1. Full-Ring PET Scanners
- 7.1.2. Partial Ring PET Scanners
- 7.2. By Application
- 7.2.1. Oncology
- 7.2.2. Cardiology
- 7.2.3. Neurology
- 7.2.4. Others
- 7.3. By End User
- 7.3.1. Hospitals
- 7.3.2. Diagnostic Imaging Centres
- 7.3.3. Others
- 7.4. By Geography
- 7.4.1. North America
- 7.4.1.1. United States
- 7.4.1.2. Canada
- 7.4.1.3. Mexico
- 7.4.2. Europe
- 7.4.2.1. France
- 7.4.2.2. Germany
- 7.4.2.3. United Kingdom
- 7.4.2.4. Italy
- 7.4.2.5. Spain
- 7.4.2.6. Russia
- 7.4.2.7. Rest of Europe
- 7.4.3. Asia-Pacific
- 7.4.3.1. China
- 7.4.3.2. Japan
- 7.4.3.3. India
- 7.4.3.4. Australia
- 7.4.3.5. South Korea
- 7.4.3.6. Rest of Asia Pacific
- 7.4.4. Rest of the World (RoW)
- 7.4.4.1. Middle East
- 7.4.4.2. Africa
- 7.4.4.3. South America
- 8. Positron Emission Tomography Market Global Company Share Analysis – Key 3-5 Companies
- 9. Positron Emission Tomography Market Company and Product Profiles
- 9.1. General Electric Company
- 9.1.1. Company Overview
- 9.1.2. Company Snapshot
- 9.1.3. Financial Overview
- 9.1.4. Product Listing
- 9.1.5. Entropy
- 9.2. Bruker Corporation
- 9.2.1. Company Overview
- 9.2.2. Company Snapshot
- 9.2.3. Financial Overview
- 9.2.4. Product Listing
- 9.2.5. Entropy
- 9.3. Siemens Healthcare GmbH
- 9.3.1. Company Overview
- 9.3.2. Company Snapshot
- 9.3.3. Financial Overview
- 9.3.4. Product Listing
- 9.3.5. Entropy
- 9.4. Koninklijke Philips N.V.
- 9.4.1. Company Overview
- 9.4.2. Company Snapshot
- 9.4.3. Financial Overview
- 9.4.4. Product Listing
- 9.4.5. Entropy
- 9.5. Canon Medical Systems Corporation
- 9.5.1. Company Overview
- 9.5.2. Company Snapshot
- 9.5.3. Financial Overview
- 9.5.4. Product Listing
- 9.5.5. Entropy
- 9.6. Positron Corporation
- 9.6.1. Company Overview
- 9.6.2. Company Snapshot
- 9.6.3. Financial Overview
- 9.6.4. Product Listing
- 9.6.5. Entropy
- 9.7. Shimadzu Corp.
- 9.7.1. Company Overview
- 9.7.2. Company Snapshot
- 9.7.3. Financial Overview
- 9.7.4. Product Listing
- 9.7.5. Entropy
- 9.8. RefleXion
- 9.8.1. Company Overview
- 9.8.2. Company Snapshot
- 9.8.3. Financial Overview
- 9.8.4. Product Listing
- 9.8.5. Entropy
- 9.9. CMR Naviscan Corporation
- 9.9.1. Company Overview
- 9.9.2. Company Snapshot
- 9.9.3. Financial Overview
- 9.9.4. Product Listing
- 9.9.5. Entropy
- 9.10. Segami Corporation
- 9.10.1. Company Overview
- 9.10.2. Company Snapshot
- 9.10.3. Financial Overview
- 9.10.4. Product Listing
- 9.10.5. Entropy
- 9.11. Neusoft Medical Systems Co., Ltd.
- 9.11.1. Company Overview
- 9.11.2. Company Snapshot
- 9.11.3. Financial Overview
- 9.11.4. Product Listing
- 9.11.5. Entropy
- 9.12. Mediso Ltd.
- 9.12.1. Company Overview
- 9.12.2. Company Snapshot
- 9.12.3. Financial Overview
- 9.12.4. Product Listing
- 9.12.5. Entropy
- 9.13. Sofie Biosciences (PerkinElmer Inc.)
- 9.13.1. Company Overview
- 9.13.2. Company Snapshot
- 9.13.3. Financial Overview
- 9.13.4. Product Listing
- 9.13.5. Entropy
- 9.14. United Imaging Healthcare Co., Ltd.
- 9.14.1. Company Overview
- 9.14.2. Company Snapshot
- 9.14.3. Financial Overview
- 9.14.4. Product Listing
- 9.14.5. Entropy
- 9.15. MinFound Medical Systems Co., Ltd
- 9.15.1. Company Overview
- 9.15.2. Company Snapshot
- 9.15.3. Financial Overview
- 9.15.4. Product Listing
- 9.15.5. Entropy
- 9.16. MR Solutions
- 9.16.1. Company Overview
- 9.16.2. Company Snapshot
- 9.16.3. Financial Overview
- 9.16.4. Product Listing
- 9.16.5. Entropy
- 10. KOL Views
- 11. Project Approach
- 12. About DelveInsight
- 13. Disclaimer & Contact Us
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