Positron Emission Tomography Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global positron emission tomography market growth forecasted to transform from USD 2.5 billion in 2023 to USD 3.5 billion by 2028, driven by a CAGR of 6.6%. Technological advancements and new product launches in the radiopharmaceuticals and PET systems, coupled with a growing target patient population, are the key factors driving the adoption of PET systems globally. PET scans are commonly used in the diagnosis, staging, and monitoring of cancer, as well as in the evaluation of neurological and cardiovascular diseases. With the growth in the geriatric population, the incidence of chronic diseases, such as cancer, Alzheimer's disease, and CVD, is increasing. This, in turn, is driving the demand for PET scans. In addition, the development of new PET tracers and the expansion of PET imaging into new clinical applications are also contributing to the increased use of PET scanners.

Global Positron Emission Tomography Market Growth

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Positron Emission Tomography Market Dynamics

Driver: Growing adoption of multimodal PET imaging devices

An emerging trend in the diagnostic imaging industry is the use of hybrid imaging modalities in the field of nuclear imaging. The integration of PET/CT machines has significantly improved imaging capabilities and the diagnosis of cancer. The introduction of a high-precision, low-radiation dose PET/CT machine with strong prognostic power based on value has led to a surge in the uptake of PET/CT equipment by hospitals and diagnostic centers.

For example, in October 2020, Siemens Healthineers launched the Biograph Vision Quadra, a new PET/CT scanner with a 106-cm axial PET field of view (FOV). Biograph Vision Quadra facilitates whole-body imaging from the top of the head to the thigh concurrently. The system is intended for both clinical and research purposes, with a particular emphasis on translational research that leverages scientific discoveries to create novel therapies and techniques.

In November 2021, Minfound Medical System Co., Ltd officially launched MinFound high-end ScintCare TOF PET/CT in Hangzhou, China.

Restraint: High Capital and operational costs

The high cost of purchasing and operating PET scanners can limit their availability and use in healthcare settings. The initial capital costs of PET scanners are expensive, ranging from several hundred thousand to over a million dollars, which can be a significant barrier for hospitals and medical centers with limited budgets. Moreover, PET scanners require ongoing maintenance, calibration, and repair, as well as specialized personnel to operate and interpret the results, leading to additional ongoing costs that can be significant and accumulate over time. These factors make PET scanners a costly investment for many healthcare providers. The high cost of PET scanners can make it difficult for smaller hospitals and medical centers in rural areas to purchase and operate these devices. As a result, patients in these areas may have limited access to PET scans, which can lead to delayed diagnosis and treatment.

According to national service and technology review advisory committee, the cost of capital investment for this option is projected to be more than USD 13 million, while the estimated annual operating expenses are expected to range from USD 2 to USD 3 million.

Opportunity: Increase in PET utilization for the detection of breast cancer

The use of PET scanners for breast cancer is an area of increasing opportunity, as PET imaging can provide valuable information about the extent of disease and treatment response. In breast cancer patients, PET scans can be used to evaluate the extent of the disease and the involvement of lymph nodes, as well as to detect metastases to other organs. In addition, PET scanning can be used to monitor treatment response and to detect recurrent disease. This is particularly important in patients who have undergone neoadjuvant chemotherapy, as PET scanning can help to determine the effectiveness of the treatment and guide further management decisions. The use of PET scanning in breast cancer has been shown to improve the accuracy of staging and to impact treatment decisions in a significant proportion of patients.

A systematic review and meta-analysis published in the journal Cancer Imaging in 2020 evaluated the use of PET scanning in the diagnosis and staging of breast cancer. The analysis found that PET scanning had high diagnostic accuracy for detecting both primary breast tumors and metastatic disease and was particularly useful in detecting bone and distant organ metastases.

As breast cancer incidence continues to rise globally, PET scanners have become an important tool for diagnosis and staging of the disease. PET scanning can help determine the extent and spread of cancer, which can inform treatment decisions and improve outcomes for patients. According to the world health organization in the year 2020, around 2.3 million women were diagnosed with breast cancer, resulting in approximately 685,000 deaths globally.

Challenge: Availability of alternate imaging technologies

While PET scanners are powerful diagnostic tools, they are not the only option available. Other imaging technologies, such as MRI and CT scans, can also provide valuable diagnostic information and may be more widely available and affordable. While PET scanning offers unique advantages, such as its ability to detect metabolic activity in tissues, it may not always be the most appropriate or cost-effective option for every patient. The availability of these alternate imaging technologies means that healthcare providers may need to carefully consider the best imaging modality for each individual patient, taking into account factors such as the patient's age, overall health, and the stage of their cancer.

By product, the spectroscopy segment of the positron emission tomography industry accounted for the largest share in 2022

Based on product, the global positron emission tomography market is segmented into standalone PET systems, PET/CT systems, and PET/MRI systems. In 2022, the PET/CT system segment accounted for the largest market share. The rising use of advanced instruments in oncology research and the need for better turnaround time and enhanced precision is driving the segment growth.

By end user, the hospitals and surgical centers companies segment accounted for the largest share of the positron emission tomography industry in 2022

Based on end user, the global positron emission tomography market is segmented into hospitals and surgical centers, diagnostic and imaging clinics, ambulatory surgical centers, and other end users. In 2022, hospitals and surgical centers accounted for the largest market share. The highest share of this segment is attributed to prevailing cases of chronic diseases and increased healthcare investments.

By application, the oncology applications segment of the positron emission tomography industry to register significant growth in the near future

Based on application, the global positron emission tomography market is segmented into oncology, cardiovascular, neurology, and other applications. Oncology applications register the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the advanced modalities and increasing cancer cases.

By region, North America is expected to be the largest region of the global positron emission tomography market during the forecast period

North America, comprising the US and Canada, accounted for the largest market share in 2022. Factors such as growing funding for oncology studies, increasing applications in the healthcare/medical sector, and the presence of major players in the region are driving market growth in North America.

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As of 2021, prominent players in the market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherland), Canon Inc. (Japan), Shanghai United Imaging Healthcare Co., Ltd (China), and Shimadzu Corporation (Japan).

Positron Emission Tomography Market Report Scope

This report categorizes the global positron emission tomography market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• PET/CT Systems
  • Low Slice Scanners
  • Medium Slice Scanners
  • High Slice Scanners
• PET/MRI Systems

By Application

• Oncology Applications
• Neurological Applications
• Cardiovascular Applications
• Other Applications

By End User

• Hospital & Surgical Centers
• Diagnostic & Imaging Clinics
• Ambulatory Care Centers
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Rest of the World

Recent Developments of Positron Emission Tomography Market

• 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.

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