Positron emission tomography, commonly known as PET scanning, is a nuclear medicine imaging technique that produces three-dimensional images of functional processes in the body. PET scanning uses radionuclide tracers to visualize and measure biochemical and physiological processes like glucose metabolism or blood flow at the cellular level. It finds applications in cardiology, neurology, and oncology for diagnosis and monitoring of various cancers like lung cancer, colorectal cancer and lymphoma.
The global positron emission tomography scanners market is estimated to be valued at US$2.5 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for cancer diagnosis is estimated to fuel growth of the positron emission tomography scanners market over the forecast period. According to the World Health Organization, cancer is a leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. Global cancer burden is expected to grow due to changing lifestyles, aging population, and growing adoption of carcinogenic behaviors like tobacco consumption. PET scanning is increasingly being used for diagnosis, staging, and monitoring treatment response and recurrence of cancers. For instance, PET scans are considered integral to manage lymphomas by detecting cancer spread and evaluating treatment response. Furthermore, technological advancements like hybrid PET/CT scanners that combine anatomical and functional imaging capabilities have further increased applicability of PET scans in oncology. This factor is expected to propel market growth during the forecast period.
SWOT Analysis
Strength: Positron Emission Tomography scanners have high sensitivity and ability to detect diseases at a molecular level by detecting metabolic activity rather than anatomical changes. It can help physicians determine the extent and severity of many diseases early. The scans provide three-dimensional images of structures and processes inside the body that could help make diagnoses and guide treatment planning.
Weakness: PET scanners are expensive machines to purchase and maintain which makes them inaccessible in many parts of the world. PET scans also expose patients to ionizing radiation which is a health risk. Also, specialized radiopharmaceuticals are required which adds to the overall cost of treatment and diagnosis.
Opportunity: Growing aging population worldwide is increasing incidences of cancer and neurodegenerative diseases where PET scans play a vital role. Technological advancements are making PET scanners portable and cheaper which could increase their availability. In emerging markets, increasing healthcare spending is expected to boost demand. Integration with other modalities like MRI and CT offers opportunities for molecular imaging.
Threats: Stringent regulations around radioactive materials may restrict growth opportunities. Economic slowdowns can negatively impact the healthcare budgets of countries. The development of other alternative diagnostic tools may reduce dependence on PET scans.
Key Takeaways
The global Positron Emission Tomography scanners market is expected to witness high growth over the forecast period owing to rising cancer incidence globally and increasing applications of PET scans in diagnosing other diseases. The global positron emission tomography scanners market is estimated to be valued at US$2.5 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
North America currently dominates the market due to favorable reimbursements and availability of advanced healthcare facilities in the region. However, Asia Pacific is expected register fastest growth supported by rising medical tourism and extensive healthcare infrastructure development projects underway in major countries.
Key players operating in the Positron Emission Tomography scanners market are Positron Corporation, CellSight Technologies, RefleXion, Clarity Pharmaceuticals, PETsys Electronics SA, Blue Earth Diagnostics Limited, Qubiotech Health Intelligence S.L., Advanced Accelerator Applications, Lily, Agfa-Gevaert Group, CMR Naviscan, Neusoft Corporation, Siemens, Segamicorp, ONCOVISION, MedX Holdings, Inc, Modus Medical Devices Inc., Radiology Oncology Systems, TOSHIBA CORPORATION, and General Electric Company among others. Competition in the market is intense with players differentiating themselves through technological innovations, partnerships, and expansion into emerging markets.
