Positron Emission Tomography Market

Positron Emission Tomography Market Size and Growth Rate (2023-2028)

Positron Emission Tomography is expected to reach US$ 3.2 billion with a CAGR of 4% by 2028

Positron Emission Tomography Market Share Insights:

• Based on Product type Full ring PET scanners dominate the global PET Market
• Based on Detector type the traditional Bismuth Germanium Oxide (BGO) has registered the highest shares in the Market
• Based on End Users the Hospitals are leading with the most prominent market shares during the forecast period
• Based on region North America is dominating the Global PET Market

Impact of COVID-19 on the Positron Emission Tomography Market:

Positron Emission Tomography or PET for short is a noninvasive medical imaging technique that helps doctors visualize and measure changes in metabolic activities, chemical changes, tissues, and organs to analyze if there are any changes in normal functioning. Positron Emission Tomography uses radiotracers to measure and visualize these activities, different radiotracers are used for other organs and target areas. Patients exposed to radiation face no long-term effects and the radioactive material is eliminated from the body naturally. Radio Tracers are injected into the bloodstream which is radioactive and emits a positron. When the positron collides with an ordinary electron in the body, they both vanish, emitting gamma rays. Gamma cameras capture these gamma rays to create a 3D image of the radioactive substance's distribution inside the body.

The covid19 pandemic has affected every major large-scale industry and market, the Positron Emission Tomography Market had a mixed impact as the demand for Positron Emission Tomography decreased and hospitals allocated staff and resources towards COVID-19 care the Positron Emission Tomography Market got negatively affected. Positron Emission Tomography requires many intricate and complex components as raw materials to manufacture the PET machines, the covid19 resulted in the disruption of supply chains, and Positron Emission Tomography requires radiotracers to work which also became difficult to produce due to supply chain disruptions. People became hesitant to go to Hospitals for scans and checkups due to the fear of getting infected, all these factors negatively impacted the Positron Emission Tomography Market. The Covid19 also increased the severity of Chronic diseases which is expected to propel the Positron Emission Tomography market and help in the recovery post covid19 pandemic.

MARKET DRIVERS:

The Positron Emission Tomography market is driven by the increased number of scans performed annually, the growing prevalence of Chronic diseases due to changes in lifestyle and a growing elderly population has led to an increased the Positron Emission Tomography market size, It is estimated that around 40 million nuclear medicine and tests procedures are performed each year globally according to a study by World Nuclear association in April 2022. This number is expected to keep increasing, The integration of CT scanners in the Positron Emission Tomography is another factor that has propelled the Positron Emission Tomography Market and has significantly boosted the Positron Emission Tomography Market. People are getting more and more aware of chronic diseases and understanding the importance of early diagnosis and frequent checkups to prevent the diseases increasing the Positron Emission Tomography Market value.

MARKET RESTRAINTS:

High initial cost: The high initial cost and continuous cost of operations like electricity and calibration can be very expensive and can even go up to a Million USD which smaller or medium-level healthcare units cannot afford. Despite its extremely high importance the usability in imaging and diagnosis, Positron Emission Tomography has very limited use in nonchronic diseases. To generate profits Positron Emission Tomography needs to be used regularly, the Positron Emission Tomography machines are extremely specialized and complex requiring skilled technicians and radiologists which becomes a major restraint as senior radiologists might be comfortable using Positron Emission Tomography.

REPORT COVERAGE:

Research Report on Positron Emission Tomography Market has been segmented and Sub segmented into Product Type, Application, Detector Type, End User, and Region.

Positron Emission Tomography Market - By Product Type

• Full Ring PET Scanner
• Partial Ring PET Scanner

The full-ring PET scanner dominates the Positron Emission Tomography Market with the highest shares, this is because Full ring or 360 scanners have more usability and can create detailed 3D images. It is generally used in Oncology where a full body scan is done to detect cancer cells throughout the body. The partial ring scanner is exhibiting steady growth due to its affordability over the Full Ring PET scanner during the forecast period.

Positron Emission Tomography Market - By Application:

• Oncology
• Cardiology
• Neurology

The Oncology sector dominates the global Positron Emission Tomography Market with the highest shares, due to several factors cancer is getting more and more prevalent. Positron Emission Tomography enables us to do a full body scan and creates images helping doctors identify the location and type of cancer. The neurology sector is expected to grow due to the integration of CT scanners with Positron Emission Tomography Scanner.

Positron Emission Tomography Market - By Detector Type:

• Bismuth Germanium Oxide (BGO)
• Lutetium Oxyorthosilicate (LSO)
• Gadolinium Oxyorthosilicate (GSO)
• Lutetium Fine Silicate (LFS)
• Lutetium Yttrium Orthosilicate

Based on the detector type the Bismuth Germanium Oxide (BGO) scintillator Dominates the Positron Emission Tomography Market, Bismuth Germanium Oxide (BGO) crystals have the high-density power needed for the Positron. The scintillator is the main component used in the detection module, The Lutetium Oxyorthosilicate (LSO) is expected to dominate the market due to its superiority over traditional Bismuth Germanium and faster decay time.

Positron Emission Tomography Market - By End User:

• Hospitals
• Diagnostic Centre
• PET Centres
• Research Institutes

Hospitals dominate the segment, the Positron Emission Tomography system is very expensive. Hospitals have higher budgets and more requirements for PET units leading to Hospitals dominating the global Positron Emission Tomography Market

Positron Emission Tomography Market - By Region

• North America
• Europe
• Asia-Pacific
• Latin America
•  Middle East Africa

North American region dominates the global Positron Emission Tomography Market, this is due to a high medical budget and investment in the healthcare sector. The presence of leading industries in the Positron Emission Tomography Market also plays a major factor in the Positron Emission Tomography Market Value due to the powerhouse countries like the United States of America and Canada. North America is also leading oncology research Market. Asia Pacific has registered a high growth due to developing healthcare infrastructure in the region.

KEY MARKET PLAYERS:

• G.E. Healthcare (General Electric Healthcare)
• Toshiba Corporation (Toshiba Medical Systems Corporation)
• Koninklijke Philips N.V. (Philips Healthcare)
• Siemens Healthineers (Siemens AG)
• Hitachi Medical Corporation (Hitachi Healthcare Americas)
• Positron Corporation
• Mediso Ltd.
• Yangzhou Kingsway Biotech Co., Ltd

RECENT MARKET DEVELOPMENTS:

• In May 2022, Mediso Ltd, a medical imaging company, acquired Bartec Technologies Ltd Bartec Technologies, based in the UK, specializes in offering and supporting Nuclear Medicine and Molecular Imaging equipment and accessories.
• In May 2021, GE Healthcare acquired Zionexa, a leading company that develops special markers for studying cancer and neurological conditions inside the body. This acquisition will help GE Healthcare improve Zionexa's upcoming markers and a PET imaging agent called Cerianna, which the FDA recently approved