Market Size of Positron Emission Tomography Industry
Study Period | 2021 - 2029 |
Market Size (2024) | USD 1.09 Billion |
Market Size (2029) | USD 1.31 Billion |
CAGR (2024 - 2029) | 3.71 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Positron Emission Tomography (PET) Market Analysis
The Positron Emission Tomography Market size is estimated at USD 1.09 billion in 2024, and is expected to reach USD 1.31 billion by 2029, growing at a CAGR of 3.71% during the forecast period (2024-2029).
COVID-19 significantly affected the positron emission tomography market during the initial phases owing to the complete shutdown of radiological and scan services to reduce the spreading of the virus. Furthermore, due to the fear of the virus, people reduced their visits to scanning centers and clinics. According to research presented at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) 2021 Annual Meeting, the effects of COVID-19 on the brain could be accurately measured with positron emission tomography (PET). Newly diagnosed COVID-19 patients, who required inpatient treatment and underwent PET brain scans, were found to have deficits in neuronal function and accompanying cognitive impairment. In some, this impairment continued for six months after diagnosis. With the role of PET during the COVID-19 pandemic being adequately explored, the paradigm is likely to be applied in combating various other epidemics in the future.
Some factors driving the market growth include the increasing demand for PET analysis in radiopharmaceuticals and the integration of X-ray tomography (CT) into PET. According to the World Nuclear Association April 2022 update, around 40 million nuclear medicine procedures are performed each year, and demand for radioisotopes is increasing by up to 5% annually. Over 10,000 hospitals worldwide use radioisotopes in medicine, and about 90% of the procedures are for diagnosis. As per the same source, in developed countries (about one-quarter of the world population), the frequency of diagnostic nuclear medicine is 1.9% per year, and the frequency of therapy with radioisotopes is about one-tenth. Also, in the United States, over 20 million nuclear medicine-related procedures are performed per year, and in Europe, about 10 million. In Australia, there are about 560,000 procedures performed per year, and of these, 470,000 are performed using reactor isotopes. The use of radiopharmaceuticals in diagnosis is growing at over 10% per year. PET evaluates organ and tissue functions using small amounts of radioactive materials known as radiotracers or radiopharmaceuticals, a special camera, and a computer. Hence, the rise in radiopharmaceutical analysis is likely to boost market growth over the forecast period.
Technological advancements like the introduction of Time of Flight (TOF) and the increasing popularity of hybrid imaging systems play an important role in the growth of the nuclear imaging market. For instance, in June 2022, researchers from the University of Oxford developed three DL-TOF models (based on U-Net convolutional neural networks) to transform non-TOF PET data into corresponding TOF-like images. The model employed different levels of TOF strength (low, medium, or high) to trade off contrast enhancement against noise reduction. Hence such innovations the in the field of PET are likely to boost the market growth over the forecast period. Moreover, the market players are focused on adopting partnership strategies to expand their product portfolios. For instance, in May 2021, GE Healthcare strengthened its PET imaging portfolio by acquiring Zionexa, a prominent innovator of in vivo oncology and neurology biomarkers that help enable more personalized healthcare.
Thus, due to the increasing demand for PET analysis in radiopharmaceuticals and technological advancements in PET imaging in oncology, the positron emission tomography market is expected to witness market growth over the forecast period. However, factors such as the shorter half-life of radioisotopes and stringent regulatory guidelines are expected to impede market growth in the near future.
Positron Emission Tomography (PET) Industry Segmentation
Positron emission tomography (PET) is a diagnostic technique that uses radioactive substances for imaging tissues and organ functioning. These radioactive substances are called tracers that show the activity in the body. PET has applications in both medical and research fields. Clinically, it is widely used in oncology diagnosis and as a research tool to map the human brain and heart function and support drug development.
The Positron Emission Tomography Market is Segmented by Product Type (Full Ring PET Scanners and Partial Ring PET Scanners), Application (Cardiology, Neurology, Oncology, and Other Applications), End-User (Hospitals, Diagnostic Centers, and Other End Users), and Geography (North America (United States, Canada, and Mexico), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Middle East and Africa (GCC, South Africa, and Rest of Middle East and Africa), and South America Brazil, Argentina, and Rest of South America)). The report offers value (in USD million) for all the above segments.
By Product Type | |
Full Ring PET Scanners | |
Partial Ring PET Scanners |
By Application | |
Cardiology | |
Neurology | |
Oncology | |
Other Applications |
By End-User | |
Hospitals | |
Diagnostic Centers | |
Other End-Users |
By Geography | ||||||||
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Positron Emission Tomography Market Size Summary
The positron emission tomography (PET) market is poised for growth, driven by increasing demand for PET analysis in radiopharmaceuticals and advancements in imaging technology. The integration of X-ray tomography with PET and the development of hybrid imaging systems, such as Time of Flight (TOF) models, are enhancing the capabilities and applications of PET in oncology. These technological innovations, alongside the rising use of radiopharmaceuticals for diagnosis, are expected to propel market expansion over the forecast period. The market's growth trajectory is also supported by the widespread adoption of PET in clinical settings, with a significant number of procedures performed annually across developed regions. However, challenges such as the shorter half-life of radioisotopes and stringent regulatory guidelines may pose obstacles to market growth.
North America is anticipated to be a key region for market growth, fueled by technological advancements in PET imaging and a high demand for precision diagnostics. The increasing prevalence of cancer, coupled with government investments in medical imaging technology, is expected to drive the adoption of PET scans in the region. Market players are actively engaging in strategic initiatives, including product launches, collaborations, and acquisitions, to enhance their market presence and expand their product offerings. The consolidation of the market, with major players like General Electric Company (GE Healthcare) and Agfa Healthcare, is likely to foster competition and innovation, further contributing to the market's growth. As the demand for early cancer diagnosis and treatment rises, the PET market is set to experience significant expansion in the coming years.
Positron Emission Tomography Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Demand for PET Analysis in Radio Pharmaceuticals
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1.2.2 Technological Advancements in PET Imaging for Oncology and Advanced Diagnostics Applications
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1.2.3 Integration of X-ray Tomography (CT) into PET
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1.3 Market Restraints
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1.3.1 Shorter Half-life of Radioisotopes
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1.3.2 Stringent Regulatory Guidelines
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1.4 Porters Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value in USD Million)
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2.1 By Product Type
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2.1.1 Full Ring PET Scanners
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2.1.2 Partial Ring PET Scanners
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2.2 By Application
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2.2.1 Cardiology
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2.2.2 Neurology
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2.2.3 Oncology
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2.2.4 Other Applications
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2.3 By End-User
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2.3.1 Hospitals
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2.3.2 Diagnostic Centers
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2.3.3 Other End-Users
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Positron Emission Tomography Market Size FAQs
How big is the Positron Emission Tomography Market?
The Positron Emission Tomography Market size is expected to reach USD 1.09 billion in 2024 and grow at a CAGR of 3.71% to reach USD 1.31 billion by 2029.
What is the current Positron Emission Tomography Market size?
In 2024, the Positron Emission Tomography Market size is expected to reach USD 1.09 billion.