Market Trends of Positron Emission Tomography Industry
This section covers the major market trends shaping the Positron Emission Tomography Market according to our research experts:
The Oncology Segment is Expected to Hold a Significant Market Share Over the Forecast Period
PET scanners are commonly used in clinical trials as imaging biomarkers to determine the therapeutic response to novel cancer therapeutics. The 18Fluorine-2-fluoro-2-Deoxy-d-glucose (18F-FDG) PET scanners are oncology's most widely used imaging technique. The most apparent advantage associated with PET is its ability to detect substantial changes in glucose metabolism, or even complete shutoff of the neoplastic cell metabolism in the early stages, during the treatment process. This helps clinicians detect the effectiveness of a given antineoplastic treatment much earlier than traditional radiological detection.
Furthermore, FDG-PET/CT has become a cornerstone in several oncologic procedures, such as tumor staging and restaging, treatment efficacy assessment during or after treatment ends, and radiotherapy planning. For instance, as per the article published in August 2022 by Hindawi, F-18-fluorodeoxyglucose positron emission tomography/computed tomography (F-FDG PET/CT) can be used to diagnose pancreatic cancer, staging, radiotherapy planning, evaluation of efficacy, and recurrence, and differentiation from posttreatment fibrosis. As per the same source, f-FDG PET/CT can help improve the detection of occult metastases and help patients be evaluated more accurately and effectively before surgery. Factors such as a rise in the number of cancers are likely to boost the market growth over the forecast period. For instance, according to Globocan data, the number of cancer cases is estimated to be 24,044,406 by 2030, and the number is anticipated to rise to 28,887,940 by 2040. Thus, the need for early diagnosis and treatment of cancer cases has enhanced PET scanners' usage and led to market growth.
The market players are adopting various strategies such as product launches, developments, collaborations, expansions, and acquisitions to increase their market shares. For instance, in October 2021, Wipro GE Healthcare inaugurated India's first digital positron emission tomography and magnetic resonance imaging ( PET MR) at the State Cancer Institute GMC, Guwahati, Assam. GE's SIGNA PET/MR 2.0 is India's fourth PET MR scanner and the first digital one. In July 2021, GE Healthcare backed a collaboration among Quibim, Full Body Insight, and Oncovision to build an innovative total-body PET/CT scanner for simultaneous whole-body imaging.
Thus, due to the technological advancements in PET imaging in oncology and the increasing demand for PET analysis in cancer, the oncology segment is likely to witness a growth in the positron emission tomography market over the forecast period.
North America is Expected to Witness a Growth in the Positron Emission Tomography Market Over the Forecast Period
North America is expected to witness growth in the positron emission tomography market owing to the factors such as technological advancements in PET imaging for oncology and advanced diagnostics applications and high demand for precision diagnostics.
The rising prevalence of cancer cases, such as breast and prostate cancer, is also likely to enhance market growth significantly. For instance, as per the American Cancer Society 2022 update, the estimated number of new cancer cases in the United States is anticipated to be 1,918,030 in 2022. According to the same source, 290,560 new cases of breast cancer, 268,490 prostate cancer, and 151,030 cases of colorectum cancer are estimated in the United States in 2022. Moreover, government funding and the installation of PET scans in hospitals across North America are anticipated to boost market growth over the forecast period. For instance, in April 2022, Royal Victoria Regional Health Centre (RVH) is likely to install new medical imaging technology to enable earlier detection of some cancers. The Ontario government is investing more than USD 1 million, enabling RVH to construct space in the health center's Medical Imaging department to house a positron emission tomography-computer tomography (PET-CT) scanner.
Additionally, the market players are adopting various strategies such as product launches, developments, collaborations, and acquisitions to increase their market shares. For instance, in July 2021, Hawthorne, California-based Prescient Imaging gained the 510(k) clearance for its BBX-PET machine. In March 2021, Siemens Healthineers received FDA clearance for the Biograph Vision Quadra PET/CT Scanner, designed for clinical use and translational research to apply scientific research to create therapies and procedures that improve health outcomes. Furthermore, in October 2022, Health Canada approved Illuccix, a kit for the preparation of gallium-68 (68Ga) gozetotide (also known as PSMA-11) injection, a radioactive diagnostic agent indicated for positron emission tomography (PET) of PSMA-positive lesions in patients with prostate cancer. Such product approvals and launched relating to PET are likely to boost the market growth since those increase the product availability and competition in the studied region.
Thus, due to the technological advancements in PET imaging in oncology and the increase in technological advances in PET imaging, rise in product launches relating to PET imaging, North America is likely to witness a growth in the positron emission tomography market over the forecast period.
