Positron Emission Tomography Market Report 2023 | Hit US$ 2,687.62 Million By 2031

New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global Positron Emission Tomography Market is expected to witness significant growth at a remarkable CAGR of 5.1% during the forecast period of 2023-2031. Factors such as the increasing prevalence of cancer and rising awareness of PET scans are accelerating the demand for positron emission tomography, which, in turn, is boosting the market growth. In addition, technological advancements in PET scanners will further boost the market growth during the forecast period.

According to a recent report by Consegic Business Intelligence, the positron emission tomography market is poised for strong expansion and is expected to reach USD 2,687.62 million by 2031 and USD 1,802.66 million by 2023. The market, which was valued at USD 1,725.25 million in 2022, is predicted to grow at a compound annual growth rate of 5.1% during the period 2023-2031. The report highlights the technological advancements in PET scanners, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Positron Emission Tomography market.

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Positron emission tomography (PET) is a nuclear imaging technique that measures the metabolic activity of cells in body tissues. PET scans use a radioactive drug called a tracer to show both typical and atypical metabolic activity. The scans can often detect the atypical metabolism of the tracer in diseases before the disease shows up on other imaging tests, such as computerized tomography (CT) and magnetic resonance imaging (MRI).

Global Positron Emission Tomography Market: Report Attributes

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Global Positron Emission Tomography Market Segmentation Details:

Based on Product Type, the full ring segment contributed the largest shares to the market growth in 2022. This is due to the superior image quality offered by full ring PET scanners. Full rings have a ring of detectors that surrounds the patient, which allows for the most accurate and detailed images. Full ring PET scanners are typically more expensive than partial ring PET scanners, but they offer the best image quality. Thus, due to the aforementioned factors, the full ring segment is experiencing significant growth in the positron emission tomography market.

Based on Application, the oncology segment contributed the largest shares to the market growth in 2022. PET is used in oncology for wide applications such as diagnosis and staging of cancer, monitoring the response of the cancer to treatment, monitoring for cancer recurrence after treatment, and others. Furthermore, the increasing prevalence of cancer is driving the growth of the usage of PET in oncology. Hence, due to demand for PET in the aforementioned applications, the oncology segment is experiencing significant growth in the positron emission tomography market.   

Based on End User, the hospitals & clinics segment contributed the largest shares of 48.90%  to the market growth in 2022. Hospitals and clinics are the primary end users of PET imaging. They use PET imaging for a wide range of purposes such as diagnosing cancer, assessing heart function, diagnosing and monitoring neurological disorders, and others. Furthermore, PET imaging is a valuable tool for hospitals and clinics as it provides detailed images of the body's metabolism, which can help doctors to diagnose and monitor a variety of diseases. Hence, hospitals & clinics segment is witnessing significant growth in the positron emission tomography market.

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Based on Region, in the year 2022, North America accounted for the largest share contribution of 38.55% to the market growth. This is due to the high prevalence of chronic diseases in North America and the early adoption of new medical technologies in the region. Chronic diseases, such as cancer, heart disease, and neurological disorders, are becoming more common in North America. PET imaging is a valuable tool for diagnosing and monitoring these diseases. Furthermore, various players in the region are investing in the development of new PET scanners and radiotracers.

Competitive Landscape

GE Healthcare, Siemens Healthineers, and Philips Healthcare are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of positron emission tomography. Further, the positron emission tomography market is expected to grow steadily due to technological advancements in PET scanners, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years. 

Recent Developments

• In June 2023, Siemens Healthineers has developed a new PET scanner called the Biograph Vision.X PET/CT scanner. This scanner uses a new radiotracer called fluciclovine (Axumin) to image prostate cancer. Axumin is more specific to prostate cancer than other radiotracers, which makes PET scans for prostate cancer more sensitive and specific.
• In October 2022, GE HealthCare launched enhanced venue family point-of-care ultrasound systems featuring AI-driven caption guidance. AI-powered technology will expand access to scans by enabling a broader set of healthcare providers to perform cardiac exams with real-time guidance at the point of care.

Key Market Takeaways

• North America accounted for the highest market share at 38.55% valued at USD 665.08 million in 2022 and USD 695.65 million in 2023, and is expected to reach USD 1,039.03 million in 2031. Moreover, in North America, U.S. accounted for the highest market share of 64.10% during the base year of 2022.
• Based on product type, the full ring segment accounted for the highest share contribution to the positron emission tomography market statistics in 2022.
• Based on application, the oncology segment accounted for the highest share contribution to the positron emission tomography market statistics in 2022.
• Based on end user, the hospitals & clinics segment accounted for the highest share contribution of 48.90% to the positron emission tomography market statistics in 2022.
• Asia Pacific is expected to boost the market demand for positron emission tomography due to the increasing geriatric population in the region.  

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List of Major Global Positron Emission Tomography Market:

• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Canon Medical Systems
• Hitachi Healthcare
• Toshiba Medical Systems
• Positron Corporation
• Mediso Ltd.
• PerkinElmer, Inc.
• Yangzhou Kindsway Biotech Co. Ltd 

Global Positron Emission Tomography Market Segmentation: 

• By Product Type 
  • Full Ring
  • Partial Ring
• By Application
  • Oncology
  • Cardiology
  • Neurology
  • Urology
  • Others
• By End User
  • Hospitals & Clinics
  • Diagnostic centers
  • Others

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Frequently Asked Questions in the Positron Emission Tomography Market Report

• What was the market size of the positron emission tomography industry in 2022?
  • In 2022, the market size of positron emission tomography was USD 1,725.25 million.
• What will be the potential market valuation for the positron emission tomography industry by 2031?
  • In 2031, the market size of positron emission tomography will be expected to reach USD 2,687.62 million.
• What are the key factors restraining the growth of the positron emission tomography market?
  • Short half-life of radiotracers is restraining the market growth at the global level.
• What is the dominating segment in the positron emission tomography market by end user?
  • In 2022, the hospitals & clinics segment accounted for the highest market share of 48.90% in the overall positron emission tomography market.
• Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the positron emission tomography market?
  • Asia Pacific region is growing at the fastest CAGR over the forecast period in the positron emission tomography market.

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