New York, United States, May 20, 2022 (GLOBE NEWSWIRE) -- The increasing number of cancer patients globally is one of the most prominent reasons for the surge in the positron emission tomography market share. As per the World Health Organization, cancer has affected nearly 10 million deaths globally in the year 2020.In terms of Detector Type, the Lutetium Oxyorthosilicate (LSO) market segment had the highest market share, accounting for approximately 36.0% of the worldwide Positron Emission Tomography (PET) scanners market. On the other side, the North American region possessed the maximum market share, accounting for approximately 42.2% of the worldwide Positron Emission Tomography (PET) scanners market.
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The segmentation outline of the latest report published by Strategic Market Research on the Positron Emission Tomography Market is as follows:
By Application
- Oncology
- Cardiology
- Neurology
- Others
By Detector Type
- Bismuth Germanium Oxide (BGO)
- Lutetium Oxyorthosilicate (LSO)
- Gadolinium Oxyorthosilicate (GSO)
- Lutetium Fine Silicate (LFS)
- Lutetium Yttrium Orthosilicate (LYSO)
By End-User
- Hospitals
- Diagnostic Centres
- PET Centres
- Research Institutes
Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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The Market for Global Positron Emission Tomography is predicted to reach a market value of USD 1508.57 million by 2030 from USD 1016.20 million in 2020, at a CAGR of 4.03 percent during the forecasted period. The high success rate that is well associated with the technology of Positron Emission Tomography has made the patients opt for this technology, thereby resulting in the growth of this market. As per the Cancer imaging journal, positron emission tomography is 97% to 100% successful in terms of detecting recurrent tumours. Also, the PET imaging devices market is rising due to its vast range of applications. The PET imaging devices are mainly used to detect various brain disorders and problems related tocervical, breast, oesophageal, colorectal, neck, head, lung, skin, and many others. Additionally, PET can also be utilized in the treatment of cancer and identification of diseases like cerebrovascular diseases, heart disease, epilepsy, Parkinson’s disease and Huntington’s disease. As per the Centre for Neurological Treatment and Research, In the United States, one in every 10,000 individuals has Huntington’s Disease.
By application, the Oncology segment held the largest share of the Positron Emission Tomography market.
In terms of application, the Oncology segment contributed to more than 80 percent of the entire market. It is mainly due to the surge in the demand and utilization of PET scanners for early cancer detection & treatment. As per the World Health Organization (W.H.O.), cancer is responsible for approximately one out of six deaths on a global basis.
By Detector Type, the ‘Lutetium Oxyorthosilicate (LSO)’ market segment possessed the highest share of the market
In terms of Detector Type, the Lutetium Oxyorthosilicate (LSO) market segment had the highest market share, contributing about 36.0% of the total Positron Emission Tomography (PET) market. The LSO crystals provide excellent light output and density, better energy resolution and a short decay period, thus,driving the overall growth of this segment. In accordance with The Institute of Electrical & Electronics Engineers, LSO has a light decay period of around 40 ns. Hence, the widespread utilization of LSO has led to significant market growth for PET devices.
By End-User, the ‘Hospitals’ dominated the entire Positron Emission Tomography market
In terms of End-User, the Hospital market segment held the largest market segment, possessing an overall valuation of US$ 322.7 million. The increasing usage of PET scanners, the growing need for early cancer detection & treatment, and the good availability of skilled medical professionals in PET are some of the key drivers that are propelling this segment. As per Lawrence Berkeley Laboratory, approximately 2500 PET scanners in hospitals all over the United States of America perform about 2 million scans on a yearly basis.
North America held the maximum proportion of the Positron Emission Tomography Market share
By region, North America held the largest share of the Positron Emission Tomography Market, accounting for approximately 42.2%,with an overall market valuation of USD 360 million. The growing demand for precise diagnosis & the technological advancements in the field of Positron Emission Tomography are the key reasons behind its dominance. As per the OECD, per 1000 population, 6 PET scans were performed in the year 2018, which is anticipated to increase further. Thus, this rise in the demand for PET scans hasled to the market’s growth in this segment. However, the APAC region is prevised to be the fastest-growing positron emission tomography market and is estimated to reach a milestone of around US$88.9 million by the end of 2027.
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The major players that are covered in the Global Positron Emission Tomography Market report are:
- Agfa Healthcare
- GE Healthcare
- Neusoft Medical Systems
- Oncovision
- Koninklijke Philips N.V.
- Positron Corporation
- Siemens Healthineers AG
- Segami Corporation
- Spectrum Dynamics Ltd.
- CMR Naviscan
- MedX Holdings Inc.
- Modus Medical Devices Inc.
- Radiology Oncology Systems, Inc.
- Yangzhou Kindsway Biotech Co. Ltd.
- Toshiba Corporation
- Hitachi, Ltd.
- Cerveau Technologies, Inc.
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Global Radiofrequency Ablation Devices Market: Recent Developments
- In January 2022, GE Healthcare gained an additional FDA 510 (k) clearance for its technology of SIGNA PET/MRI, which could assist more clinicians in achieving more and enhanced scan efficiency. It will also enable them to provide more effective treatment paths for their patients, especially in the departments like oncology, cardiology, neurology and many others.
- In January 2022, Positron Corporation declared its strategic tie-up with Neusoft Medical Systems in order to distribute, produce, and improvise its R&D of Positron’s new PET-CT device. Positron Corporation feels that this collaboration will enable them to further develop its PET-CT technology while extending into the oncology segment.
- In March 2021, Siemens Healthineers declared the FDA Clearance on its Biograph Vision Quadra PET-CT Scanner, which is primarily designed for clinical and translational use, there by improving healthcare outcomes. Siemens feels that the launching of this device would assist the clinicians in better recognizing the diseases.
- In March 2020, Cerveau Technologies, Inc. declared its licensing deal with Alector Inc. to utilise its investigational imaging agent in PET scans to assess the status and progression of neurofibrillary tangles (NFT) in the brain. Cerveau feels that this partnership with Alector is an important step in its strategy to create a global network of key collaborators and production sites to allow wide access to clinical trial support and various scientific research.
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