Positron Emission Tomography (PET) Scanners Market is expected to surpass US$ 2.1 Billion by 2033 grow at 5.3% CAGR
According to estimates, the Positron Emission Tomography (PET) Scanners Market will be worth US$ 1.3 billion in 2023 and US$ 2.1 billion by 2033. Throughout the forecast period, the market is anticipated to expand at a CAGR of 5.3%. The market for positron emission tomography (PET) scanners is driven by a number of variables, including:
The global Positron Emission Tomography (PET) Scanners Market is expected to grow at a stable CAGR of around 5.1% from 2021 to 2031. The global market reached a valuation of around US$ 1.2 Bn in 2021. According to the estimations by Future Market Insights, full-ring PET scanners held a substantial share of over 84.3% in 2020. The comparative analysis and market growth rate of the global positron emission tomography (PET) scanners market, included advancements in incorporated silicon photomultiplier (SiPM) technology within product specifications, and new innovations in the TSPO PET tracers.
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According to the historic analysis, the demand for PET scanners surged at a stagnant CAGR of 3.4% between 2016 and 2020 with sales representing around 4.4% of the overall US$ 24.5 Bn medical imaging market in 2020. Surging demand in the radiopharmaceuticals sector along with the integration of computed tomography with PET, and advancements in hybrid imaging systems are anticipated to boost the market. In contrast to this backdrop, the present positron emission tomography (PET) scanners market is anticipated to extend at a stable CAGR of 5.1% CAGR over the assessment period.
The comparative analysis and market growth rate of the global Positron Emission Tomography (PET) scanners market are studied by Future Market Insights. According to the FMI analysis, the global positron emission tomography (PET) scanners market expects to rise by 01 Basis Point Share (BPS) in H1-2022 as compared to H1- 2021. Whereas in comparison to H1-2022 Projected value, the market during the H1-2022 outlook period will show a dip of 40 BPS.
- The process incorporates the visualization of biochemical changes in the body, including the strong metabolism of the heart muscle. These efficient scanners employ a type of nuclear medicine process in order to accurately measure the metabolic activity of the body tissues and cells. It is a combination of nuclear medicine and biochemical analysis. They are mostly used in patients with heart or brain conditions, and cancer.
- The surging adoption of PET and X-ray transmission computed tomography (CT) scans is expected to propel growth in the market over the upcoming years. This innovative technology is predicted to reduce acquisition time, and provides precise attenuation correction and fusion imaging, resulting in high diagnostic sensitivity and specificity.
- Furthermore, the combination of PET and CT helps in improving the staging of disease by defining prognostic and treatment monitoring capabilities of the functional and metabolic information given by conventional nuclear imaging techniques.
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- Most PET scanning products are used to perform fluorodeoxyglucose (FDG) as it has the capability to capture tissue glucose metabolism and increase its parameters. Although, fluorodeoxyglucose consists of some shortcomings such as low specificity. Additionally, several potential radiotracers are under investigation to address the unmet clinical needs of diagnosis of diseases.
- In order to tackle such diseases, various manufacturers are launching new products that come with higher sensitivity concerning metabolic activity to achieve detailed scans. Players are also investing in mergers and acquisitions to improve their product portfolios.
- The market is expected to comprise mandatory equipment registered in several countries, regulatory requirements for development, and reimbursement changes. The market is highly influenced by the advances in minimally invasive surgical procedures and the establishment of new patented products.
- Over the recent years, the market observed a surge in the BPS values owed to the potential benefits of digital PET scanners over conventional analog scanners attributed to their improved image quality, thus promoting greater adoption. In addition to that, the market experienced change within the BPS values owing to the reduction in the number of elective surgeries as well as the emergence of telehealth during the advent of the COVID-19 pandemic.
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Key market players are concentrating on a novel and innovative approaches for the development of positron emissions tomography scanners driven by emerging cases of infectious diseases and the lack of advanced methods for efficient detection. An expansion of the production facility along with new product launches and approvals are projected to further strengthen the growth of the market.
More Insights into the Positron Emission Tomography (PET) Scanners Market
The U.S. is anticipated to dominate the North American market as it accounted for around 94.4% of the total market share in 2020. Due to the rising prevalence of cancer in the country, an underpinning need for advanced PET scanners, thereby creating sales prospects in the market.
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Key players focus on novel and innovative approaches to develop positron emission tomography scanners. Production facility expansions, new product launches, and product approvals can strengthen their market presence
Some of the prominent players in the market are:
- G.E. Healthcare
- Toshiba Corporation
- Koninklijke Philips N.V.
- Siemens Healthineers
- Hitachi Medical Corporation
- Positron Corporation
- Mediso Ltd.
- Yangzhou Kindsway Biotech Co., Ltd
Positron Emission Tomography (PET) Scanners Market by Category
By Product Type:
- Full-ring PET Scanner
- Partial-ring PET Scanner
By Detector Type:
- Bismuth Germanium Oxide
- Lutetium Oxyorthosilicate
- Gadolinium Oxyorthosilicate
- Lutetium Fine Silicate
- Lutetium Yttrium Orthosilicate
By End User:
- Diagnostic Centers
- PET Centers
- Research Institute
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