Positron Emission Tomography Market Size is set to witness rampant growth from 2022 to 2028 due to the ongoing discovery and developments of new tracers. The higher burden of neurological and cardiovascular diseases along with several cancers has steered the increasing demand for hybrid imaging systems. The growing application scope of the product with various diagnostic technologies, the rising deployment of Time of Flight (TOF), and the growing development of numerous procedures will act as positive drivers for the industry expansion.
Positron emission tomography (PET), is a nuclear medicine procedure that gauges the metabolic activities of the cells of body tissues.
Demand for full-ring PET scanners is expected to rise through 2028 with increasing preference over their partial-ring counterparts to offer exceptional three-dimensional imaging. These scanners are hybrid, having a regular CT and PET scanner within a single gantry. They are well-known for providing higher sensitivity, as well as better resolution and performance characteristics in comparison to hybrid gamma cameras. The rising preference for the latest versions of the product that are more compact and designed with smaller tunnels will influence the segment growth.
Based on application, the positron emission tomography market share will expand from the oncology segment owing to the surging prevalence of cancer worldwide and the rising adoption of various strategies by leading industry players. These scanners are utilized in the inspection of breast, lung, and thyroid cancer. They are used to detect cancerous tumor cells in order to assist in gauging the cancer spread.
In addition, PET scan images are largely preferred over CT and MRI scans as they can effectively detect the cellular changes in organs and tissues. The growing acceptance of hybrid PET/MRI scans to create extremely high-contrast images in diagnosing as well as monitoring cancers of the soft tissues, including head and neck, brain, liver, and pelvis will have a positive outlook on the market demand.
The North America positron emission tomography market revenue will grow with the increasing burden of breast and prostate cancer. The American Cancer Society has estimated that there would be over 530 new cases of prostate cancer in the U.S. in 2021. The provision to favorable reimbursement policies, notably by Medicaid and Medicare for covering the scanning expenses specifically for Alzheimer's disease is a major driving force for the industry progression. The thriving need for precision diagnostics and PET imaging in oncology along with advanced diagnostics applications has made way for higher technological advancements, complementing the regional outlook.
The positron emission tomography market comprises the presence of key leaders, including Siemens Healthcare (Siemens), Oncovision, General Electric Company, Neusoft Corporation, Positron Corporation, CMR Naviscan, and Koninklijke Philips N.V.
Most of these entities are actively implementing marketing collaborative strategies, including acquisitions, and partnerships, along with technological innovations for introducing new PET scanners for achieving a competitive advantage.
For instance, in October 2020, Siemens Healthineers unveiled its CE-Marked PET/CT (positron emission tomography/computed tomography) scanner, Biograph Vision Quadra, that has applications in clinical use and translational research.
In another instance, in December 2020, Royal Philips installed Vereos a PET/CT scanner with Ambient Experience at the Phoenix Children’s Hospital across the U.S. The installation is part of the company’s long-term strategic collaboration with the hospital for accelerating the co-creation of solutions specifically designed to match the unique needs of children.
The COVID-19 crisis recorded significant impacts on the global economy, while subsequently contributing to major business and lifestyle changes. Amid the crisis, the demand for positron emission tomography scans significantly increased given their higher penetration in detecting the COVID-19 respiratory syndrome in asymptomatic LVAD (left ventricular assist device) recipients. The growing popularity of COMPOSIT (COvid iMaging With POSitron Emission Tomography) also acted as a potential booster for the market progression.
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