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Positron Emission Tomography (PET) Scanners Market

Positron Emission Tomography (PET) Scanners Market by Product (Full-Ring PET Scanner, Partial-Ring PET Scanner), Applications (Oncology, Cardiology, Neurology), Detector Type (Bismuth Geranium Oxide, Lutetium Oxyorthosilicate, Gadolinium Oxyorthosilicate), End User, and Regions for 2021-2031

Positron Emission Tomography (PET) Scanners Market by Product (Full-Ring PET Scanner, Partial-Ring PET Scanner), Applications (Oncology, Cardiology, Neurology), Detector Type (Bismuth Geranium Oxide, Lutetium Oxyorthosilicate, Gadolinium Oxyorthosilicate), End User, and Regions for 2021-2031

Positron Emission Tomography (PET) Scanners Market - Analysis, Outlook, Growth, Trends, Forecasts

Positron Emission Tomography (PET) Scanners Market Outlook – 2021-2031

[181 Pages Report] Demand for Positron Emission Tomography (PET) Scanners Market is projected to grow at a steady 5.1% CAGR from 2021 to 2031, reaching US$ 1.2 Bn in 2021.

Data Points

Market Insights

PET Scanners Market Value 2020

US$ 1.1 Bn

PET Scanners Market Value 2031

US$ 1.9 Bn

CAGR 2021-2031

5.1%

Share of Top 5 countries

66.5%

Key Players

GE Healthcare, Toshiba Corporation, Koninklijke Philips N.V., Siemens Healthineers, Hitachi Medical Corporation, Positron Corporation, Mediso Ltd., Yangzhou Kindsway Biotech Co., Ltd (100% Market Share)

 As per Future Market Insight’s projections, full-ring PET scanners held a substantial share of over 84.3% in 2020.

Sales Analysis of Positron Emission Tomography (PET) Scanners from 2016 to 2020 Vs Market Outlook for 2021 to 2031

Demand for PET scanners grew at a 3.4% CAGR between 2016 and 2020, with sales representing nearly 4.4% of the overall US$ 24.5 Bn medical imaging market in 2020. Increasing demand in radiopharmaceuticals, the integration of computed tomography with PET, and advancements in hybrid imaging systems are anticipated to boost the market.  

These scanners employ a type of nuclear medicine process to 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 process involves visualization of biochemical changes in the body, such as the metabolism of heart muscle.

PET scanners are being widely adopted due to their ability to visualize and quantify tumoral features on molecular levels, as compared to the traditional techniques of imaging. This will translate into lucrative sales opportunities for manufacturers over the forecast period.

Rising awareness regarding the advantages of radiotherapy and radiation oncology, paired with the growing disposition towards non-invasive procedures is set to boost the demand in developed and developing countries through 2031.

Against this backdrop, the market is expected to expand at a steady 5.1% CAGR, offering an absolute $ opportunity of US$ 57.0 Mn.

What are the Key Opportunities for Positron Emission Tomography Scanners Manufacturers?

Growing adoption of PET and X-ray transmission computed tomography (CT) scan is expected to boost the market in the forthcoming years. This innovative technology reduces acquisition time, provides precise attenuation correction and fusion imaging, resulting in high diagnostic sensitivity and specificity.

Moreover, the combination of PET and CT helps in better staging of disease by defining prognostic and treatment monitoring capabilities of the functional and metabolic information given by conventional nuclear imaging technique.

Most PET scanning procedures are performed using fluorodeoxyglucose (FDG) as it has the capability to capture tissue glucose metabolism and increase in its parameters. However,  fluorodeoxyglucose has a few shortcomings such as low specificity. Additionally, several potential radiotracers are under investigation to address the unmet clinical needs of diagnosis of diseases.

In response to this, manufacturers are launching new products with higher sensitivity regarding metabolic activity to achieve detailed scans. Players are also investing in mergers and acquisitions to improve their product portfolios.

For instance, in May 2021, GE Healthcare acquired Zionexa to scale Zionexa’s FDA-approved PET imaging agent, Cerianna (fluoroestradiol F-18). The product is used as an adjunct to biopsy for the detection of estrogen receptor (ER) positive lesions to assist healthcare providers in treatment selection for patients with recurrent or metastatic breast cancer.

What are the Factors Restraining Demand for PET Scanners?

Although the efficacy of PET scanners has been established, continuous reimbursement cutbacks are affecting the growth of the market. Players have been declined reimbursement for these products worldwide, which has resulted in a reduced number for outpatient volume, thus affecting the access to high-quality and cost-effective diagnostic imaging services.

Apart from this, radiopharmaceuticals used during PET scanning procedures have a short life. The systems utilize radioisotope tracers to gain better imaging capabilities, thus providing more specific information about organ function or dysfunction.

The most common radiotracer is flurodeoxyglucose (FDG), which incorporates fluorine-18 as a tracer and is the most used radiotracer in PET scanning and imaging. However, radiotracer has a half-life of just under 2 hours, limiting its utility.

As per FMI, these factors can potentially impact the growth of the market in the forthcoming years.

Country-wise Insights

What Makes the U.S. PET Scanners Market Attractive?  

The U.S. is expected to dominate the North America market, accounting for  over 94.4% of the market share in 2020. Rising prevalence of cancer in the country is underpinning the need for advanced PET scanners, thereby creating sales prospects in the market.

According to the National Cancer Institute, in 2020, an estimated 1,806,590 new cases of cancer were expected to be diagnosed in the United States and 606,520 people were expected to die from the disease. “The rate of new cases of cancer (cancer incidence) is 442.4 per 100,000 men and women per year (based on 2013–2017 cases)”, as per the National Cancer Institute.

This is expected to boost the applications of positron emission tomography scanners in the country.

What Makes China an Emerging Market for PET Scanners?

China accounted for 26.8% of the APEJ market share in 2020, and is projected to expand at a CAGR of over 6.0%. Increasing efforts by manufacturers to incorporate value-based detectors in their PET machines is expected to drive sales in China.

Besides this, increasing adoption of LFS scintillation crystals for a new line of PET scanners is expected to boost the market in the forthcoming years.

What Will be the Demand Outlook in Japan PET Scanners Market?

In 2020, Japan accounted for 14.9% of the total market share,  and is projected to expand at a CAGR of 6.2% from 2021 to 2031. In Japan, PET scanning machines were first introduced in the 1990s and the first PET cancer screening program was investigated in 1994 which became fully established in the year 2002. This has led to a widespread diffusion of technology in the country.

Also, increasing number of PET scanning facilities in Japan is expected to continue boosting their installation over the assessment period.

Category-wise Insights

Which PET Scanner Type is Most Preferred?

Based on product type, demand for full-ring PET scanners is projected to surge at a 5.3% CAGR during the forecast period. The product offers high efficiency and contains multiple rings scintillator detectors. These detectors cover a full 360 degree angular rotation around the volume to be imaged.

Which is the Leading Application of PET Scanners?

In terms of applications, sales in the oncology segment accounted for 85.2% of the total market share in 2020, and is projected to continue growing with the similar trend during the forecast period.

Which Detector Type is Considered Highly-Sought After?

Based on the detector type, sales of lutetium oxyorthosilicate (LSO) accounted for leads the more than 37.3% of the total market share in 2020. The lutetium oxyorthosilicate (LSO) segment is expected to grow at a 7.0% CAGR over the assessment period.

Why is the Demand in Hospitals and Diagnostics Centers Rising?

Based on end users, hospitals and diagnostic centres together held more than 60% of the total market share in 2020. Sales in these segments are expected to grow on the back of increasing number of diagnostic centres installed with PET imaging machines.

Competitive Landscape

Key players are focusing on novel and innovative approaches for the development of positron emission tomography scanners driven by emerging cases of infectious diseases and the lack of advanced methods for efficient detection. Production facility expansions, new product launches, and approvals are further strengthening their market presence. For instance:

  • In March 2021, the US FDA gave clearance to Siemens Healthineers’ Biograph Vision Quadra, a new PET/CT scanner with a large 106 cm axial field of view.

Scope of the Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa

Key Countries Covered

US, Canada,  Brazil,  Mexico, Germany, U.K., France, Italy, Spain,  BENELUX, Russia, China, Japan, South Korea, India, Indonesia, Malaysia, Thailand, Australia and New Zealand, South Africa, and GCC Countries

Key Market Segments Covered

Product, Application, Detector Type, End User, and Region

Key Companies Profiled

Customization & Pricing

Available upon Request

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Key Market Segments Covered

By Product :

  • Full-ring PET scanner
  • Partial-ring PET scanner

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

By End User :

  • Hospitals
  • Diagnostic Centers
  • PET Centers
  • Research Institute

By Region :

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

Key Questions Answered in the Report

How big is the global positron emission tomography scanners market?

The global positron emission tomography scanners market is valued at US$ 1.1 Bn, and is set to expand ~1.6X over the assessment period.
The positron emission tomography scanners market is expected to reach US$ 1.9 Bn by 2031, with sales expected to increase at a 5.1% CAGR.
Sales grew at a 3.4% CAGR between 2016 and 2020, owing to increasing number of chronic disorders such as cancer and cardiovascular disorders.
Rise of novel cancer therapeutics and growth of health infrastructure are some of the key trends driving sales in the market.
The U.S., Japan, Italy, China and India are expected to drive demand for positron emission tomography scanners.
North America is one of the key markets for positron emission tomography scanners, with the U.S. expected to account for over 94.5% of the North America market in 2021.
Demand for positron emission tomography scanners in Western Europe is expected to register 4.5% CAGR over the forecast.
The U.S., China and Japan are key producers of positron emission tomography scanners products.
In 2021, the China positron emission tomography scanners market is projected to hold 27.1% of APEJ market share. Japan is forecast to account for 14.9% of the global market in 2021.

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