Positron Emission Tomography Market

Market Overview

The global positron emission tomography market size was valued at USD 1.2 billion in 2023 and is projected to reach a value of USD 1.9 billion by 2032, registering a CAGR of 4.9% during the forecast period (2024-2032). Positron Emission Tomography market share is predicted to grow due to increased research grants, chronic illness prevalence, and a focus on precision medicine.

Positron Emission Tomography (PET) is a medical imaging technology that depicts the body's metabolic processes and physiological activities. It entails administering a radioactive tracer, usually a positron-emitting radiopharmaceutical, absorbed by the tissues or organs of interest. PET scanners detect gamma rays produced by annihilating released positrons and surrounding electrons. PET pictures provide useful information on cellular activity, metabolism, and disease pathology by examining the radiotracer's distribution and concentration.

The rising incidence of chronic diseases, advances in imaging technology, expanding oncology applications, rising healthcare expenditure, growing geriatric population, expanding clinical research activities, and rising patient and healthcare professional awareness are all key drivers of the global PET market. With continued technical developments, growing applications, and increased healthcare investments, the PET market is positioned for significant expansion, resulting in better patient outcomes and advances in medical research.

Highlights

• PET/CT Systems accounts for the largest market share by Product.
• Oncology dominates the market by Application.
• Hospitals generate the highest revenue share by end-users.

Market Dynamics

Global Positron Emission Tomography Market Drivers

Increasing Incidence of Chronic Diseases

The increasing frequency of chronic diseases such as cancer, cardiovascular ailments, and neurological conditions is a significant driver of the PET market. PET imaging is critical for early identification, accurate diagnosis, staging, and monitoring of various disorders, resulting in improved patient outcomes and treatment planning. According to the World Health Organization (WHO), lung cancer is the top cause of cancer death globally, accounting for 1.8 million fatalities in 2024, or 18.7% of all cancer-related deaths. Lung cancer is the most commonly diagnosed cancer, accounting for over 2.5 million cases, or one in every eight malignancies. PET imaging is essential in cancer diagnosis and management because it allows for the visualization of metabolic activity within tumors, which aids in proper staging, treatment planning, and therapeutic response monitoring.

Additionally, PET scans are extensively used in oncology to diagnose and stage cancers such as lung cancer, breast cancer, colorectal cancer, and lymphoma. Oncologists use PET imaging to monitor disease dissemination, tumor aggressiveness, and possible metastatic sites. PET-CT imaging has been proven to increase cancer staging accuracy compared to traditional imaging modalities, resulting in more appropriate treatment decisions and better patient outcomes. PET imaging is also helpful in cardiovascular disease management, notably for determining myocardial perfusion, viability, and function. According to a 2024 report, cardiovascular disease (CVD) is the most significant cause of death in the United States, accounting for 2,552 fatalities per day, or approximately every 34 seconds. The study also contains information on heart illness, such as 1,905 deaths per day from heart attacks, 605,000 new heart attacks, and 200,000 recurring attacks each year.

Moreover, PET scans offer quantitative data on myocardial blood flow and metabolism, which aids in the identification of coronary artery disease, myocardial infarction, and heart failure. PET imaging assists cardiologists in planning revascularization treatments and optimizing patient management techniques by accurately identifying areas of myocardial ischemia and viability. 

Global Positron Emission Tomography Market Restraints

High Cost of PET Imaging

The high cost of PET imaging treatments is a significant limitation of the PET market. PET scanners are expensive to purchase, install, and operate, making them a financial burden for healthcare facilities, especially in poor countries with limited healthcare budgets. The cost of a PET scan varies based on the bodily area being scanned, with national averages ranging from USD 3,000 to USD 12,000 for a whole body scan, USD 2,800 to USD 24,200 for a heart scan, and USD 2,200 to USD 10,700 for a brain scan.

Furthermore, the cost of radiopharmaceuticals utilized in PET imaging treatments adds significantly to the total cost. Fluorodeoxyglucose (FDG), the most often used radiotracer in PET scans, can cost hundreds to thousands of dollars per dosage, depending on production processes, radioisotope availability, and market demand. PET radiopharmaceutical manufacture is predicted to cost USD 584,500 annually, while PET imaging costs USD 644,250. PET scans cost between USD 900 and USD 1400, which includes technical scans and professional fees.

As a result, certain healthcare providers may need help investing in PET technology or providing PET imaging services to patients. This accessibility barrier may influence patient treatment and diagnosis, particularly for people who could benefit from PET imaging for early detection and management of diseases like cancer, cardiovascular disorders, and neurological issues. 

Global Positron Emission Tomography Market Opportunity

Technological Advancement

Continuous advances in PET imaging technology create chances for product innovation and differentiation. Manufacturers are investing in R&D to increase PET scanner performance, improve image quality, and develop new radiotracers for specialized clinical uses. Emerging technologies such as digital PET detectors, time-of-flight (TOF) imaging, and artificial intelligence (AI) algorithms can improve diagnostic accuracy and broaden the therapeutic utility of PET imaging.

A recently developed technology known as "augmented whole-body scanning via magnifying PET" (AWSM-PET) has been found to improve image resolution and system sensitivity in clinical whole-body PET/CT imaging. The cost-effective method, which will be presented at the 2023 Society of Nuclear Medicine and Molecular Imaging Annual Meeting, employs high-resolution add-on detectors to scan a patient while doing a standard whole-body PET scan.

Furthermore, continuing research and development efforts aim to combine digital PET detectors with time-of-flight (TOF) imaging and artificial intelligence (AI) algorithms to improve image reconstruction and interpretation. These developments show potential for expanding PET imaging's clinical relevance beyond oncology to neurology, cardiology, and other medical disciplines.

Moreover, using digital PET technology provides manufacturers with a vast potential to distinguish their products, improve clinical outcomes, and drive market growth in the worldwide PET imaging market. As digital PET systems become more commonly available and demonstrate therapeutic benefits, they are likely to play an increasingly essential role in illness diagnosis and management, helping to shape the evolution of molecular imaging and precision medicine.

Regional Analysis

The global positron emission tomography market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global positron emission tomography market shareholder and is estimated to grow at a CAGR of 4.5% over the forecast period. North America's positron emission tomography market is predicted to develop due to advancements in PET imaging for oncology and advanced diagnostics applications and a high need for precision diagnostics. The growing number of cancer cases, such as breast and prostate cancer, is also expected to boost market growth significantly. For example, the American Cancer Society (ACS) predicts that 1,958,310 new cancer cases will be identified in the United States by 2023, with 609,820 people dying from the disease. This is up from 1.9 million new cases in 2022, and the majority of those new instances involve younger people. Breast, lung, bronchus, prostate, and colorectal cancers make up about half of all new cancer cases in the United States. Since the 1990s, the total cancer death rate in the United States has consistently decreased, owing to decreases in mortality from malignancies of the breast, colon and rectum, lung, and prostate. 

Furthermore, government financing and the installation of PET scans in hospitals throughout North America are expected to drive market expansion throughout the projection period. For example, in April 2022, the Royal Victoria Regional Health Centre (RVH) is scheduled to install new medical imaging technology to enable earlier identification of various cancers. The Ontario government is spending more than $1 million to allow RVH to build a room in the health center's Medical Imaging department for a positron emission tomography-computer tomography (PET-CT) scanner.

In addition, market players use various techniques to enhance their market share, including new launches, development, partnerships, and acquisitions. For example, in July 2021, Hawthorne, California-based Prescient Imaging received 510(k) clearance for its BBX-PET equipment. Siemens Healthineers gained FDA authorization for the Biograph Vision Quadra PET/CT Scanner in March 2021. The scanner is intended for clinical usage and translational research, which uses scientific research to develop medications and procedures that enhance health outcomes. 

Similarly, in October 2022, Health Canada approved Illuccix, a kit for preparing gallium-68 (68Ga) gozetotide (also known as PSMA-11) injection, a radioactive diagnostic agent indicated for positron emission tomography (PET) of PSMA-positive lesions in patients with prostate cancer. Product approvals and launches related to PET will likely drive market growth since they increase product availability and competitiveness in the examined region.

Asia-Pacific is anticipated to exhibit a CAGR of 4.8% over the forecast period. The region's rapid economic expansion is expected to fuel demand for innovative and individualized technology, as well as efforts to supply the most appropriate solutions and products for the imaging and diagnostic sectors. Furthermore, improving healthcare infrastructure and increasing medical device companies providing advanced healthcare solutions in densely populated Asian countries such as Japan, China, and India are creating potential market opportunities and attracting stakeholders to diversify their portfolios in the Asia-Pacific medical imaging and PET scanners market.

Shimadzu Corporation, for example, introduced the new Time-of-flight PET (TOF-PET) "BresTome" in March 2021 in Kyoto, Japan, a functional imaging solution for the breast and head inside the Japanese domestic healthcare industry. It doubles the resolution of traditional whole-body PET systems. It can be used to promote the clinical treatment of Alzheimer's disease and other degenerative neurological disorders, as well as therapeutic uses for epilepsy and brain tumors, and is covered by Japanese public health insurance. The TOF-PET detector configuration can be readily switched from head to breast mode by pressing a button. 

The European positron Emission Tomography (PET) market includes many nations with different healthcare infrastructures and degrees of PET adoption. Germany is a prominent market for PET imaging in Europe, with a strong healthcare system and widespread access to PET facilities. According to European Association of Nuclear Medicine (EANM) data, Germany has many PET centers equipped with cutting-edge PET-CT and PET-MRI systems that provide comprehensive imaging services to patients nationwide. 

Segmental Analysis

The global positron emission tomography market is segmented based on Product, Application, and end-user.

The market is further segmented by product into PET/CT Systems, Low Slice Scanners, Medium Slice Scanners, High Slice Scanners, and PET/MRI Systems.

PET/CT systems make up a significant portion of the industry. PET/CT systems combine PET and CT imaging capabilities in a single instrument. This integration enables the simultaneous acquisition of metabolic and anatomical pictures, resulting in complete information about physiological processes and structural anomalies within the body. In oncology, PET/CT systems are frequently used to diagnose cancer, stage it, plan treatment, and measure response. PET/CT imaging enhances diagnostic accuracy, lesion location, and treatment decisions by combining functional and anatomical data, resulting in better patient outcomes and more tailored care.

Low-slice PET scanners are often defined as systems with fewer detector rings or lower spatial resolution than higher-slice scanners. While low-slice PET scanners may have lower picture quality and sensitivity, they are frequently less expensive and better suited to regular clinical imaging activities. These systems are employed in various clinical settings, including oncology, cardiology, and neurology, where high-resolution imaging may not be required for all diagnostic scenarios.

The market can be bifurcated by application into oncology, neurology, and cardiovascular.

The oncology segment is estimated to have over 70% market share in 2023. PET imaging is used in oncology to detect cancer, stage it, plan treatment, and assess therapeutic response. PET scans, which visualize metabolic activity within tumors, provide crucial information on tumor aggressiveness, disease spread, and treatment efficacy. Oncologists use PET imaging to identify primary tumors, detect metastases, measure lymph node involvement, and assess treatment response after chemotherapy, radiation therapy, or surgery. Furthermore, PET imaging monitors and detects cancer recurrence in post-treatment follow-up patients.

Additionally, PET scanners are frequently employed in clinical trials as imaging biomarkers to assess the therapeutic response to innovative cancer treatments. The most often utilized imaging technique in oncology is 18Fluorine-2-fluoro-2-Deoxy-d-glucose (18F-FDG) PET scanners. The most apparent advantage of PET is its capacity to identify significant changes in glucose metabolism or even complete shutdown of the neoplastic cell metabolism in the early phases of the therapy process. This allows clinicians to detect the efficacy of an antineoplastic treatment far earlier than traditional radiological methods. Factors such as increased cancers are expected to drive market expansion throughout the forecast period. For example, according to Globocan data, the number of cancer cases is expected to reach 24,044,406 by 2030, rising to 28,887,940 by 2040. Thus, the demand for early cancer diagnosis and treatment has increased PET scanner utilization, resulting in market development. 

PET imaging is commonly used in neurology to diagnose and manage neurological illnesses such as Alzheimer's, Parkinson's, epilepsy, and stroke. PET scans allow for imaging of cerebral glucose metabolism, neurotransmitter activity, and amyloid plaque deposition in the brain, which aids in the diagnosis and differential diagnosis of various neurological disorders. Neurologists use PET imaging to track disease progression, detect areas of neuronal malfunction, and evaluate treatment responses in patients with neurodegenerative illnesses and neuropsychiatric disorders.

Based on end-users, the market is sub-segmented into Hospitals, Surgical Centers, Diagnostic and Imaging Clinics, and Ambulatory Care Centers.

Hospitals are an essential end-user category for PET imaging due to their comprehensive healthcare services and infrastructure. Hospitals often have advanced imaging departments with PET scanners to assist a variety of clinical specialties, such as cancer, neurology, and cardiology. PET imaging services at hospitals serve inpatients and outpatients, providing vital diagnostic information to doctors and experts involved in patient care. Hospitals frequently invest in PET technology to increase diagnostic capabilities, patient outcomes, and cancer care, among other specialized services.

Surgical or ambulatory surgery centers (ASCs) may use PET imaging services for preoperative evaluation and planning of patients undergoing surgical procedures. PET scans assist surgeons in assessing tumor features, determining tumor resectability, identifying metastatic disease, and directing surgical decisions and treatment plans. PET scanner-equipped surgical centers provide patients with convenient access to modern imaging services, allowing for comprehensive preoperative assessment and tailored treatment planning in a specialized clinical setting.

Recent Developments

• April 2024- GE HealthCare launched AI-Enhanced Voluson Signature 20 and 18 Ultrasound Systems to Improve Women's Health Imaging.
• February 2024- Philips launched AI-enabled diagnostic imaging and therapeutic solutions to enhance patient care.
• April 2024- The FDA gave a fast-track designation to TLX101-CDx (Pixclara; Telix Pharmaceuticals), an experimental glioma imaging agent known as F-floretyrosine. The medication had previously been designated as an orphan medicine for use as an imaging agent in treating gliomas, which are infiltrative tumors that impact nearby brain tissues.