(MENAFN- GlobeNewsWire - Nasdaq) According to SNS Insider, Rising Use of PET in Breast Cancer Detection and Innovation in Radiopharmacy Drive market Growth at a 7.7% CAGR Through 2032Pune, Sept. 05, 2024 (GLOBE NEWSWIRE) -- PET Scanners Market Size & Growth Analysis:
“According to SNS Insider, The PET Scanners Market Size was valued at USD 2.6 Billion in 2023 and is expected to reach USD 4.9 Billion by 2032 and grow at a CAGR of 7.7% over the forecast period 2024-2032.”
The PET scanners market is primarily driven by advanced applications of PET imaging technology in oncology, the increasing need for PET analysis in radiopharmacy, and significant transitions to image-guided interventions. Incorporating these innovations into modern health systems will lead to increased adoption and utilization of PET scanners in all branches of applied medicine. For example, in November 2023, the FDA cleared the Biograph Vision X PET/CT scanner of Siemens Healthineers, which offers industry-leading time-of-flight of 178 picoseconds and improved sensitivity and image quality through advanced electronic applications and ideas. This solution is intended for advanced diagnostic applications. Also, an article by GE Healthcare in November 2023 mentions that PET is one of the essential functional imaging technologies in medical practice. Today, PET detector technology is continuously evolving, which is transforming the future of molecular imaging.
Another driver of the PET scanners market is the growing demand for PET analysis in radiopharmacy. The molecular imaging field has been expanding, increasing the need for specific radiotracers targeting biological areas. There is an initiative to develop novel radiopharmaceuticals, including non-F-18-FDG tracers, primarily for applications involving tumors with low metabolism and energy. Recent advancements have led to the development of new tracers that can provide insights into tumor biology and diseases.
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Increased governmental support for key companies operating in this market is another driver for the development of PET imaging techniques. For instance, in March 2022, the FDA approved Novartis' Pluvic, which is the first targeted radioligand therapy to be FDA-approved and is intended to help patients with metastatic castration-resistant prostate-specific membrane antigen prostate cancer. Other approved imaging methods for detecting prostate cancer include MRI, CT scans, and bone scans.
Key PET Scanners Companies:
Kindsway Biotech Canon Medical Systems PerkinElmer Neusoft Medical Systems Co. Ltd. GE Healthcare Mediso Ltd. Koninklijke Phillips N.V. Positron Corporation Siemens Healthineers AG Shimadzu Corporation Others
PET Scanners Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 2.6 Billion |
| Market Size by 2032 | US$ 4.9 Billion |
| CAGR | CAGR of 7.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmentation Dynamics
In 2023, the hospital segment commanded the largest revenue share, over 53%. Hospitals are characterized by relatively high patient volumes and access to advanced diagnostic technologies. Such technologies include advanced PET scanners, which facilitate comprehensive medical care. Moreover, hospitals have established referral networks with insurance providers. As a relatively expensive diagnostic method, PET scans are covered under health insurance. Accordingly, patients can utilize their health insurance for PET scans conducted at hospitals. Over the forecast period, the diagnostic imaging centers segment is anticipated to demonstrate the highest growth rate. To date, diagnostic imaging centers have been expanding their services to accommodate a wider range of patient diagnostic options. As such, PET scan imaging is an attractive addition to these services, allowing diagnostic imaging centers to provide more complete testing for diseases. Historic kinetics illustrated that PET scanners were traditionally expensive. The devices were utilized at hospitals, while advanced and innovative technology facilitated a cost reduction. Consequently, diagnostic imaging centers can now invest in PET scanners and attempt to offer imaging services at a lower cost to their patients.
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PET Scanners Market Key Segmentation:
By Modality
By Application
Oncology Cardiology Neurology
By End Use
Hospitals Diagnostic Imaging Centers Academic & Research Institutes
Regional Insights
In 2023, North America held the largest revenue share, over 35%. Among the key growth drivers were technological advancements in PET imaging for oncology and advanced diagnostic applications. Moreover, the high demand for action precision diagnostics significantly drives market growth. The growing prevalence of cancer, particularly breast and prostate cancer, has also added significance to this growth trend. The American Cancer Society reported that an estimated 1,918,030 new cases of cancer would be diagnosed in the U.S. in 2022. They include 290,560 new cases of breast cancer, 268,490 new cases of prostate cancer, and 151,030 new cases of colorectal cancer. The urgent need for advanced imaging technologies in cancer detection and treatment remains compelling.
Recent Developments
GE Healthcare offers the Omni PET/CT platform, launched in October 2022. It aims to improve operational efficiency by using AI-driven workflow solutions, such as Auto Positioning Camera and Precision DLi for deep learning image processing. This platform effectively addresses healthcare challenges and contributes to the diagnosis of various diseases, including cancer. Diagnostic services are primarily delivered through PET/CT and PET scanners.
Key Takeaways
In 2023 the hospital segment had the largest revenue share of more than 53% due to the substantial number of patients who attend various organizations for diagnostic procedures. In terms of geography, North America had the largest market share in the PET scanners market, more than 35% in 2023, because the region has been observing technological advancements in the area of oncology imaging and the rising demand for precision diagnostics.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
Incidence and Prevalence (2023) Prescription Trends, (2023), by Region Drug Volume: Modalityion and usage volumes of pharmaceuticals. Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. PET Scanners Market Segmentation, by Modality
8. PET Scanners Market Segmentation, by Application
9. PET Scanners Market Segmentation, by End Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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