Positron Emission Tomography (PET) Scanners Market

Positron Emission Tomography (PET) Scanners Market Size Survey Report – In a Glance

As per the survey report on global Positron emission tomography (PET) scanners market, the market is projected to foresee a CAGR of CAGR value 5.2% between 2024-2033, and further generate a market size of USD 3.7 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 2.8 billion revenue.

• The global Positron emission tomography (PET) scanners market is projected to grow on account of the rising prevalence of cancer.
• In Japan, the Positron emission tomography (PET) scanners market growth can be attributed to the continuous advancements in imaging technology.
• KDMI analyst’s growth analysis foresees associated high cost to challenge the market growth.
• North America, having the highest market share in the Positron emission tomography (PET) scanners market, is projected to dominate the global market.

Positron Emission Tomography (PET) Scanners Market Analysis

A positron emission tomography (PET) scanner is a device used for medical imaging that identifies modifications in the metabolism and functions of the body. The PET scan is often coupled with other body scans like CT scans or MRIs to get detailed images that help in the diagnosis of conditions like cancer or other serious disorders. Nowadays, cancer rates are on the surge across the world due to which the demand for PET scans is also increasing as it provides healthcare professionals with accurate diagnoses. The American Cancer Society found that around 1,958,310 new cancer cases and 609,820 cancer deaths are likely to happen in the United States, in 2023. Another report by the World Health Organization (WHO) suggested that there were near about 20 million new cancer cases and 9.7 million deaths in 2020 and the predicted number of people who were alive within 5 years following a cancer diagnosis was 53.5 million. Furthermore, approximately 1 in 5 people experience cancer in their lifetime, and more or less 1 in 9 men and 1 in 12 women die from the disease. GE Healthcare, Toshiba Corporation, Koninklijke Philips N.V, are some of the significant parties in the global market for Positron emission tomography (PET) scanners.

Analyst’s Observation on Japan Positron Emission Tomography (PET) Scanners Market Survey

In Japan, the market growth for Positron emission tomography (PET) scanners can be attributed to the continuous advancements in imaging technology including the adoption of high-field and hybrid systems like PET/CT and PET/MRI for better diagnostic precision and patient outcomes. In Japan, the use of Positron Emission Tomography (PET) or PET/CT for voluntary cancer screening of asymptomatic individuals is becoming prevalent. As per estimation, the positive forecasted value was only 3.3% in the use of PET/CT for voluntary cancer screening of asymptomatic Japanese individuals aged 50-59 years old, whose average cancer incidence was 0.5%.Currently, Japan’s healthcare sector is booming with AI-filled start-ups and its ultimate goal is to improve the speed and accuracy in the diagnosis of cancer and other major diseases. According to findings, the diagnostic and therapeutic AI healthcare tools market in Japan is anticipated to be valued at around $114 million by 2027. All these innovations and advancements have positioned Japan as a leading force worldwide in the PET scanners market.

Positron Corporation, CellSight Technologies, RefleXion, are some of the significant parties in the market for Positron emission tomography (PET) scanners in Japan.

Positron Emission Tomography (PET) Scanners Market Growth Driver and Challenges

Growth Driver

Rising demand for personalized medicine and targeted therapies:

The increasing demand for personalized medicine and targeted therapies is strongly accelerating the growth of the PET scanners market. Personalized medicines are a variation from the “one size fits all” concept and are a type of therapeutic treatment selected for specific groups of patients and the treatment is individualized to the patient’s genetic profiles, making it easier to diagnose and monitor the disease. In the modern era, PET scanners are a crucial instrument in healthcare, especially in oncology sectors which is fueling the PET scanner’s market expansion globally. As per reports, personalized medicines surpassed one-third of new U.S. Food and Drug Administration (FDA) drug approvals for the fourth year in a row in 2023. In the same year, the FDA approved 16 new personalized treatments for rare disease patients, up from six in 2022 which also includes 7 cancer drugs and 3 drugs for other diseases and conditions.

Restraint

Associated high cost:

The high cost of PET scans impedes the positron emission tomography (PET) scanners market as PET scans are usually costlier than other diagnostic imaging techniques like MRI or CT scans. The PET scan is a costly affair and many patients or healthcare professionals cannot afford it. Based on findings, it was found that the average cost of PET scans (including technical scans and professional charges) ranged from around $900 to $1400, and establishing a PET program is also an expensive matter. Reports indicate that on the cost of developing a full-scale PET center, approximately $5 million to $7 million is required as an investment for the equipment and facilities, with projected operating expenses ranging from $2 million to $2.5 million per year.

Positron Emission Tomography (PET) Scanners Market Segmentation

Our experts at KD Market Insights have segmented the global Positron emission tomography (PET) scanners market research report as:

Positron Emission Tomography (PET) Scanners Market Regional Synopsis

The North American positron emission tomography (PET) scanners market is majorly driven by well-established healthcare systems, high levels of healthcare spending, strong influence of the major medical technology firms, increased research and development (R&D) activities, popularity of advanced imaging technologies and increased risks in patients with cardiovascular disease and cancer within the region. The USA is likely to lead the North American market, acquiring a CAGR of 5.4% with an estimated value of US$ 876.0 million during the forecast period. Reports revealed that in the United States, 1,777,566 new cases of cancer were reported whereas, for every 100,000 people, 439 new cancer cases were detected, in 2021.

Asia-Pacific (APAC) is likely to undergo substantial growth during the given time period due to the huge patient population in the region. China is a burgeoning PET scanners market capturing a CAGR of 6.6% with an estimated value of US$ 98.9 million during the forecast period. The intensifying efforts by manufacturers to integrate value-based detectors in their PET machines are foreseen to stimulate sales in China. It has been reported that a quarter of all cancer-related deaths globally happen in China and the cancer death rate in men is assumed to be nearly twice that of women by 2025, pointing to the requirement for male-focused cancer prevention strategies. Moreover, the five leading causes of cancer-related deaths in males are predicted to be lung, liver, colorectal, stomach, and esophageal cancer, corresponding to lung, breast, colorectal, liver, and cervical cancer as the leading causes in females, by 2025 in China.

As per our analysts at KD Market Insights, the following five players lead the North America Positron emission tomography (PET) scanners market growth:

• Positron Corporation (US)
• CellSight Technologies (US)
• MedX Holdings, Inc (US)
• Modus Medical Devices Inc (Canada)
• Radiology Oncology Systems (US)

Positron Emission Tomography (PET) Scanners Market Competitive Landscape

Some of the key players who top the global Positron emission tomography (PET) scanners market share:

• Positron Corporation (US)
• CellSight Technologies (US)
• RefleXion (Canada)
• Clarity Pharmaceuticals (Australia)
• PETsys Electronics SA (Portugal)
• Blue Earth Diagnostics Limited (UK)
• Qubiotech Health Intelligence S.L. (Spain)
• Advanced Accelerator Applications (France)
• Lily (US)
• Agfa-Gevaert Group. (Belgium)
• CMR Naviscan (US)
• Neusoft Corporation (China)
• Siemens (Germany)
• Segamicorp (US)
• ONCOVISION (Spain)
• MedX Holdings, Inc (US)
• Modus Medical Devices Inc (Canada)
• Radiology Oncology Systems (US)
• TOSHIBA CORPORATION (Japan)
• General Electric Company (US)

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Positron Emission Tomography (PET) Scanners Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Product type
      2. By Application
      3. By Detector type
      4. By End-user
      5. By Region
5. Market Segmentation by Product type
   1. 1. Full-ring PET Scanner
      2. Partial-ring PET Scanner
6. Market Segmentation by Application
   1. 1. Oncology
      2. Cardiology
      3. Neurology
      4. Others
7. Market Segmentation by Detector type
   1. 1. Bismuth Germanium Oxide
      2. Lutetium Oxyorthosilicate
      3. Gadolinium Oxyorthosilicate
      4. Lutetium Fine Silicate
      5. Lutetium Yttrium Orthosilicate
8. Market Segmentation by End-user
   1. 1. Hospitals
      2. Diagnostic Centers
      3. PET Centers
      4. Research Institute
9. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
         4. South Korea
         5. Market Size and Forecast
         6. Key Trends and Developments
         7. Market Analysis by Product type, Application, Detector type, and End-user
      5. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product type, Application, Detector type, and End-user
10. Competitive Landscape
    1. Market Share Analysis
    2. Company Profiles
    3. Medtronic (Ireland)
    4. IBM
    5. Apple Inc.
    6. Siemens Medical Solutions
    7. Pepperl+Fuchs
    8. Cisco
    9. GE Healthcare
11. Strategic Recommendations
12. Appendix
    1. List of Tables
    2. List of Figures
13. References