The market for positron emission tomography (PET) scanners is expected to be worth US$ 1.3 billion in 2023, rising to US$ 2.1 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 5.3%. The market for positron emission tomography (PET) scanners is being driven by a number of factors.
The concept of PET as a nuclear medicine imaging technology was established in early 1970s. Ever since the technology has evolved into routine clinical imaging modality, revolutionizing the process of diseases diagnosis and management into more effective fashion.
PET is a molecular imaging technology that detects the concentration and pharmacokinetics of radiotracer molecules that are labelled with radioisotopes. This helps to diagnose and determine the severity of a various diseases such as neurological disorders, cardiovascular disorders, cancer, gastrointestinal and various others.
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Based on the operational and geometrical capabilities of PET scanners, the systems are classified as full ring PET systems and partial ring PET systems. Advancements in technological performance of these systems are always associated with higher cost, limiting its widespread utilization in clinical PET imaging.
Rising prevalence of chronic disorders such as cancer and cardiovascular disorders, coupled with greater awareness towards physical wellbeing and limitations of conventional PET scanner is spurring demand for effective diagnostic techniques, thereby augmenting growth of the market.
PET scanners have continued to improve image quality and performance over the last few years. Technological improvements such as managing dose, reduced imaging time and enhanced lesion detectability have increased PET’s functionality, thus making it easier to interpret and diagnose various life-threatening disorders.
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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
Key Takeaways:
By product, full-ring PET scanner is expected to hold over 86.2% of the total market share by 2031.
Sales in the oncology segment accounted for over 85.2% of market share in 2020, owing to the increasing incidence of chronic diseases and cancer.
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Based on detector type, demand in the lutetium oxyorthosilicate (LSO) segment to held over 37.3% of market share in 2020.
Hospitals dominate end user segment with a share of around 34.9% in 2020 due to increasing patient inflow after COVID-19 outbreak.
“Ongoing technological advancements in PET scanners, copled with increasing applications in diagnostic centers and research institutes will propel the growth of the market in the forthcoming years” says a FMI analyst.
Who is winning?
Acquisitions, mergers, expansion, and product launches are the key strategies adopted by manufacturers to increase consumer base in different geographies. For instance:
In January 2020, Koninklijke Philips N.V. introduced its advanced solutions called Vereos Digital PET/CT (world’s first and only fully digital, clinically proven, PET/CT solution), an AI-powered solution for precision diagnosis at IRIA 2020.
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