Positron Emission Tomography (PET) Systems Market to Surge at a CAGR of 3.9% from 2023 to 2032 | insightSLICE
The global Positron Emission Tomography (PET) Systems market size was estimated to be US$ 1.1 billion in 2021 and is expected grow at a CAGR of 3.9% between 2023 to 2032.
The metabolism or biological activities of a patient’s tissues and organs can be detected with the help of a PET scan, an imaging examination tool. The PET scan uses a radioactive substance (tracer) like fluoro-deoxy glucose to display both regular and aberrant metabolic activity.
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A PET scan may assist in the detection of several conditions, notably cancer, heart troubles, and brain disorders. A patient is lying down for a PET scan on a low table that glides into a doughnut-shaped opening. The scanning subsequently generates images of the tissues’ and organs’ metabolic activity.
As per Mayoclinic, a PET-CT scan takes thirty minutes to complete whereas a PET-MRI scan requires 45 minutes.
The key players of the Global Positron Emission Tomography (PET) Systems Market are:
Given that it had 94.4% of the market in 2020, the U.S. is expected to dominate the North American market. The country’s increased cancer incidence has created a demand for sophisticated PET scanners, opening up market opportunities.
GE Healthcare LLC Company, Brain Biosciences, Zecotek Photonics, Philips Healthcare, SynchroPET Company, and others are significant market participants in the Positron Emission Tomography (PET) Systems industry.
Due to an increase in infectious disease instances and the lack of highly developed technologies for effective detection, major market participants are focusing on developing fresh and creative positron emission tomography equipment.
The manufacturing facility’s progress, innovative new products, and regulatory clearances are all expected to accelerate the market’s advancement.
Driving factors for the growth of Global Positron Emission Tomography (PET) Systems Market
How PET Scanning works?
The metabolic activity of cells is measured using positron emission tomography (PET), which combines nuclear medicine and biochemical analysis. Through an intravenous (IV) line, a very low amount of radioactive glucose (sugar) is delivered to the patient.
With the use of a laser and computers, precise images of the glucose-containing zones are produced. Early malignancy, brain dysfunction, and heart disease detection with PET. Positron emission tomography (PET) scanners have seen significant use recently in both the scientific and medical domains.
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These scanners are employed in conjunction with MRI and CT scans to diagnose a variety of conditions, including seizures, coronary artery disease, lung cancer, and Alzheimer’s disease among others.
Which factors will affect growth?
One of the main factors driving positron emission tomography market share growth is the growing amount of cancer patients throughout the world. The World Health Organization estimates that by 2020, cancer will have contributed to approximately 10 million deaths.
The market for PET imaging devices is expanding as a result of their numerous uses. PET scanning technology can identify diseases of the brain, lymph system, pancreas, prostate, epidermis, thyroid, mammary, cervical, colon, oropharynx, head and neck, lung, cardiac, cerebrovascular, epilepsy, Huntington’s, and Parkinson’s diseases.
PET may also be utilized for imaging tiny animals and cancer treatment. Because of PET’s high level of success, more individuals choose this technique, which expands the market for it.
Positron emission tomography market patterns will change when newer PET technologies are adopted more widely.
Additionally, more advanced positron emission tomography imaging methods (such as dual-modality image analysis), brain positron emission tomography, CPET test, positron emission tomography drugs, as well as heart positron emission tomography could indeed aid in accelerating the growth rate of the market for positron emission tomography scanners, providing a wide range of potential prospects.
It is anticipated that the introduction of production standards for radiopharmaceuticals will aid in market expansion.
Global Positron Emission Tomography (PET) Systems Market Key Segments:
By Product Type
- Direct Imaging
- Indirect Imaging
- Alternative Imaging
By Application
- Tumor
- Coronary Heart Disease (CHD)
- Brain Disease
- Other
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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What are the hinderances to market growth?
It is anticipated that the market expansion will be slowed down by the ongoing reduction in reimbursement. Globally, declining payer reimbursement for PET and SPECT treatments has resulted in a drop in outpatient volumes, which has an effect on patient access to the highest, cost-effective scanning and diagnostics solutions and has led physicians to explore other techniques, such as PET-CT.
The short half-life of radioisotopes is also anticipated to impede market expansion. The most commonly used radiograph in PET imaging is fluoro-deoxy glucose (FDG), which utilizes fluorine-18 as the marker.
If price cuts don’t take place during the projection period, the increased prices of PET-based diagnostics could also impede market expansion.
What is provided in the Positron Emission Tomography (PET) Systems Market Report?
The report includes a comprehensive descriptive methodology of the Positron Emission Tomography (PET) Systems market. There is a thorough explanation of the different short- and long-term elements that affect growth. The future potential has been found for both current industry participants and new entrants.
PESTEL is carried out for five important nations as well as the extensive global supply chain, with each individual’s prior information.
Additionally, the paper discusses the supply-demand situation is probably the current gap. In order to confirm market trends in terms of cutting-edge technologies and to emphasize consumers’ preferences for a specific type of product the researcher also talked to vendors and purchasers.
Primary research from both the demand and supply data points were prioritized more in this report’s research methodology versus exploratory sources, which led to highly accurate data collecting.
The reader may forecast the revenue-generating streams and the possibilities for the future with ease because rational justifications are presented for the year-on-year or compounded growth rates. Country-level developments were tracked and documented in order to put the bottom-up method of estimating market size into practice.
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