The Global Positron Emission tomography (PET) Market is estimated at USD XX million in 2017 and is projected to reach USD XX million by 2022, growing at a CAGR of XX% during the forecast period.
Positron emission tomography (PET) is a nuclear medicine imaging technique that provides metabolic and functional information. PET technology has reportedly been combined with CT and MRI to provide detailed anatomical and metabolic information. The PET market has gained huge popularity, globally. It is currently exhibiting a highly lucrative growth rate with an increased use of PET, CT, and MRI for diagnosis of cardiac diseases, brain diseases, cancer, etc. Nuclear medicine is being used for therapeutic purposes for treatment of Alzheimerâ€™s disease, coronary heart diseases, bone metastasis, and many types of cancer.
Drivers & Restraints
An increasing demand for PET analysis in radiopharmaceuticals, the growing geriatric population, technological advancements in PET imaging for oncology and AD applications, new 99mtc labeled agents for visualizing biologically significant events, and integration of x-ray tomography (CT) into PET are some of the major drivers for the growth of this market. The study of the nuclear medicine diagnostics is emerging rapidly in the form of a promising market. However, shorter half-life of radioisotopes, reimbursement issues, huge capital investment and stringent regulatory guidelines are turning out to be restraints for the market.
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The positron emission tomography market is segmented by:
Type of Radioisotope
By type of radioisotope, the market is segmented into Fluorine-18, Rubidium-82 (RB-82), and others. By application, the market is segmented into cardiology, neurology oncology, and others. There is a Cost/Quality Tradeoff trend between the SPECT and PET technologies; PET offers high-resolution images but at a very high cost, whereas SPECT offers low-quality imaging at reasonable costs.
Analyzing the application segment of PET, it is majorly being used in oncology because of good quality of imaging. PET is gradually catching up with SPECT in the cardiology segment. Hence, PET imaging products, which include hybrid PET-CT scanners, expect a potential increase in market size in the coming years.
PET/CT dominates the PET technology market
Geographically, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America. North America accounts for the largest market share, followed by Europe and Asia-Pacific. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period owing to improving research infrastructure in the region, increasing awareness among patients and physicians for radioisotopes, rising incidence of chronic disease like cancer and boost in the population.
During the forecast period, the PET/CT market is expected to grow in the APAC region (excluding Japan) and Rest of the World. PET clearly dominates the market, with a total 5729 procedures in North America and more than 369,636 procedures in the Asia-Pacific.
Continuing improvements in imaging technology for PET have produced greater resolution and shorter imaging times. Promising future advancements like new PET biomarkers for Alzheimer’s disease and oncology applications, coupled with increased applications in brain metastases and Parkinson syndromes, are further expected to fuel the growth of this market.
The key players in the market are:
Philips (The Netherlands)
Positron Corporation (U.S)
Gamma Medica Inc.
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Market analysis for the global positron emission tomography (PET) market, with region specific assessments and competition analysis.
Market definition along with the identification of key drivers, restraints opportunities and challenges.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with company profiles of key players with the analysis of their current strategic interests and key financial information.
Identification and analysis of the macro and micro factors that affect the global positron emission tomography (PET) market.
Insights of the market in the regions that have the highest potential for growth and also identify the markets that are still untapped.