Positron emission tomography market

Positron Emission Tomography (PET) is a clinical imaging technology used in the diagnosis of various diseases such as cancer and Alzheimer’s disease. The basic principle of PET imaging involves the detection of a pair of gamma rays emitted indirectly by a radiotracer. PET can also distinguish between non-malignant tumors and malignant tumors.

The global positron emission tomography (PET) scanners market is estimated to account for US$ 1,107.6 Mn in 2019 in terms of value and is expected to reach US$ 1,549.7 Mn by the end of 2027.

Global Positron Emission Tomography (PET) Scanners Market: Drivers

Increasing prevalence of cancer is expected to propel growth of the global positron emission tomography (PET) scanners market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, availability of Medicare coverage for PET scanning is also expected to aid in growth of the market. PET/computed tomography (PET-CT) scanners using the radioisotope 18F-fluorodeoxyglucose (FDG) offer high success rate in cancer diagnosis. The use of these scanners is also supported by expanded coverage for PET imaging in cancers that include, lung cancer, breast cancer, melanoma, lymphoma, head and neck cancer, esophageal cancer, colorectal cancer, cervical cancer, myeloma, thyroid cancer and ovarian cancer.

Full Ring PET Scanner held dominant position in the global positron emission tomography (PET) scanners market in 2019, accounting for 84.3% share in terms of value, followed by Partial Ring PET Scanner, respectively

Figure 1. Global PET Scanners Market Share (%) Value, by Product Type, 2019

Global Positron Emission Tomography (PET) Scanners Market: Restraints

Continuous reimbursement cutbacks are expected to hinder growth of the market. Declining payer reimbursement for PET and SPECT procedures globally has resulted in declining number for outpatient volumes affecting patient access to high quality, cost effective imaging and diagnostic services.

Moreover, short half-life of radiopharmaceuticals is also expected to limit growth of the market. Fluoro-deoxy glucose (FDG), which incorporates fluorine-18 as the tracer is the most commonly used radiotracer in PET imaging. The radiotracer has a half-life of just under two hours. This limits its utility in diagnostic imaging.

Global Positron Emission Tomography (PET) Scanners Market: Opportunities 

Increasing adoption of dual modality imaging technique or hybrid imaging is expected to offer lucrative growth opportunities for players operating in the market. The adoption of hybrid imaging consisting of PET and X-ray transmission CT scan is increasing globally, owing to its ability to shorten acquisition time and provide accurate attenuation correction and fusion imaging leading to increase in diagnostic sensitivity and specificity.

Moreover, formulation of guidelines in production of radiopharmaceuticals is also expected to aid in growth of the market. For instance, in February 2020, the International Atomic Energy Agency approved a project to offer assistance and expertise on production of cyclotron-based gallium-68 radioisotope and related radiopharmaceuticals.

Oncology segment was valued at US$ 906.1 Mn in 2019 and is forecast to reach a value of US$ 1,270.4 Mn by 2027 at a CAGR of 4.2% between 2020 and 2027.

Figure 2: Global Positron Emission Tomography (PET) Scanners Market Value (US$ Mn), By Oncology, 2016 - 2027

Market Trends/Key Takeaways

A contemporary trend witnessed in healthcare industry suggests a shift from detection and treatment of cardiovascular diseases to its prediction and prevention. This has led to increasing adoption of radio nucleotide imaging in non-invasive diagnosis of various cardiovascular diseases. Compared to SPECT (single positron emission computed tomography) technology, the adoption of PET/CT hybrid scanner is high, owing to clinical advantages assessment of myocardial perfusion and coronary anatomy concurrently.

Although PET imagining fails to capture micro and macroscopic structural aberrations in gray and white matter in the brain, it is preferred over fMRI as PET offers relatively long acquisition times and therefore, higher test sensitivity compared to that of fMRI.

Global Positron Emission Tomography (PET) Scanners Market: Competitive Landscape

Major players operating in the global positron emission tomography (PET) scanners market include, GE Healthcare, Toshiba Corporation, Koninklijke Philips N.V., Siemens Healthineers, Hitachi Medical Corporation, Positron Corporation, Mediso Ltd., and Yangzhou Kindsway Biotech Co., Ltd.

Global Positron Emission Tomography (PET) Scanners Market: Key Developments

Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in March 2020, Cerveau Technologies Inc., a developer and manufacturer of diagnostic technologies, partnered with Alector, LLC to offer its investigational imaging agent (MK-6240) to Alector, LLC for use in PET scans to assess the status and progression of neurofibrillary tangles in the brain.

Major players in the market are also focused on approval and launch of new products to expand their product portfolio. For instance, in June 2018, Siemens Healthineers received the U.S. FDA approval for Biograph Vision, a new PET /CT system.