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Positron Emission Tomography or PET scanners are medical imaging devices that use radioactive tracers to produce three-dimensional images of organs and tissues in the body. PET scanning provides molecular-level details about biochemical activity within the body by tracking these tracers within different organs and tissues. A unique advantage of PET scanners over other medical imaging techniques is their ability to detect cancer at an early stage by identifying malignant tumors and abnormalities at the molecular level. This high sensitivity and specificity of PET in cancer detection makes it an invaluable tool for oncology. PET scans help clinicians accurately diagnose cancer, determine the stage of disease progression, evaluate treatment responses, and detect possible recurrence.
The global Positron Emission Tomography Scanner Market is estimated to be valued at US$ 2.5 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the PET scanners market is the continuous technological advances enhancing imaging capabilities. Researchers are developing advanced scanner designs integrated with artificial intelligence, which can provide high resolution images and perform automated image analysis. Hybrid PET-MRI and PET-CT systems that combine the anatomical details of CT/MRI with functional data from PET scans are also gaining popularity. Further, portable and mobile PET systems are being innovated to improve access in rural areas and for point-of-care applications. Newer radiotracers targeting specific cancers and diseases are another area of active research. As diagnostic accuracy and clinical applications of PET imaging keeps increasing, its adoption rate is projected to rise significantly over the coming years.
Porter’s Analysis
Threat of new entrants: Low- moderate. High capital requirements for establishing manufacturing facilities and obtaining regulatory approvals pose entry barriers.
Bargaining power of buyers: Moderate. Few large medical facility buyers dominate the market. However, availability of substitutes provide them negotiation power.
Bargaining power of suppliers: Moderate. Key components require specialized manufacturing expertise. However, presence of multiple component suppliers limits their influence.
Threat of new substitutes: Low. PET scanners hold significant advantage over diagnostic modalities due to improved imaging precision.
Competitive rivalry: High. Intense competition between major players to gain market share through product technology advancement and geographic expansion.
Key Takeaways
The global Positron Emission Tomography Scanners market is expected to witness high growth over the forecast period of 2023 to 2030. The global Positron Emission Tomography Scanner Market is estimated to be valued at US$ 2.5 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
Regional analysis: North America region is expected to maintain its dominance in the PET scanners market during the forecast period. Favorable reimbursement policies and supportive government funding for cancer diagnostics drives adoption. Asia Pacific is expected to be the fastest growing region owing to growing medical tourism industry and increasing healthcare investments.
Key players: Key players operating in the Positron Emission Tomography Scanners market are 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), and General Electric Company (US), among others.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
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