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The positron emission tomography or PET scanner is a medical imaging technology that produces a three-dimensional image of functional processes in the body. It works by detecting pairs of gamma rays emitted indirectly by a positron-emitting radioactive tracer, which is introduced into the body on a biologically active molecule. The most common tracer used is fluorodeoxyglucose or FDG, labelled with positron-emitting fluorine-18. FDG-PET allows physiological processes like glucose metabolism or blood flow to be visualized and quantified in absolute terms, and is useful in diagnosis, staging, monitoring treatment response, and surveillance of many cancers. FDG-PET has utility in cardiological, neurological and other clinical applications as well.
The global Positron Emission Tomography Scanners 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 Dynamics:
The global Positron Emission Tomography Scanners Market is propelled by early disease diagnostics. PET scanners’ ability to detect disease at the molecular level makes it useful in early diagnosis of various cancers before anatomical changes occur. Early diagnosis improves treatment outcomes and survival rates. Another key growth driver is the wider insurance coverage for PET/CT scans. Increasing reimbursements by both private health insurers and government-run programs in developed countries have made PET/CT affordable and accessible to many patients. This factor spurs the demand for PET scanners from diagnostic clinics and hospitals. The high cost of equipment and radiopharmaceuticals, shortage of radioactive isotopes, and limited specialized manpower remain challenges however. Technological advancements aim to develop cheaper and versatile PET scanners to expand availability in developing and low resource regions as well.
Segment Analysis
The global positron emission tomography scanners market is segmented based on product type, application, and end-user. By product type, hybrid PET scanners dominate the market and hold around two-third market share due to advantages offered such as simultaneous PET and CT imaging capability. Hybrid PET scanners combine PET with CT or MRI, and offer improved anatomical localization of functional PET data.
PEST Analysis
Political: Regulations regarding reimbursement policies for PET procedures vary across regions which impacts the market. Initiatives to expand medical insurance coverage are expected to drive the market.
Economic: Growth in the healthcare industry and rising disposable incomes in developing nations provide opportunities. However, high equipment costs pose challenges.
Social: Increasing awareness about the benefits of early disease diagnosis and use of preventive healthcare drives the market. Rise in cancer cases especially in aging populations also boosts demand.
Technological: Advances in radiotracers, machine learning applications, and miniaturization of equipment is expanding applications in neurology and cardiology. Portable and wearable scanners are gaining interest.
Key Takeaways
The global positron emission tomography scanners market is expected to witness high growth due to the rising prevalence of chronic diseases such as cancer and cardiac diseases globally. The North American region dominates the market currently due to presence of major players and high healthcare spending.
Regional analysis: The North American region holds the leading share in the global PET scanners market attributable to rising cancer incidence, supportive insurance policies, and presence of leading industry players in the US and Canada. Japan, China and South Korea are projected to witness fastest growth in the Asia Pacific region over the forecast period with increasing healthcare infrastructure, favorable policies, and growing medical tourism.
Key players: Key players operating in the positron emission tomography scanners market are Positron Corporation (US), CellSight Technologies. (US), RefleXion. (Canada), Clarity Pharmaceuticals (Australia). Key players are focusing on new product launches, strategic partnerships and regional expansion to strengthen their market presence.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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