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Positron emission tomography (PET) scanners are medical imaging devices that help physicians diagnose and monitor treatment of certain medical conditions. PET scanners detect biochemical interactions within the body through the use of minute amounts of radioactive tracers, which help identify malignant tumors and locate areas of myocardial ischemia. Some key uses of PET scanners include detection of cancers like lung cancer, colorectal cancer, lymphoma, and melanoma. They are also helpful in cardiac examinations to diagnose coronary artery disease.
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:
Rising Prevalence of Cancer Cases (as referred to in the heading, one of the opportunities incorporated is rising cancer cases): Cancer is one of the leading causes of mortality worldwide. According to the World Health Organization (WHO), cancer is responsible for nearly 10 million deaths globally each year. In 2020, approximately 1.8 million new cancer cases were diagnosed in the U.S. alone. Early detection of cancer plays a vital role in improving treatment outcomes. Positron emission tomography (PET) scans help detect cancer at an early stage when treatment is more effective. Hence, the rising cancer prevalence worldwide is expected to drive higher demand for PET scanners during the forecast period.
Automation in PET Scanners: Major players in the market are focusing on developing technologically advanced PET scanners with automation and artificial intelligence capabilities. For instance, GE Healthcare launched its SIGNA PET/MR system in 2019 which integrates PET and MRI scans to provide precise functional and anatomical information. Such automated PET scanners reduce dependency on radiologists and provide accurate diagnosis in less time. This is expected to attract more patients and propel market growth over the forecast period.
Segment Analysis
The positron emission tomography scanners market is dominated by the full-ring PET scanner sub segment owing to its higher sensitivity and scan coverage of the whole body compared to other types of PET scanners. Full-ring PET scanners account for over 60% of the market share as they are able to provide high resolution images and offer improved workflow during scanning processes.
PEST Analysis
Political: Changes in healthcare policies and regulations regarding reimbursement rates for medical imaging procedures impact the adoption of PET scanners. Higher government spending on cancer diagnosis and research drives market growth.
Economic: The rising disposable income levels have increased the demand for advanced medical diagnostic technologies. However, budget constraints in some countries may hamper the market expansion.
Social: Growing incidence of cancer and increasing awareness about early diagnosis are the key social factors augmenting the usage of PET scanners. An aging population also contributes to market revenue.
Technological: Developments in scanner design focused on improving resolution, accuracy, and portability are expanding the applications of PET imaging. Integration with CT and MRI systems has further enhanced the clinical value of PET scans.
Key Takeaways
The global positron emission tomography scanners market is expected to witness high growth over the forecast period supported by increasing cancer prevalence and rising government focus on early diagnosis. 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.
Regional analysis
The Asia Pacific region is expected to exhibit the highest growth rate during the forecast period. Rapidly developing economies in the region such as China, India, and South Korea are increasing investments to strengthen their healthcare infrastructure which is positively impacting the uptake of medical imaging systems. China has become one of the most lucrative markets globally due to its massive population size and government initiatives to support cancer research.
Key players
Key players operating in the positron emission tomography scanners market are Positron Corporation, CellSight Technologies, RefleXion, Clarity Pharmaceuticals, PETsys Electronics, Blue Earth Diagnostics, Qubiotech Health Intelligence, Advanced Accelerator Applications, Lily, Agfa-Gevaert Group, CMR Naviscan, Neusoft Corporation, Siemens, Segamicorp, ONCOVISION, MedX Holdings, Modus Medical Devices, Radiology Oncology Systems, TOSHIBA CORPORATION, and General Electric Company.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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