Global PET Nuclear Medicine Market – Industry Trends and Forecast to 2031

Global PET Nuclear Medicine Market, By Type (F-18, Rb-82, and Others), Application (Oncology, Cardiology, Neurology, and Other PET Applications), Procedure (Diagnostic Procedures and Therapeutic Procedures), End User (Hospitals and Diagnostic Centers and Research Institutes)  – Industry Trends and Forecast to 2031.

PET Nuclear Medicine Market Analysis and Size

The PET nuclear medicine market is experiencing steady growth, driven by the increasing prevalence of cancer and other chronic diseases, technological advancements in imaging systems, and growing awareness about the benefits of early disease detection. PET imaging is widely used in oncology for cancer diagnosis, staging, and treatment monitoring, as well as in cardiology and neurology. Ongoing research and development activities and increasing collaborations between healthcare institutions and pharmaceutical companies are expected to drive innovation and expand the application of PET imaging, fueling market growth.

The global pet nuclear medicine market size was valued at USD 11.90 billion in 2023 and is projected to reach USD 36.40 billion by 2031, with a CAGR of 15% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation       

Market Definition

Positron emission tomography (PET) nuclear medicine is a medical imaging technique that uses small amounts of radioactive substances, called radiotracers, to diagnose and assess the progression of various diseases. During a PET scan, the patient is injected with a radiotracer, which is absorbed by organs and tissues in the body. The radiotracer emits positrons, which are detected by a PET scanner. The scanner creates images showing how organs and tissues function at a cellular level.     

PET Nuclear Medicine Market Dynamics

Drivers

• Increasing Prevalence of Chronic Diseases

 The rising prevalence of chronic diseases, including cancer, cardiovascular disorders, and neurological conditions, are leading causes of morbidity and mortality worldwide, and early detection is crucial for effective treatment. PET imaging plays a pivotal role in the early diagnosis, staging, and monitoring of these diseases by providing detailed information about the metabolic activity of tissues and organs. This enables healthcare professionals to assess disease progression accurately, plan appropriate treatment strategies, and monitor response to therapy. As the burden of chronic diseases continues to increase globally, the demand for PET imaging is expected to rise, driving market growth.       

• Growing Awareness and Adoption of PET Imaging

PET imaging offers several advantages over other imaging modalities, such as high sensitivity, the ability to visualize metabolic processes, and the ability to detect disease early. Healthcare professionals and patients are increasingly recognizing the advantages of PET imaging for early disease detection and personalized treatment. This has led to higher adoption rates of PET scans in clinical practice, particularly in oncology, cardiology, and neurology. Healthcare professionals increasingly recognize the value of PET imaging in improving patient outcomes and are incorporating it into their diagnostic and treatment algorithms. This growing awareness and adoption of PET imaging are driving market growth.

Opportunities

• Advancements in Radiopharmaceutical Development

Ongoing advancements in radiopharmaceutical development, such as the introduction of novel tracers and targeted radiopharmaceuticals enhance the specificity and accuracy of PET imaging, allowing for more precise diagnosis and treatment monitoring. Novel tracers are being developed to target specific molecular pathways involved in disease processes, improving the ability of PET imaging to detect and characterize diseases. Targeted radiopharmaceuticals are also being developed to deliver radiation directly to diseased cells, minimizing damage to healthy tissue, in February 2022, Applied Molecular Therapies launched 177Lu(n.c.a.)-PSMA-Therapy, a molecularly targeted radiopharmaceutical, for treating prostate cancer. These advancements are expanding the clinical utility of PET imaging, creating opportunities for market growth, and improving patient outcomes.    

• Personalized Medicine

PET imaging is crucial in personalized medicine by providing valuable insights into disease mechanisms and treatment responses. PET scans can help identify specific biomarkers and molecular targets that can be used to personalize treatment plans. PET imaging can be used to assess tumor metabolism and receptor expression, allowing oncologists to select the most effective targeted therapies for individual patients. In addition, PET imaging can help monitor treatment response in real-time, allowing for timely adjustments to treatment plans. As personalized medicine continues to gain traction, the demand for PET imaging is expected to grow, driving market expansion.

Restraints/Challenges

• High Cost of PET Scanners

PET scanners are advanced medical instruments that demand significant investment for both procurement and maintenance. The high cost of PET scanners limits their adoption, particularly in developing countries with limited healthcare budgets. In addition, the cost of radiopharmaceuticals used in PET imaging can also contribute to the overall expense of the procedure. This high cost can be a barrier to access for patients and healthcare facilities, hindering the widespread adoption of PET imaging technology.    

• Stringent Regulatory Challenges               

Regulatory bodies impose strict guidelines for the handling, storage, and disposal of radiopharmaceuticals and radiation safety measures for healthcare personnel and patients. Compliance with these regulations adds complexity and cost to PET imaging procedures, requiring specialized training and equipment. Additionally, the approval process for new radiopharmaceuticals can be lengthy and expensive, further adding to the regulatory burden. Regulatory hurdles can hinder the acceptance of PET imaging technology, leading to delays in its adoption and contributing to higher costs associated with PET scans, ultimately affecting market expansion.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pet nuclear medicine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In January 2023, NorthStar Medical Radioisotopes made significant advancements in its technology, enabling the production of molybdenum-99 without the use of uranium. This strategic advancement places the company at the forefront of the nuclear medicine market and helps address crucial supply chain issues        
• In April 2022, Health Minister Ma. Subramanian inaugurated the Department of Nuclear Medicine at PSG Hospitals in Coimbatore. The department is equipped with state-of-the-art equipment for diagnosing cancer and other diseases

PET Nuclear Medicine Market Scope

The market is segmented on the basis of type, application, procedure, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• F-18
• Rb-82
• Others

 Application

• Oncology
• Cardiology
• Neurology
• Other PET Applications

 Procedure

• Diagnostic Procedures
• SPECT procedures
•  PET procedures
• Therapeutic Procedures
• Beta emitter procedures
• Alpha emitter procedures
• Brachytherapy procedures

 End User

• Hospitals
• Diagnostic Centers
• Research Institutes

PET Nuclear Medicine Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, type, application, procedure, and end user as referenced above.

The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

Asia-Pacific is expected to the market due to the increasing demand for food and pharmaceutical packaging. The growth in Asia Pacific, led by countries such as China and India, is fueled by a significant rise in per capita spending and a substantial expansion in the food retail market. ASEAN countries are also expected to play a crucial role in driving demand for spouted pouches in the region. The dominance is further bolstered by the growing adoption of spout pouches in beverages and infant food packaging. China is expected to be a key contributor to this trend, thanks to the presence of numerous major players and their strategic initiatives, such as acquisitions, collaborations, and product launches aimed at enhancing product distribution efficiency to consumers.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The PET nuclear medicine market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for PET nuclear medicine market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the PET nuclear medicine market. The data is available for historic period 2016-2021.

Competitive Landscape and PET Nuclear Medicine Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• Cardinal Health (U.S.)
• General Electric (U.S.)
• Lantheus (U.S.)
• Bayer AG (Germany)
• Bracco (Italy)
• NMR (U.S.)
• Eckert & Ziegler (Germany)
• Jubilant DraxImage, Inc. (Canada)
• PharmaLogic U.S.)
• Institute of Isotopes (Hungary)
• SHINE Technologies, LLC (U.S.)
• Global Medical (China)
• Segami Corporation (U.S.)
• Spectrum Dynamics Medical (Israel)
• CMR Naviscan (U.S.)
• Shanghai United Imaging Healthcare Co., LTD (China)
• Neusoft Corporation (China)