Global Positron Emission Tomography (PET) Nuclear Medicine Market, By Type (F-18, Rb-82, Others), Application (Oncology, Cardiology, Neurology, Other PET Applications), Procedure (Diagnostic Procedures, Therapeutic Procedures), End User (Hospitals and Diagnostic Centers, Research Institutes) – Industry Trends and Forecast to 2029.
Positron Emission Tomography (PET) Nuclear Medicine Market Analysis and Size
The positron-emission tomography (PET) market is expanding due to a number of factors, including increased demand for PET analysis in radiopharmaceuticals, technological advances in pet imaging, and an increase in the prevalence of various chronic diseases. Positron Emission Tomography (PET) allows for high-resolution and high-sensitivity measurements of the functional processes of biological systems. PET can now be used to study a wide range of functional processes to recent advances in biology and radiochemistry. Furthermore, rising research and market developments are fuelling global market expansion.
Data Bridge Market Research analyses that the positron emission tomography (PET) nuclear medicine market which was USD 9 billion in 2021, is expected to reach USD 27.53 billion by 2029, at a CAGR of 15% during the forecast period 2022 to 2029. 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.
Positron Emission Tomography (PET) Nuclear Medicine Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (F-18, Rb-82, Others), Application (Oncology, Cardiology, Neurology, Other PET Applications), Procedure (Diagnostic Procedures, Therapeutic Procedures), End User (Hospitals and Diagnostic Centers, Research Institutes)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Cardinal Health (U.S.), General Electric (U.S.), Lantheus (U.S.), Bayer AG (Germany), Bracco Diagnostic Inc. (Italy), NorthStar Medical Radioisotopes, LLC (U.S.), Eckert & Ziegler. (Germany), Jubilant DraxImage, Inc. (Canada), PharmaLogic Holdings Corp. (U.S.), Institute of Isotopes Co., Ltd (Hungary), SHINE Medical Technologies, LLC (U.S.), Global Medical Solutions LLC (China), Segami Corporation (U.S.), Spectrum Dynamics Medical (Israel), CMR Naviscan (U.S.), Shanghai United Imaging Healthcare Co., LTD (China), Neusoft Corporation (China) among others
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Market Opportunities
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Market Definition
Positron emission tomography (PET) is a nuclear medicine procedure that measures the metabolic activity of body tissue cells. PET is a hybrid of nuclear medicine and biochemical analysis. PET is primarily used in patients with brain or heart conditions, as well as cancer, to visualize biochemical changes in the body, such as the heart muscle's metabolism (the process by which cells convert food into energy after food is digested/absorbed into the blood).
Global Positron Emission Tomography (PET) Nuclear Medicine Market Dynamics
Drivers
- Rising demand of nuclear medicines in radiopharmaceutical applications
Nuclear medicine is used to detect heart disease and cancer. As these industries developed, some companies and investors focused on expanding radiopharmaceuticals' use. The expansion of radiopharmaceutical applications can boost demand and acceptance during the forecast period.
- Growing demand of nuclear medicine diagnostics
The nuclear medicines diagnostics are mainly used in cancer treatment, such as in radiotherapy. According to GLOBOCAN 2021, 19.3 million new cancer cases were diagnosed worldwide in 2020, with the number expected to rise to 30.2 million cases by 2040. Furthermore, other factors, such as increasing SPECT and PET applications and growing public awareness of healthcare, are expected to drive the market during the forecast period.
Opportunities
- Launch of nuclear medicine centres
The launch of nuclear medicine centres worldwide will provide access to nuclear medicine treatments and create immense opportunity for the market growth. For instance, in May 2022, Penang Adventist Hospital (PAH), located in Pulau Pinang, Malaysia, will launch a full-fledged private nuclear medicine centre in northern Malaysia. The new facility provides diagnostic and treatment procedures for specific conditions and diseases such as hyperthyroidism, thyroid cancer, lymphomas, and bone pain caused by various types of cancer.
Restraints/Challenges
- High cost of nuclear medicines
The stringent regulatory policies along with rising competition from conventional alternative will obstruct the market's growth rate. High cost of equipment and diagnostics will become the biggest challenge for the market's growth.
Furthermore, the desire for nuclear medicine is being hampered by isotope shortages and the possibility of traditional diagnostic tests.
This positron emission tomography (PET) nuclear medicine 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 positron emission tomography (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.
COVID-19 Impact on the Positron Emission Tomography (PET) Nuclear Medicine Market
The COVID-19 epidemic is affected by global positron emission tomography (PET) nuclear medicine. As a result, hospitals have broadened their testing capabilities in order to save lives by preventing viral infections. Governments around the world are reducing their budgets due to the financial difficulties of COVID-19. The epidemic also reduced the number of patients undergoing nuclear medicine surgery, cancelled selective treatment and placed hospitals under administrative control.
Recent developments
- In March 2022, Penang Adventist Hospital (PAH) announced the opening a private nuclear medicine facility in northern Malaysia. This debut is projected to have a favorable effect on the local market. However, the high price tag attached to these therapies may limit market expansion as lower-income populations in developing nations may not be able to afford such treatment.
Global Positron Emission Tomography (PET) Nuclear Medicine Market Scope
The positron emission tomography (PET) nuclear medicine 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
Positron Emission Tomography (PET) Nuclear Medicine Market Regional Analysis/Insights
The positron emission tomography (PET) nuclear medicine 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 positron emission tomography (PET) nuclear medicine market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the positron emission tomography (PET) nuclear medicine market due to the surging levels of investment of the research and development activities.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising awareness among the people regarding nuclear medicines and molecular imaging along with increasing geriatric population.
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 positron emission tomography (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 positron emission tomography (PET) nuclear medicine market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the positron emission tomography (PET) nuclear medicine market. The data is available for historic period 2010-2020.
Competitive Landscape and Positron Emission Tomography (PET) Nuclear Medicine Market Share Analysis
The positron emission tomography (PET) nuclear medicine 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 positron emission tomography (PET) nuclear medicine market.
Some of the major players operating in the positron emission tomography (PET) nuclear medicine market are:
- Cardinal Health (U.S.)
- General Electric (U.S.)
- Lantheus (U.S.)
- Bayer AG (Germany)
- Bracco Diagnostic Inc. (Italy)
- NorthStar Medical Radioisotopes, LLC (U.S.)
- Eckert & Ziegler. (Germany)
- Jubilant DraxImage, Inc. (Canada)
- PharmaLogic Holdings Corp. (U.S.)
- Institute of Isotopes Co., Ltd (Hungary)
- SHINE Medical Technologies, LLC (U.S.)
- Global Medical Solutions LLC (China)
- Segami Corporation (U.S.)
- Spectrum Dynamics Medical (Israel)
- CMR Naviscan (U.S.)
- Shanghai United Imaging Healthcare Co., LTD (China)
- Neusoft Corporation (China)
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