Summary

The Positron Emission Tomography Market is expected to register a CAGR of 5.2% over the forecast period.

Globally, COVID-19 has become a major public health problem. Currently, the spread of COVID-19 is far from over, and various complications have roused increasing awareness of the public, calling for novel techniques to aid at diagnosis and treatment.

According to research presented at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) 2021 Annual Meeting, the effects of COVID-19 on the brain can be accurately measured with positron emission tomography (PET). Newly diagnosed COVID-19 patients, who required inpatient treatment and underwent PET brain scans, were found to have deficits in neuronal function and accompanying cognitive impairment, and in some, this impairment continued six months after diagnosis.

According to a research study by Chentao Jin et al., published in European Journal of Nuclear Medicine and Molecular Imaging May 2021, positron emission tomography (PET) is expected to offer pathophysiological alternations of COVID-19 in the molecular/cellular perspectives and facilitate the clinical management of patients. In addition, PET is of great potential in the improvement and management of COVID-19. Besides, researchers in the field of molecular imaging would be deeply involved in the development of COVID-19-targeted drugs, contributing in the ex vivo screening and in vivo validation. With the role of PET in the COVID-19 pandemic era be adequately explored, the paradigm could also be applied in combating various other epidemics in the future.

Some of the factors that are driving the market growth include increasing demand for PET analysis in radiopharmaceuticals and integration of x-ray tomography (CT) into PET. According to the World Nuclear Association April 2021, worldwide around 10,000 hospitals use radioisotopes in medicine and about 90% of the procedures are for diagnosis. In developed countries (about one-quarter of world population) the frequency of diagnostic nuclear medicine is 1.9% per year, and the frequency of therapy with radioisotopes is about one-tenth. In the United States, there are over 20 million nuclear medicine procedures per year, and in Europe about 10 million. In Australia there are about 560,000 per year, 470,000 of these using reactor isotopes. The use of radiopharmaceuticals in diagnosis is growing at over 10% per year.

Technological advancements, like the introduction of Time of Flight (TOF), as well as the rise in increasing popularity of the hybrid imaging systems, play an important role in the growth of the nuclear imaging market. The hybrid imaging using combined scanners, like SPECT/CT, PET/CT, and PET/MRI, is likely to propel the growth of the industry in the future. Arsenic 72 and (18F)-3’-fluoro-3’-deoxythymidine (18F-FLT) are newer biomarkers in the PET oncological practice.

The market players are focused on adopting partnership strategies to expand their product portfolio. For instance, in March 2020, Cerveau Technologies Inc., partnered with Alector, LLC to offer its investigational imaging agent (MK-6240) to Alector, LLC for use in PET scans to assess the status and progression of neurofibrillary tangles in the brain. Thus, owing to above factors it is expected to drive the market growth. However, factors such as shorter half-life of radioisotopes and stringent regulatory guidelines are expected to impede the market growth in near future.

Key Market Trends

Oncology Segment is Expected to Hold Significant Market Share Over the Forecast Period

PET scanners are commonly used into clinical trials, as an imaging biomarker, to determine the therapeutic response to novel cancer therapeutics. The 18Fluorine-2-fluoro-2-Deoxy-d-glucose (18F-FDG) PET scanners are the most widely used imaging technique in oncology.

Globally, during the COVID-19 pandemic 2020, patients with cancer have been negatively impacted, as many of these individuals may be immunosuppressed and of older age. Additionally, cancer follow-up or imaging appointments have been delayed in many clinics around the world.

According to a research study by Adeline N. Boettcher et al., published in Radiology Imaging Cancer November 2020, postponement of routine screening examinations will result in delays in new cancer diagnoses. Clinics are continuing to monitor and adapt their appointment schedules based on local outbreaks of COVID-19. SARS-CoV-2 infection detected by lung, brain, and gastrointestinal imaging may confound radiologist's interpretation of cancer diagnosis, staging, and treatment response. Lastly, as clinics begin to reopen for routine appointments, protocols have been put in place to reduce SARS-CoV-2 exposure to patients during their visits.

According to a research study by Hubert H Chuang et al., published in Clinical Nuclear Medicine Journal August 2020, PET/CT scanning revealed new multifocal hypermetabolic bilateral pulmonary ground-glass opacities that are suggestive of COVID-19 pneumonia.

Most apparent advantages associated with PET is its ability to detect the substantial changes in glucose metabolism, or even complete shutoff of the neoplastic cell metabolism in the early stages, during the treatment process. This helps the clinicians to detect the effectiveness of a given antineoplastic treatment much earlier, compared to the traditional radiological detection. Furthermore, FDG-PET/CT has become a cornerstone in several oncologic procedures, such as tumour staging and restaging, treatment efficacy assessment during or after treatment ends, and radiotherapy planning.

Globally, the number of new cancer cases has been increasing. For instance, According to Globocan data, an estimated 19,292,789 new cancer cases and 9,958,133 deaths due to cancers were reported in 2020 worldwide. In addition, according to a research article by Kimberly D. Miller et al., published in Cancer Journal for Clinicians 2019, the three most prevalent cancers in 2019 were prostate cancer (3,650,030), colon and rectal cancers (776,120), and melanoma of the skin (684,470) among males, and breast cancer (3,861,520), uterine corpus (807,860), and colon and rectal cancers (768,650) among females.​ Thus, the need for early diagnosis and treatment of cancer cases has enhanced the usage of PET scanners, and has led to the growth of the market.

The market players are adopting various strategies such as product launches, developments, collaborations, expansions and acquisitions to increase market share. For instance, in February 2020, HCG has introduced the first digital PET CT scanner in Karnataka, India with an investment of INR 20 crore for high precision diagnosis in cancer. The advanced equipment 'Biograph Vision 600' by Siemens Healthineers. Hence, owing to above mentioned factors it is expected to drive the segment growth over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

Some of the factors that are driving the market growth in North America region include technological advancements in PET imaging for oncology and advanced diagnostics applications and high demand for precision diagnostics.

With the outbreak of COVID-19 in the in the North America region it has profoundly affected healthcare systems. COVID-19 is associated with increased risks in patients with cardiovascular disease and cancer and provides unique challenges for their care, as well as for the care of all patients in healthcare facilities. In addition, changes to nuclear cardiology procedures were essential to minimize risk of viral exposure and transmission to healthcare personnel and patients during the pandemic. During the COVID-19 pandemic 2020, American Society of Nuclear Cardiology (ASNC) and Society of Nuclear Medicine and Molecular Imaging (SNMMI) recommend that all non-urgent nuclear cardiology studies has been postponed and urgent studies performed with careful attention.

According to a research study by ALLEN MO et al., published in In Vivo Journal June 2020, in the United States, PET/CT findings can be sensitive for early COVID-19 detection, potentially even prior to detectable nasal viral carriage. Moreover, PCR swabs have been reported to have poor sensitivity with relatively high false-negative rates.

The rising prevalence of cases of cancer, such as breast cancer and prostate cancer, is also likely to enhance the market growth significantly. For instance, as per the report of GLOBOCAN 2020, in Mexico, the total diagnosed cancer cases in 2020 were 195,499 of which the breast and prostate cancers were the most prevalent types in the population of Mexico. Similarly, according to the estimates of the American Cancer Society, in 2021, an estimated 1,898,160 new cases of cancer will be diagnosed in the United States, and 608,570 people will die from the disease, and in future this number will increase insignificantly.

The market players are adopting various strategies such as product launches, developments, collaborations and acquisitions to increase market share. For instance, in June 2018, Siemens Healthineers received the United States Food and Drug (FDA) approval for Biograph Vision, a new PET /CT system. Hence, owing to above mentioned factors it is expected to drive the market growth over the forecast period.

Competitive Landscape

The Positron Emission Tomography Market is consolidated competitive. The comapanies are implementing certain strategic initiatives, such as a mergers, new product launches, acquisitions, and partnerships, which help them in strengthening their market position. Some of the market players include Agfa Healthcare, Oncovision, Neusoft Medical Systems, GE Healthcare, CMR Naviscan, among others.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for PET Analysis in Radio Pharmaceuticals
4.2.2 Technological Advancements in PET Imaging for Oncology and Advanced Diagnostics Applications
4.2.3 Integration of X-ray Tomography (CT) into PET
4.3 Market Restraints
4.3.1 Shorter Half-life of Radioisotopes
4.3.2 Stringent Regulatory Guidelines
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Full Ring PET Scanners
5.1.2 Partial Ring PET Scanners
5.2 By Applications
5.2.1 Cardiology
5.2.2 Neurology
5.2.3 Oncology
5.2.4 Other Applications
5.3 By End Users
5.3.1 Hospitals
5.3.2 Diagnostic Centers
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Agfa Healthcare
6.1.2 CMR Naviscan
6.1.3 GE Healthcare
6.1.4 Neusoft Medical Systems
6.1.5 Oncovision
6.1.6 Koninklijke Philips NV
6.1.7 Positron Corporation
6.1.8 Siemens Healthineers AG
6.1.9 Segami Corporation
6.1.10 Spectrum Dynamics Ltd. (Biosensors International)

7 MARKET OPPORTUNITIES AND FUTURE TRENDS