Global Positron Emission Tomography Market - Segmented by Product Type, Applications, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The positron emission tomography market is expected to register a CAGR of 5% during the forecast period, 2018 to 2023. North America dominates the market, due to growing incidence of cancer and technological advancement in the region.
Increasing Demand for PET Analysis in Radiopharmaceuticals
The technological advancements, like the Time of Flight (TOF) and the rise in popularity of hybrid imaging systems play an important role in the nuclear medicine market growth. The hybrid imaging, using combined scanners, such as PET, is offering a promising future to the nuclear medicine industry. The growing significance of the PET technology application in cardiac and neurological disorders is expected to fuel the growth of the global market. The advancements in various approaches for PET are expected to strengthen the personalized medicine industry, based on which, a continued growth is expected in the global positron emission tomography market, during the forecast period.
Short Half Life of Diagnostics Radioisotopes
Majority of the diagnostic radioisotopes have a short half-life, owing to which, they cannot be stored for long period and have to be used within a short period after production. For example, Technetium-99 is produced from a precursor radioisotope called Molybdenum-99. Molybdenum-99 has a half-life of 66 hours. Owing to its short life, Molybdenum-99 has to reach the end-user within 66 hours, and this includes the entire duration, from the time of production in the nuclear reactor to reaching the site of use, where it will be converted to Technetium-99. While Technetium-99 has a half-life of only 6.6 hours and has to be used within this time. This pricing by the supplier results in higher price of radioisotopes. In addition, given the nature of radioisotopes, there is currently no possible way to address the issue of radioisotopes short half-life. Therefore, short half-life of radioisotopes coupled with the stringent regulatory policies is hindering the growth of the global positron emission tomography market.
North America to Show Tremendous Growth
North America dominates the positron emission tomography market, owing to high demand for precision diagnostics and technological advancement in PET technology in the region. Asia Pacific is expected to grow during the forecast period, owing to factors, such as high prevalence of cancer, growing awareness regarding early diagnosis, less stringent regulatory scenario, and presence of huge population base.
Key Developments in the Market