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Positron Emission Tomography (PET) Nuclear Medicine Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Positron Emission Tomography (PET) Nuclear Medicine Market Outlook
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According to The Business Research Company's, The positron emission tomography (PET) nuclear medicine market size has grown rapidly in recent years. It will grow from $10.03 billion in 2023 to $11.49 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to increasing prevalence of cardiovascular diseases, increasing healthcare expenditures, increasing prevalence of urological diseases, increasing geriatric population, and increasing number of hospitals.
The positron emission tomography (PET) nuclear medicine market size is expected to see rapid growth in the next few years. It will grow to $19.83 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to increasing investment in research and development, rising demand for minimally invasive diagnostic techniques, expanding global healthcare infrastructure, increasing demand for food and pharmaceutical packaging, and rising prevalence of cancer. Major trends in the forecast period include technological advancements, multi-modality diagnosis, artificial intelligence integration, digital PET systems, and personalized medicine.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the positron emission tomography (PET) nuclear medicine market going forward. A chronic disease is a long-lasting health condition that typically persists for three months or more and may require ongoing medical attention or limit daily activities. The rise in chronic diseases is driven by factors such as an aging population, lack of physical activity, unhealthy eating habits, and environmental risks. PET nuclear medicine assists in managing chronic diseases by offering advanced imaging methods that enable early detection, precise diagnosis, and ongoing monitoring of these illnesses. For instance, in February 2024, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, around 20 million new cancer cases and 9.7 million cancer-related deaths were recorded in 2022. Additionally, by 2050, new cancer cases are expected to exceed 35 million, representing a 77% increase from the 2022 count. Therefore, the increasing prevalence of chronic diseases drives the growth of the positron emission tomography (PET) nuclear medicine market.
Major companies operating in the positron emission tomography (PET) nuclear medicine market are developing technologically advanced products, such as PET slice scanners, to provide high-resolution images of metabolic activity. A PET slice scanner is a medical imaging device that combines positron emission tomography (PET) with advanced computing techniques to create detailed, cross-sectional images of metabolic processes in the body, allowing for detecting and monitoring diseases, particularly cancer. For instance, in July 2024, Positron Corporation, a US-based nuclear medicine company, launched the NeuSight PET-CT 3D 64-slice scanner. The NeuSight PET-CT 3D 64-slice scanner sets a new benchmark in imaging and diagnostic precision, combining advanced technology with patient comfort and operational efficiency. It is designed to transform cardiac PET imaging and offers exceptional value and performance at an unmatched price point, making it ideal for cardiology and oncology clinical studies. With superior data acquisition and innovative identification technology, the NeuSight PET-CT enhances scanning speed and accuracy, delivering comprehensive anatomic and functional imaging for heart, tumor, and brain studies across multiple molecular imaging applications.
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Major Key Players of the Market:
Cardinal Health, Bayer AG, Medtronic plc, Siemens Healthineers AG, Fujifilm Holdings Corporation, Stryker Corporation, GE HealthCare Technologies Inc., Koninklijke Philips N.V., Agfa HealthCare NV, Scripps Health, Shimadzu Corporation, Jubilant DraxImage Inc., Neusoft Medical Systems Co. Ltd., Toshiba America Medical Systems Inc., Lantheus Holdings Inc., Advanced Accelerator Applications, Bruker Corporation, Eckert & Ziegler Strahlen- und Medizintechnik AG, Canon Medical Systems Corporation, Digirad Corporation, NorthStar Medical Radioisotopes LLC, Mediso Medical Imaging Systems Ltd.
Positron Emission Tomography (PET) Nuclear Medicine Market 2024 Key Insights:
• The positron emission tomography (PET) nuclear medicine market size is expected to see rapid growth in the next few years. It will grow to $19.83 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Impact Of Chronic Disease Prevalence On The PET Nuclear Medicine Market
• Advancements In The PET Nuclear Medicine Market
• North America was the largest region in the positron emission tomography (PET) nuclear medicine market in 2023
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