Positron emission tomography market set to hit USD 4.21 billion by 2031

In Westford, USA, on December 4, 2024, SkyQuest released projections regarding the positron emission tomography market, expecting it to reach a value of USD 4.21 billion by 2031. This anticipated growth is attributed to several key factors, including advancements in medical imaging technologies and a rising prevalence of chronic diseases, which significantly drive demand for positron emission tomography (PET) scans. The report highlights an increasing emphasis on the need for advanced imaging in oncology research and diagnostics, driving the segment's dominance within the market. As the global incidence of cancer rises, the critical role of PET scans in the early detection and diagnosis of various types of cancer, including lung, breast, and colorectal, becomes increasingly relevant. Such trends are expected to facilitate new business opportunities for PET providers. Furthermore, the report indicates that the integration of artificial intelligence technologies holds promise for future developments in the PET market, contributing to innovative solutions in diagnostics and research application. In addition to drivers, the analysis discusses challenges facing the market, notably the high costs associated with PET scanners and a lack of favorable reimbursement policies, which may hinder market growth. Rigorous regulatory requirements for product approval also act as significant restraints. Despite these challenges, investment in medical research and development is projected to create beneficial opportunities for positron emission tomography companies. The North American market is poised to lead due to a strong healthcare infrastructure and high healthcare expenditure, alongside the early adoption of advanced imaging techniques. The report concludes by outlining prominent players within the positron emission tomography market, such as General Electric Company, Toshiba, and Siemens Healthineers AG, indicating a competitive landscape where companies are likely to enhance growth strategies through innovation and product development to capture market opportunities. The overall forecast period from 2024 to 2031 shows a compound annual growth rate (CAGR) of 6.61%, suggesting a steadily evolving market with increasing relevance in medical diagnostics.