PET Imaging Drug Market: Current Analysis and Forecast (2023-2030)

Report Description

The PET imaging drug market was valued at USD 1318.52 million in the year 2023 and is expected to grow at a strong CAGR of around 4.6% during the forecast period (2023-2030). PET is a high-end technique, that has gained widespread adoption because of its excellent quality, accuracy, precision, and versatility in diagnosis. Also, this method is the only one that can find cancer, starting with changes in the size of the lymph nodes or abnormal masses. However, PET radiotracer can completely identify a functional anomaly in a lymph node of normal size. A better functional assessment of anatomical scan abnormalities and improved spatial localization of functional abnormalities are made possible by PET radiotracers. Furthermore, there are various types of radiotracers used in PET for metabolic studies, rising product development, and chronic diseases such as cancer & neurological diseases that will boost the growth of the market during the forecast period. For instance, according to the American Nuclear Society, more than 10,000 hospitals throughout the world use radioisotopes. Nearly 90% of these are used for the diagnosis of infectious diseases, cancer, neurological disorders, and other diagnostic applications.

Some of the major players operating in the market include ABX advanced biochemical compounds GmbH; Blue Earth Diagnostics; Cardinal Health; Eli Lilly and Company; GE Healthcare; IBA Radiopharma Solutions; Jubilant Pharma Limited; Lantheus Holdings Inc.; Yantai Dongcheng Pharmaceutical Group Co. Ltd.; Siemens Healthineers AG Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst radiotracer type, the F-18 (FDG18) dominated the market in 2022.”

Based on radiotracer type, the market is segmented into F-18 (FDG18), Ga-68 (FAPI), and others. Amongst these, the F-18 (FDG18) dominated the market in 2022. F-18 is used to visualize glucose metabolism in the body, making it useful for the early detection of various types of cancer, including lung, breast, and colon cancer. Furthermore, growing technological advancements in this industry will drive the growth of the market. For instance, in June 2023, Siemens Healthineers (PETNET Solutions Inc.), and Blue Earth Diagnostics announced the commercial availability of POSLUMA (flotufolastat F 18) in the U.S., POSLUMA (formerly referred to as to as 18F-rhPSMA-7.3) is an optimized, high-affinity radio hybrid (rh) Prostate-Specific Membrane Antigen (PSMA)-targeted PET imaging agent.

“Amongst application, brain disease has a significant growth rate during the forecast period.”

By application, the market is segmented into cancer, brain disease, coronary artery disease, and others. Among these, brain disease has a significant growth rate during the forecast period. This is mainly due to the increasing demand for accurate and sensitive diagnostic methods for brain disorders that is expected to drive the growth of the PET imaging drug market. Additionally, the development of new tracers with improved specificity and sensitivity for different brain disorders is expected to further drive the growth of the market. For instance, according to the Parkinson’s Foundation, more than 10 million people worldwide are living with Parkinson’s Disease.

PET Imaging Drug Market Report Coverage

“North America dominated the PET Imaging Drug Market in 2022”

North America dominates the PET imaging drug market and is anticipated to grow at a substantial CAGR during the forecast period owing to the presence of well-established market players in the region, a large and growing geriatric population, and advancements in PET radiotracer and related services. Furthermore, the increasing prevalence of infectious and chronic diseases such as cancer, neurological diseases, and heart disease in the region drives the market growth during the forecast period. For instance, as per WHO, in America, nearly 1.9 million new cancer cases were diagnosed in 2021. Approximately 608,570 Americans are expected to die of cancer in 2021, which translates to about 1,670 deaths per day.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global PET Imaging Drug Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the PET Imaging Drug Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global PET Imaging Drug Market were the three major steps undertaken to create and analyze the adoption of PET imaging drugs in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global PET Imaging Drug Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the PET imaging drug market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the PET imaging drug market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the PET imaging drug market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the PET Imaging Drug Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the PET Imaging Drug Market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global PET Imaging Drug Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the PET imaging drug market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global PET Imaging Drug Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global PET Imaging Drug Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global PET Imaging Drug Market.

The main objective of the Global PET Imaging Drug Market Study

The current & future market trends of the global PET Imaging Drug Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the PET Imaging Drug Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the product, technology, and end-users.
• Define and analysis of the regulatory framework for the PET imaging drug
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the PET Imaging Drug Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the PET Imaging Drug Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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