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The pet scanners market size is estimated to grow by USD 477.85 million at a Compound Annual Growth Rate (CAGR) of 4.73% between 2023 and 2027. The market is driven by rising chronic disease cases demanding advanced diagnostic tools. Integration of AI into medical imaging enhances diagnostic accuracy and efficiency, driving market growth. Moreover, vendors' substantial investments in R&D to develop innovative PET scanning technologies contribute to market expansion. These factors collectively bolster the demand for PET scanners, addressing the diagnostic needs of various medical conditions efficiently.
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This market report extensively covers market segmentation by end-user (hospitals, diagnostic centers, and others), application (oncology, neurology, cardiology, and others), and (Europe, North America, APAC, and Rest of World (ROW)).
The market share growth by the Hospitals segment will be significant during the forecast period. The demand for PET scanners is high among hospitals. PET scanners are highly effective in diagnosing and staging various medical conditions, including cancer, heart diseases, and neurological disorders. They provide doctors with an overview of metabolic and functional processes within the body, which allows them to identify abnormalities before they occur.
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The hospitals segment shows a gradual increase in the market share of USD 746.74 million in 2017 and continue to grow by 2021. PET imaging is vital for clinical research, particularly in the fields of oncology, neurology, and cardiology. It enables researchers to study disease progression, evaluate the effectiveness of new drugs or therapies, and monitor treatment outcomes.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in Europe is expected to witness moderate growth during the forecast period. It is driven by factors such as the increasing prevalence and incidence of cancer, the growing geriatric population, the high adoption of technologically advanced diagnostic devices, the ease in the process of regulatory approval, the surge in the number of PET scanners procedures, and the favorable reimbursement policies in the region. European countries with well-developed healthcare systems and a focus on advanced medical imaging are likely to have a higher demand.
The market is witnessing significant growth, driven by its pivotal role in diagnosing complex conditions like dementia and epilepsy. Leveraging radioactive tracers and advanced PET detector technology, PET/CT imaging offers precise insights into oncology imaging and cardiovascular diseases. Key players like Novartis and GE Healthcare are pioneering innovations such as PluvictoTM, enhancing diagnostic accuracy. Despite high capital and operational costs, hospitals and medical centers continue to invest, supported by favorable reimbursement policies. As demand surges in diagnostic imaging centers, PET scanners remain indispensable in healthcare settings, ensuring early detection and comprehensive management of a wide array of medical conditions.
The increasing prevalence of chronic diseases is notably driving the market growth, although factors such as growing demand for High cost of market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of chronic diseases is notably driving the market growth. The increasing number of chronic diseases has contributed to an increase in demand for PET scanners. PET scanners are advanced medical imaging devices used to visualize and measure metabolic processes in the body. Chronic diseases such as cancer, cardiovascular disorders, neurological conditions, and metabolic disorders often require accurate diagnosis and monitoring. PET scans provide detailed information about the functional processes within the body, allowing for early detection, precise localization, and effective management of these diseases.
Moreover, a personalized approach improves treatment outcomes and reduces adverse effects. PET scanner technology has witnessed significant advancements in recent years, leading to improved image quality, reduced scanning times, and enhanced diagnostic capabilities. These advances have increased the availability, efficacy, and accuracy of PET scans leading to a further increase in their demand. The demand will thus be driven by the increasing prevalence of chronic diseases.
Technological advancements are a primary market trend. PET scanner technology has been continuously evolving to provide better image quality, faster scanning times, and improved patient comfort. PET scanners have seen significant improvements in image quality over the years. Advanced reconstruction algorithms and iterative reconstruction techniques have been developed to enhance image resolution, reduce noise, and improve overall image clarity. These improvements have made it possible to diagnose and visualize tiny lesions more accurately.
There has been an increased incidence of TOFPET scanners in recent years. TOF technology measures the time it will take for positrons to be transferred from a patient's body into detectors. For the determination of the precise location of the source of emissions, this information shall be used. In addition, TOF PET enhances the image quality, reduces noise, and enhances scanner sensitivity resulting in quicker scans and a more accurate delineation of abnormalities.
The high cost of PET scanners is a major challenge in the market. PET scanners are expensive to purchase and maintain, making them a significant investment for healthcare facilities. The initial cost of acquiring a PET scanner, along with the ongoing expenses of radiopharmaceuticals and equipment maintenance, can be a barrier for many healthcare providers. The cost burden for users and patients can be higher with the high costs of medical imaging equipment and procedures.
Preventable maintenance, parts, labor charges, and technical assistance costs shall be included in the service maintenance cost. The cost of the end user, for example, hospitals, diagnostics centers, and clinics, is, therefore, further increased. The main reason for this is, therefore, the large costs and related procedures.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Siemens Healthineers AG. - The company offers PET scanners such as Biograph vision, Biograph vision quadra, and Biograph mCT.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to continuous technical advancements. PET scanners, combined with X-ray Tomography (CT), offer precise 3-dimensional (3D) images crucial for diagnosing various conditions, including coronary artery diseases and brain disorders like Alzheimer's and epilepsy. Radioactive tracers like 18F-fluorodeoxyglucose (FDG) and Gallium 68 PSMA-11 are vital components, enhancing diagnostic accuracy, especially in oncology imaging for prostate cancer detection. Additionally, the integration of Artificial Intelligence (AI) into PET/CT imaging systems further improves diagnostic capabilities, driving demand in oncology and cardiology segments. Despite the high capital and operational costs associated with PET scanners, healthcare investments, research grants, and the presence of specialized personnel contribute to market growth. With expanding applications in precision medicine and the continuous development of advanced imaging technologies, the market is poised for substantial expansion in healthcare settings worldwide.
In the realm of PET scanners, the focus on dementia diagnosis and management is gaining traction. PET scanners, often used in conjunction with CT or MRI, provide invaluable insights into brain function and structure, aiding in the early detection of conditions like dementia. The World Nuclear Association's advocacy for the use of radioisotopes in diagnostic nuclear medicine underscores the importance of scanners in therapeutic applications. Moreover, advancements in PET detector technology, exemplified by innovations like PluvictoTM, enhance diagnostic precision, particularly in oncology and cardiovascular diseases. Companies like Minfound Medical System Co and ScintCare TOF PET/CT are pioneering developments in technology, notably in Hangzhou, China. As hospitals and medical centers continue to invest in state-of-the-art diagnostic imaging centers, PET scanners remain indispensable tools in oncology research and the comprehensive management of complex diseases like dementia.
The market growth analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
PET Scanners Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.73% |
Market growth 2023-2027 |
USD 477.85 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.23 |
Regional analysis |
Europe, North America, APAC, and Rest of World (ROW) |
Performing market contribution |
North America at 35% |
Key countries |
US, Japan, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Blue Earth Diagnostics Ltd., Canon Medical Systems Corp., CellSight Technologies Inc., CMR Naviscan Corp., GE Healthcare Technologies Inc., General de Equipment for Medical Imaging S A, Koninklijke Philips NV, Mediso Ltd., MinFound Medical Systems Co. Ltd., Modus Medical Devices Inc., Neusoft Corp., Novartis AG, Perkin Elmer Inc., PETsys Electronics SA, Positron Corp., Radiology Oncology Systems Inc., RefleXion Medical Inc., Shimadzu Corp., Siemens Healthineers AG, and Yangzhou Kindsway Biotech Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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