PET Scanners Market by Modality (PET-CT and PET-MRI), Application (Oncology, Cardiology, Neurology, and Others), End-use (Hospitals, Diagnostic Imaging Centers, and Academic & Research Institutes), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

PET Scanners Overview

PET (Positron Emission Tomography) scanners are medical imaging devices that produce detailed inside images of organs and tissues in the human body. It detects gamma rays from a radioactive tracer injected into the patient's body. First, a small amount of a radioactive tracer, typically FDG, is administered to the patient. The tracer accumulates in specific tissues or organs with high metabolic activity. Inside the body, the tracer emits positrons, which collide with electrons in the surrounding tissue, generating two gamma rays travelling in opposite directions. These gamma rays are detected by the PET scanner's rings of detectors surrounding the patient. A computer processes this information to create a three-dimensional image of the tracer distribution in the body. PET scans offer valuable insights into metabolic and biochemical activities, aiding in diagnosing, staging, and monitoring various medical conditions like cancer, heart disease, and neurological disorders. They are often combined with other imaging modalities, such as CT or MRI, for more comprehensive diagnostic information (PET-CT or PET-MRI fusion imaging).

Global PET Scanners Market Analysis

The global PET scanners market size was $1.94 million in 2022 and is predicted to grow at a CAGR of 4.80%, by generating a revenue of $3.05 million by 2032.

COVID-19 Impact on Global PET Scanners Market

The COVID-19 pandemic significantly impacted the PET (Positron Emission Tomography) scanners market. Firstly, there was a temporary decline in demand for PET scanners as healthcare systems worldwide were overwhelmed with COVID-19 cases, leading to delays in non-urgent medical imaging, including PET scans. Secondly, the global supply chain disruptions affected the manufacturing and distribution of medical equipment, potentially causing delays in the production and delivery of PET scanners. Thirdly, many healthcare institutions faced financial constraints due to the increased costs of dealing with the pandemic and a decline in revenue from elective procedures, limiting their ability to invest in new PET scanners. Furthermore, the focus on COVID-19 research diverted resources and attention away from other medical technologies.

However, the pandemic also emphasized the importance of medical research and diagnostic technology advancements, which could benefit the PET scanners market in the long term.

Growing Prevalence of Cancer to Drive the Market Growth

The PET scanner market was driven by several key factors. The increasing prevalence of cancer worldwide has led to a growing demand for PET scans, widely used for diagnosis, staging, and monitoring treatment responses in cancer patients. Advancements in PET scanner technology, such as improved image resolution and reduced radiation doses, have encouraged healthcare providers to adopt these scanners more widely. Additionally, rising awareness of the benefits of early disease detection and the aging global population's need for diagnostic tools have fueled the demand for PET scans to detect age-related diseases like Alzheimer's. Ongoing research and development initiatives have also contributed to introducing more advanced PET scanner models, supporting market growth. Favorable reimbursement policies, integration with other imaging modalities, increased healthcare expenditure, and the role of PET scans in drug development and clinical trials have collectively played significant roles in driving the PET scanner market.

Reimbursement Issues to Restrain the Market Growth  

Several factors could restrain the PET (Positron Emission Tomography) scanners market. In certain regions, reimbursement policies for PET scans may be limited or subject to restrictions, making it less financially attractive for healthcare providers to offer PET imaging services. Moreover, the high costs associated with manufacturing, operating, and maintaining PET scanners pose a significant barrier, making it difficult for some healthcare facilities to afford or justify the expense. Additionally, competition from alternative imaging technologies like CT and MRI can impede the widespread adoption of PET scanners. Stringent regulations concerning the handling and disposal of radioactive materials used in PET scans could also hinder facilities from implementing this technology. Furthermore, the limited availability of PET scanners in some regions and concerns about the use of radioactive substances may create reluctance among patients and healthcare providers to opt for PET imaging. The continuous advancements in other imaging modalities might narrow the gap in diagnostic capabilities, potentially affecting the demand for PET scanners. Economic downturns, uncertainties, and ethical and privacy concerns regarding using PET scans for research can further impact the market. Finally, unforeseen global health crises may divert resources from medical equipment purchases, including PET scanners.

Advancements in Technology to Drive Excellent Opportunities

The PET (Positron Emission Tomography) scanners market offers promising growth opportunities due to key factors. Advancements in PET scanner technology, such as improved image resolution and reduced scan times, have extended the applications of PET scanners in different medical fields, including oncology, neurology, and cardiology. The rising prevalence of cancer worldwide drives the demand for PET scanners to facilitate early and accurate diagnosis, staging, and treatment monitoring. Additionally, the increasing adoption of hybrid imaging, such as PET/CT and PET/MRI systems, which provide comprehensive anatomical and functional information in a single scan, is boosting the demand for PET scanners. Ongoing research and development in radiopharmaceuticals and PET tracers are expanding the range of applications for PET scanning, creating a need for advanced PET scanners to accommodate emerging technologies. Moreover, growing healthcare expenditure, especially in emerging markets, and favorable reimbursement policies encourage providers to invest in PET scanners to enhance their medical imaging capabilities. With the aging population contributing to the demand for diagnostic imaging, the PET scanners market is poised for significant growth.

Global PET Scanners Market Share, by Modality, 2022

The PET-CT sub-segment accounted for the highest market share in 2022. PET-CT (Positron Emission Tomography - Computed Tomography) has emerged as a dominant force in the PET scanners market due to its unique advantages and applications. By combining functional and anatomical imaging, PET-CT provides physicians with a comprehensive view of cellular activity and precise anatomical localization, improving diagnostic accuracy. This integration has been particularly valuable in oncology, enabling better cancer detection, staging, treatment planning, and monitoring. Technological advancements have also played a crucial role in enhancing image quality, scanning speed, and patient comfort, making PET-CT more widely accepted. Moreover, the support of reimbursement policies and guidelines from medical societies has further fueled its adoption. Integrating PET and CT data has opened up new research possibilities, contributing to its widespread use in clinical and research settings.

Global PET Scanners Market Share, by Application, 2022

The oncology sub-segment accounted for the highest market share in 2022. Oncology has dominated the PET scanners market due to several key factors. Firstly, the rising incidence of cancer globally has increased the demand for advanced imaging technologies like PET scanners for early detection and effective treatment planning. Secondly, PET scanners play a crucial role in oncology by aiding in cancer staging and treatment response monitoring. Technological advancements in PET imaging have progressed image resolution and specificity, making PET scanners more reliable for oncology applications. Additionally, ongoing research and improvement efforts have resulted in the discovery of novel radiotracers, growing the clinical utility of PET scanners in oncology. Supportive reimbursement policies and endorsements from medical societies have further encouraged the widespread adoption of PET imaging in cancer care. As awareness among healthcare professionals and patients has grown, the demand for PET scans has risen, cementing oncology's dominance in the PET scanners market.

Global PET Scanners Market Share, by End-use, 2022

The hospitals sub-segment accounted for the highest market share in 2022. Hospitals have dominated the PET (Positron Emission Tomography) scanners market for several reasons. Firstly, the expanding demand for advanced diagnostic imaging technologies in the medical field has made hospitals the primary users of PET scanners. These machines are pivotal for diagnosing and staging different medical conditions such as cancer, neurological disorders, and cardiac diseases. Moreover, hospitals possess the necessary infrastructure and resources to accommodate PET scanners, including dedicated rooms with specialized shielding to manage radiation exposure, access to radiopharmaceuticals, and trained medical professionals to operate and interpret the scans. Their greater financial capacity compared to smaller medical facilities allows hospitals to make the substantial investment required to acquire and maintain PET scanners. Hospitals' established referral networks with physicians and medical specialists and collaborations with research institutions reinforce their position in the PET scanners market. Offering comprehensive medical services, participating in cutting-edge research, and meeting strict government regulations contribute to hospitals' dominance in the PET scanners market.

Global PET Scanners Market Share, by Region, 2022

The North America PET scanners market generated the highest revenue in 2022. North America had a dominant position in the PET (Positron Emission Tomography) scanners market due to several key factors. The region's advanced healthcare infrastructure, including top-notch medical research institutions and hospitals, made a solid demand for cutting-edge medical imaging advances like PET scanners. The United States, in specific, stood out for its high investment in research and development in the healthcare sector, driving the advancement of innovative medical imaging technologies. Moreover, many pioneering companies that created PET scanners were based in North America, establishing a significant presence in the regional market. The prevalence of chronic diseases such as cancer and cardiovascular disorders in North America drove the demand for PET scanners as crucial tools for diagnosis and monitoring. Moreover, the region's high healthcare spending and favorable reimbursement policies encouraged the adoption of PET scanners in medical facilities. Continuous technological advancements and expanding clinical applications of PET scanning have also contributed to its increased adoption in North America.

Competitive Scenario in the Global PET Scanners Market

Investment and agreement are common strategies followed by major market players. One of the leading market players in the industry is Quibim. In July 2021, Quibim, a medical image processing and artificial intelligence (AI) company, joined a temporary business association (TBA) with molecular imaging businesses to create a total-body PET-CT scanner for whole-body imaging. The collaboration was part of the USD 8.9m (€7.5m) High Sensitivity Molecular Imaging project. GE Healthcare supported it through its diagnostic & medical imaging equipment expertise.

Some of the leading PET scanners market players are Siemens Healthineers, GE Healthcare, Koninklijke Phillips N.V., Canon Medical Systems, USA., Mediso Ltd., Shimadzu Corporation, Neusoft Medical Systems Co., Ltd., Quibim, MinFound Medical Systems Co., Ltd, Perkin Elmer, Inc. and Positron Corporation.

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