POSITRON EMISSION TOMOGRAPHY SCANNERS MARKET ANALYSIS
Global positron emission tomography (PET) scanners market is estimated to be valued at USD 2.41 Bn in 2024 and is expected to reach USD 3.52 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
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Global positron emission tomography (PET) scanners market is expected to witness considerable growth during the forecast period due to increasing prevalence of chronic diseases such as cancer and cardiovascular diseases. Continuous technological advancements in the development and quality of PET scanners, in order to provide high resolution images, can also drive the market growth during the forecast period. Adoption of hybrid PET scanners integrated with CT or MRI can also drive the market growth. However, high cost of PET scans and non-availability of PET scanners in certain underdeveloped regions can hamper the market growth.
Rising Prevalence of Cancer and Cardiovascular Diseases
Rising burden of cancer and cardiovascular diseases can drive the market growth. As per the data from WHO, cancer accounted for nearly 10 million deaths in 2020 worldwide. Key factors contributing to cancer incidence include growing prevalence of risk factors such as smoking, obesity, physical inactivity and changing lifestyle habits. Cardiovascular diseases remain the top cause of mortality with over 17 million deaths reported annually, as per WHO. Aging population worldwide and increasing life expectancy has further contributed to escalating cases of cancer and heart conditions which often require medical imaging for accurate diagnosis and staging of the disease. PET scanning has emerged as an important imaging modality, owing to its high sensitivity and ability to detect even small malignant tumors or early signs of heart diseases. Its utilization continues to grow rapidly, especially in developed nations for cancer screening and detection of recurrence. This growing disease burden as well as emphasis on early detection can boost demand for PET scanners.
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Rising Acceptance of PET-CT Scanners in Oncology Settings
PET scanning technology has witnessed substantial evolution over the past decades. The emergence of hybrid PET-CT imaging, where both anatomical and metabolic information can be obtained from a single scan session, has remarkably increased the clinical applications of PET imaging. PET-CT is now considered the standard of care for accurate cancer staging, treatment planning, therapy response assessment and detecting relapse or metastasis. Its high diagnostic value in oncology compared to other conventional imaging modalities like CT, MRI or ultrasound has boosted installation of PET-CT systems globally. Moreover, oncologists are relying more on PET-CT for tumor imaging considering its ability to detect cancer recurrence earlier than other tests. Reimbursement policies in several countries now cover PET-CT for various cancer indications. Therefore, expanding clinical applications and growing insurance coverage for PET-CT scans in cancer management across hospitals and diagnostic centers worldwide can boost demand for PET scanners. Manufacturers are also introducing new generation PET-CT devices with faster acquisition time, enhanced resolution and throughput, and this boosts their adoption rate in clinical oncology practice.
Key Takeaways from Analyst:
Global positron emission tomography (PET) scanners market growth is driven by rising prevalence of cancer and increasing applications of PET scans in disease diagnosis. Furthermore, growing healthcare expenditure in major markets can also drive the market growth. High costs associated with PET scanners can limit its widespread adoption. Regulatory approval and reimbursement issues also pose challenges for market players.
North America currently dominates the market due to growing oncology segment and strong reimbursement coverage. Asia Pacific is projected to be the fastest growing region due to rising healthcare infrastructure, increasing disposable incomes and growing awareness about the benefits of PET scanners among patients and physicians.
Manufacturers should focus on new product launches and try to reduce equipment costs to boost its adoption rates. Partnerships with diagnostic centers and hospitals can aid market penetration, especially in developing regions. Market players and investors should also explore opportunities present in applications of PET scanners beyond oncology such as cardiology and neurology. Upgradation of existing equipment with latest technology can attract repeat sales from end users.
Market Challenges: High cost of PET scans
The high cost of PET scans can hamper the global positron emission tomography (PET) scanners market. PET scans are generally more expensive as compared to other diagnostic imaging techniques like MRI and CT scans. The high equipment and operating costs associated with PET scans make them inaccessible for many patients and healthcare providers. On average, the cost of a basic PET scan ranges from US$ 1,000 to US$ 2,000 in developed countries without insurance coverage. For advanced scans using novel radiotracers, the costs can go up to US$ 3,000 or even more. The high capital expenditure required for setting up a PET scanning facility is a major barrier. A standalone PET scanner costs between US$ 1- US$3 million depending on the configuration. Facilities need to invest in maintenance, skilled manpower and radiotracers to operate PET scanners. These substantial infrastructure and operational investments associated with PET scanning discourage many healthcare providers, especially those in developing regions, from adopting this technique. Limited access to funding further aggravates the situation. According to the World Bank data, out-of-pocket health expenditures as a percentage of total health expenditure was 63% in low-income countries in 2020 reflecting the lack of universal healthcare in such regions. The reimbursement rates for PET scans vary greatly worldwide and insurance coverage is inadequate in many parts of the world. For instance, in 2020, according to the report published by the Commonwealth Fund, only 64% of Americans had health insurance through an employer in 2020 making medical tests like PET scans unaffordable for uninsured populations. The high costs and limited funding coupled with incomplete insurance coverage significantly hampers the deployment and utilization of PET scanners globally.
Market Opportunities: Application of PET scans in neurology and cardiology
The application of PET scans in neurology and cardiology provides immense scope and opportunity for the global positron emission tomography (PET) scanners market. PET scanning uses radioactive tracers to help reveal molecular processes in the body. It has revolutionized the field of neurological and cardiac diagnostics in recent times. PET scans help identify the presence and extent of many neurological conditions non-invasively. Diseases like Alzheimer's, stroke, epilepsy, brain tumors and Parkinson's disease leave distinct biochemical signatures that PET is exceptionally sensitive in detecting. Its utilization is growing rapidly for both research and clinical purposes in neurology. For instance, according to a 2021 report published by the World Health Organization, dementia affects over 55 million people worldwide currently and is projected to nearly triple to 152 million by 2050 due to the aging global population. PET scans play a pivotal role in the accurate diagnosis and monitoring of different types of dementia. In cardiology, PET scans have emerged as a powerful tool for diagnosis of coronary artery disease. It can identify vulnerable plaque in arteries that may rupture and cause a heart attack. PET is also widely used for assessment of myocardial viability, which has implications in decisions around revascularization procedures. In 2020, study published in the European Heart Journal found that routine use of PET imaging led to improved patient outcomes and significantly lower healthcare costs through better identification of patients who would benefit most from invasive treatments like bypass surgery.
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By Product Type - Technological Advancements Boosts Adoption of Full Ring PET Scanners
In terms of product type, full ring PET scanner segment is estimated to contribute the highest market share of 60.1% in 2024, owing to continuous technological advancements. Full ring PET scanners capture data from the entire circumference of the body simultaneously, thus, providing better image resolution and reduced scanning time as compared to partial ring scanners. This advantage boosts demand across diverse medical settings. Novel innovations such as digital photon counting and time-of-flight technology have further enhanced the diagnostic capabilities of full ring scanners. Their high-end configurations with upgraded detectors and data processing hardware allow procurement of finer anatomical details essential for accurate disease staging and treatment planning. The ability of full ring scanners to effectively detect metastatic cancers and subtle abnormalities have cemented their role as indispensable tools in diverse clinical specialties including cardiology. With continual R&D focused on performance optimization, affordability and compact designs, full ring scanners segment will witness growth in the near future.
By Application- Rising Disease Burden Propelling Oncology Segment
In terms of application, oncology segment is estimated to contribute the highest market share of 40% in 2024, owing to rising global incidence of cancer cases. Cancer has become one of the leading causes of mortality worldwide with an estimated 19 million new cases reported annually, as per WHO data. Early and accurate diagnosis plays a critical role in successful cancer management. PET imaging utilizing radionuclides such as fluorodeoxyglucose (FDG) enables detection of primary tumors and metastases with high sensitivity and specificity. This ability to map tumor metabolism at the cellular level has widened PET's clinical utility across diverse cancer types for diagnostic, staging and restaging purposes. PET also aids chemotherapy response monitoring and tumor recurrence follow up. With an continually aging population concurrently dealing with other cancer risk factors such as obesity and lack of physical activity, cancer incidences will increase in the near future. This looming disease burden can boost demand for PET services within the oncology segment.
By Detector Type- Superior Performance Attributes Propel LSO Detector Dominance
In terms of detector type, lutetium oxyorthosilicate (LSO) segment is estimated to contribute the highest market share of 34% in 2024, owing to its superior performance attributes over other detector materials. LSO crystals offer high photo-fraction and stopping power due to their high effective atomic number and density. This allows them to efficiently absorb 511 keV annihilation photons and produce signals with good timing precision. LSO crystals demonstrate high light output resulting in superior spatial resolution, thus, enabling better delineation of anatomical structures and small lesions. LSO detectors also exhibit low intrinsic background noise and minimal afterglow effects enabling rapid acquisition of high quality PET images. Their properties have facilitated development of PET systems with time-of-flight capabilities and digital photon-counting for enhanced lesion detection. With ongoing innovations to further optimize light yield and reduce cost, LSO is anticipated to maintain its predominance in detector technology owing to advantages such as superior image noise characteristics and lesion contrast.
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North America dominates the global positron emission tomography (PET) scanners market with an estimated market share of 41.2% in 2024, owing to strong industry presence and high healthcare expenditure in the U.S. and Canada. The region is home to most of the major PET scanner OEMs as well as radio pharmacies supplying radiotracers required for PET imaging procedures. Higher acceptance of PET as a diagnostic imaging modality relative to other regions drives the market growth. Moreover, favorable reimbursement policies have made PET scans affordable for patients.
Asia Pacific region excluding Japan is poised to be the fastest growing market for PET scanners. Rapid economic development and rising healthcare investments in countries such as China and India have increased patient access to advanced diagnostic technologies. Growing incidence of cancer and cardiac ailments has led to higher demand for PET procedures. Local manufactures are also expanding their production capacities to cater to the domestic demand. PET services providers from developed markets are entering emerging nations by establishing new operation centres or through partnerships with local players. This is expected to boost import of scanners as well as radiotracers in the coming years.
While North America dominates the PET scanners market currently due to its headstart, Asia Pacific region excluding Japan provides immense growth opportunities owing to its growing healthcare industry, large patient population and increasing disposable incomes. Both reimbursement scenarios as well as industry presence play an important role in determining regional dynamics of this market.
Positron Emission Tomography (PET) Scanners Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 2.41 Bn |
| Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
| Forecast Period 2024 to 2031 CAGR: | 5.6% | 2031 Value Projection: | US$ 3.52 Bn |
| Geographies covered: |
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| Companies covered: |
Siemens Healthineers AG, General Electric Company (GE Healthcare), Koninklijke Philips N.V., Canon Medical Systems Corporation, United Imaging Healthcare Co., Ltd., Toshiba Medical Systems Corporation, Hitachi, Ltd., Neusoft Medical Systems Co., Ltd., Shimadzu Corporation, Mediso Ltd., MR Solutions, TriFoil Imaging, Cubresa Inc., Spectrum Dynamics Medical, Radiology Support Devices, Inc., Modus Medical Devices Inc., Curvebeam LLC, Planmeca Oy |
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*Definition: Positron Emission Tomography or PET scanners are medical imaging devices that help doctors diagnose and manage diseases. PET scanners detect gamma rays emitted indirectly by a positron-emitting radionuclide (tracer), which is introduced into the body on a biologically active molecule. The three-dimensional anatomical images provided by PET scanners allow practitioners to see how organs and tissues are functioning, in order to accurately detect and localize tumors, determine the stage of some cancers, and guide treatment.
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About Author
Manisha Vibhute is a consultant with over 5 years of experience in market research and consulting. With a strong understanding of market dynamics, Manisha assists clients in developing effective market access strategies. She helps medical device companies navigate pricing, reimbursement, and regulatory pathways to ensure successful product launches.
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