Global positron emission tomography (PET) scanners market is estimated to witness high growth, owing to increasing demand and growing healthcare expenditure
Global positron emission tomography (PET) scanners market is estimated to be valued at USD 2.41 Bn in 2024, exhibiting a CAGR of 5.6% over the forecast period of 2024-2031. The market growth is driven by increasing demand for PET scanners across various healthcare application such as cardiology, neurology and oncology among others. Furthermore, growing healthcare expenditure in developing regions also offer opportunities for the market players.
Market Dynamics:
Rising prevalence of cancer and cardiovascular diseases worldwide has boosted demand for effective diagnostic solutions. PET scanning is considered the gold standard for diagnosing and monitoring various conditions. There has been increase in healthcare spending across both developed and developing regions. This has improved access to advanced medical imaging technologies such as PET scanners. Manufacturers are launching innovative and portable PET scanning devices to expand in overseas markets and cater to the growing needs of healthcare facilities. However, high cost of PET scans and scarcity of helium can hamper the market growth.
Rising Demand for Early Disease Diagnosis
Rising demand for early disease diagnosis can drive the market growth. PET scans provide very detailed images of the body which help doctors detect diseases at an early stage when these are most treatable. With early detection, patients have a much better chance of effective treatment and survival. As the population ages globally and chronic diseases become more prevalent, there will be huge need for accurate diagnostic tools. PET scans have proven very useful for detecting cancers, neurological disorders, and heart diseases at early stages. This helps doctors design targeted treatment plans with higher chances of success. Many governments and healthcare systems now emphasize the importance of preventive healthcare and early diagnosis. PET scans fulfill this need by revealing molecular changes indicative of disease onset much before anatomical changes occur. As reimbursement policies also support the use of PET scans, their demand is continuously rising among clinicians seeking improved patient outcomes.
High Equipment and Operating Costs
High costs associated with the equipment and its operation can hamper the market growth. PET scanners can cost between US$ 1 –US$ 3 million depending on their sophistication and imaging capabilities. Moreover, these require expensive radioactive tracers that must be produced on-site using a cyclotron, thus, adding to capital costs. Operating a PET scanning facility also incurs high staffing, maintenance and quality control costs. Specialized radiologists and technicians are needed to handle radioactive materials safely and produce high-quality images. Facilities also need to comply with stringent regulatory norms around radiation safety, increasing compliance costs. Due to these financial burdens, PET scanning services remain inaccessible in developing regions and remote areas. It is also a challenge for smaller healthcare providers to invest in PET. Cost-containment remains a major focus area as it determines demand trajectories in resource-constrained settings.
Rising Healthcare Expenditure Spurs Market Opportunity
Increasing global healthcare spending can offer growth opportunity for PET scanner suppliers. As national economic conditions improve, more funds are becoming available to invest in advanced diagnostic technologies. Between 2015-2023, world healthcare expenditure is estimated to witness 5% annual increase on average. Nations are prioritizing healthcare reform to achieve universal coverage and meet SDG targets. This involves strengthening preventive care through improved diagnostic access. With their clinical usefulness established, PET scans stand to gain from higher budget allocations to radiology and imaging services. Suppliers can tap emerging markets that are raising public spending on healthcare infrastructure development. Newer molecular PET tracers tailored for specific indications also widen the clinical potential. Their applications extend to drug development, treatment monitoring and recurrence detection. This expands PET's role from diagnosis to influencing therapy decisions.
Reimbursement Reforms Drive Market Uptake
Reimbursement reforms boost PET scanner adoption by making their medical value financially viable. In the U.S., private payers have issued favorable coverage policies acknowledging PET's benefits in cancer, cardiology and neurology. Medicare also expanded national coverage for newer PET radiotracers. In Europe, public insurers recognize PET's role in personalized medicine and accept claims. Regulators support the use of specific tracers within their approved indications. Coverage policies encourage PET uptake by addressing provider concerns over costs recovered. Emerging markets are also reforming policies realizing early disease detection supports universal healthcare goals and lowers long-term costs. As more patients gain coverage for preventive scans, PET scanner demand increases from providers facing higher medical demand. Reimbursement availability facilitates market expansion into underserved regions as PET becomes a financially viable option.
Link: https://www.coherentmarketinsights.com/market-insight/positron-emission-tomography-market-693
Key Development
- In November 2023, Siemens Healthineers, a healthcare company, announced that the Biograph Vision.X, a positron emission tomography/computed tomography (PET/CT) scanner, had received clearance from the Food and Drug Administration (FDA). This next-generation system features a time of flight (TOF) of 178 picoseconds (ps), making it the fastest in the industry.
- In August 2022, Positron Corporation, a company specializing in nuclear medicine PET imaging devices and clinical services, acquired its first PET-CT system from its partner Neusoft Medical Systems. The "Affinity PET-CT" system is currently enroute from China to its validation partner in the U.S.
- In July 2022, Radialis Inc., an innovative medtech company, received approval to market its Radialis PET Imager in the U.S. This organ-targeted positron emission tomography (PET) system boasts advanced sensitivity to radiotracers, allowing it to produce high-resolution functional images and enhance the insights gained from molecular imaging.
Key Players: 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
