Global Positron Emission Tomography Market By Product Type (PET-CT and PET-MRI), By Application (Oncology, Neurology, and Cardiology), By End-user (Hospitals, Academic & Research Institutes, and Diagnostic Imaging Centers), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Overview

The Global Positron Emission Tomography Market size is expected to be worth around US$ 4.0 billion by 2034 from US$ 2.8 billion in 2024, growing at a CAGR of 3.7% during the forecast period 2025 to 2034. In 2023, North America led the market, achieving over 40.3% share with a revenue of US$ 1.1 Billion.

Rising demand for early and accurate diagnostic tools in oncology, cardiology, and neurology is driving the growth of the positron emission tomography (PET) market. PET imaging is a powerful diagnostic technique that enables the visualization of metabolic processes within the body, making it crucial for detecting and monitoring various diseases, particularly cancer, heart disease, and neurological disorders.

Increasing awareness about the benefits of early disease detection and the growing prevalence of chronic conditions such as cancer and cardiovascular diseases contribute significantly to market expansion. In April 2022, Royal Victoria Regional Health Centre (RVH) implemented advanced medical imaging technology designed to enable earlier detection of certain types of cancer, highlighting the growing trend of adopting PET for improved clinical outcomes.

Recent trends in the market include advancements in PET scanner technology, such as higher resolution imaging and faster acquisition times, which provide more accurate and detailed results. The integration of PET with other imaging techniques, like CT and MRI, is creating new opportunities for comprehensive diagnostic solutions.

Additionally, the increasing adoption of radiopharmaceuticals in PET scans is driving innovation and expanding the applications of PET in precision medicine. As research into cancer and neurological diseases continues to advance, PET imaging is positioned to play an essential role in the evolving landscape of medical diagnostics.

Key Takeaways

• In 2023, the market for positron emission tomography generated a revenue of US$ 8 billion, with a CAGR of 3.7%, and is expected to reach US$ 4.0 billion by the year 2033.
• The product type segment is divided into PET-CT and PET-MRI, with PET-CT taking the lead in 2023 with a market share of 68.4%.
• Considering application, the market is divided into oncology, neurology, and cardiology. Among these, oncology held a significant share of 57.2%.
• Furthermore, concerning the end-user segment, the market is segregated into hospitals, academic & research institutes, and diagnostic imaging centers. The hospitals sector stands out as the dominant player, holding the largest revenue share of 62.7% in the positron emission tomography market.
• North America led the market by securing a market share of 40.3% in 2023.

Product Type Analysis

The PET-CT segment led in 2023, claiming a market share of 68.4% owing to the increasing demand for advanced imaging techniques in diagnostic applications. PET-CT systems combine the functional imaging of PET with the anatomical detail of CT, offering more accurate and reliable diagnosis for diseases like cancer. The growth of this segment is anticipated to be driven by the rising prevalence of cancers, the need for precise staging, and treatment planning, which PET-CT imaging effectively supports.

Moreover, the continuous advancements in imaging technologies and the growing adoption of hybrid imaging systems in clinical settings are projected to further propel the market for PET-CT systems over the coming years.

Application Analysis

The oncology held a significant share of 57.2% as PET scans continue to be critical in cancer diagnosis and treatment monitoring. PET scans are widely used for detecting and staging cancers, assessing the effectiveness of therapies, and identifying metastases.

The segment’s growth is likely to be fueled by the increasing incidence of cancer globally, advancements in radiotracers, and the growing emphasis on personalized medicine. As cancer care becomes more targeted, the demand for PET imaging in oncology is expected to increase, facilitating more accurate treatment decisions and improved patient outcomes.

End-User Analysis

The hospitals segment had a tremendous growth rate, with a revenue share of 62.7% owing to the expanding use of PET imaging in hospital settings. Hospitals remain the largest end-users of positron emission tomography systems, driven by their comprehensive medical infrastructure and the increasing need for accurate, high-resolution imaging in critical care and diagnostics.

The segment’s growth is anticipated to be supported by rising healthcare investments, the growing prevalence of diseases like cancer, and advancements in PET imaging technologies. Additionally, hospitals’ need for cutting-edge diagnostic tools to improve patient care and outcomes will likely drive further adoption of PET imaging systems, particularly in oncology, cardiology, and neurology.

Key Market Segments

Product Type

• PET-CT
• PET-MRI

Application

• Oncology
• Neurology
• Cardiology

End-user

• Hospitals
• Academic & Research Institutes
• Diagnostic Imaging Centers

Drivers

High Demand for Innovative Imaging Technologies Driving the Positron Emission Tomography Market

High demand for innovative imaging technologies is anticipated to drive the positron emission tomography market significantly. In February 2023, United Imaging showcased its advanced HD TOF PET/MR uPMR 790 at Arab Health 2023, offering superior image clarity and diagnostic precision. Cutting-edge technologies like time-of-flight and hybrid PET/CT systems enhance diagnostic accuracy, particularly in detecting cancer, neurological disorders, and cardiovascular conditions.

Physicians increasingly rely on advanced imaging systems to improve early detection and treatment planning. Rising investment in healthcare infrastructure supports the adoption of next-generation imaging solutions. Portable and compact PET devices cater to point-of-care diagnostics, expanding market penetration. Expanding research on radiotracers improves imaging capabilities, driving demand for specialized PET systems.

Collaborations between manufacturers and healthcare providers accelerate the deployment of innovative imaging technologies. Increasing awareness about the benefits of early and accurate diagnosis fuels the adoption of advanced imaging systems globally. These trends underscore the pivotal role of innovation in advancing the positron emission tomography market.

Restraints

High Costs Are Restraining the Positron Emission Tomography Market

High costs associated with positron emission tomography systems are restraining the market. Advanced technologies, such as hybrid PET/CT and PET/MR systems, require significant R&D investments, increasing manufacturing costs. Healthcare facilities in low-income regions face challenges in acquiring these high-priced imaging systems.

Maintenance, operation, and software updates further add to the financial burden, particularly for smaller hospitals. Limited reimbursement for PET scans in several regions discourages both providers and patients from utilizing these advanced diagnostic tools. The cost of specialized radiotracers adds additional expenses, affecting the affordability of PET imaging services.

Training personnel to operate complex PET systems increases operational expenses for healthcare institutions. Addressing these barriers requires innovations to lower production costs and the implementation of supportive financial policies to make PET systems accessible.

Opportunities

Growing Efforts in Full-Body Scanning as an Opportunity for the Positron Emission Tomography Market

Growing efforts in full-body scanning are projected to create significant opportunities for the positron emission tomography market. In June 2024, the introduction of Augmented Whole-Body Scanning via Magnifying PET (AWSM-PET) revolutionized clinical whole-body PET/CT imaging by offering enhanced image clarity and improved system sensitivity.

Full-body PET systems enable comprehensive diagnostics, reducing the need for multiple scans and improving patient convenience. Rising adoption of whole-body imaging in oncology aids in precise staging and monitoring of cancer progression. Technological advancements in scanner sensitivity and resolution enhance the detection of small lesions, facilitating early intervention.

Collaborative research initiatives drive the development of novel imaging systems tailored to whole-body applications. Expanding government funding supports the deployment of advanced imaging technologies in public healthcare facilities. These trends highlight the transformative potential of whole-body scanning innovations in driving the positron emission tomography market forward.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors significantly influence the positron emission tomography (PET) market. On the positive side, increasing global investments in healthcare infrastructure and rising demand for early and accurate diagnostic tools drive the adoption of advanced imaging technologies like PET. As the aging population grows, the demand for oncology, cardiology, and neurology diagnostics expands, boosting market growth.

However, economic downturns or reductions in healthcare spending may limit the availability of high-cost diagnostic equipment, especially in developing regions. Geopolitical factors such as trade restrictions and varying regulatory standards across countries can disrupt the supply chain for key PET components, increasing production costs and affecting availability.

Moreover, political instability and changing policies in major healthcare markets could slow product approvals. Despite these challenges, the ongoing focus on early diagnosis, precision medicine, and the growing prevalence of chronic diseases ensure a positive outlook for the PET market, fostering continued innovation and market expansion.

Latest Trends

Surge in Mergers and Acquisitions Driving the Positron Emission Tomography Market:

Increasing mergers and acquisitions are a key trend driving the positron emission tomography (PET) market. High levels of consolidation among major players in the healthcare and imaging sectors are expected to enhance research and development capabilities, improving the availability and efficiency of PET technologies. These partnerships enable companies to combine resources and expertise, resulting in more advanced and cost-effective diagnostic solutions.

Rising interest in cancer, neurological, and cardiovascular diagnostics is likely to further stimulate demand for PET systems. In May 2021, GE Healthcare expanded its portfolio by acquiring Zionexa, a pioneer in in-vivo biomarkers for oncology and neurology, to strengthen its capabilities in developing cutting-edge diagnostic biomarkers. As mergers and acquisitions continue to accelerate, the market is projected to benefit from enhanced technological advancements, greater accessibility, and a broader range of PET-based diagnostic solutions.

Regional Analysis

North America is leading the Positron emission tomography Market

North America dominated the market with the highest revenue share of 40.3% owing to advancements in imaging technology and increasing adoption of innovative diagnostic solutions. The introduction of state-of-the-art products, such as CDL Nuclear Technologies’ Mobile Cardiac PET/CT Trailer, significantly enhanced accessibility to PET imaging services.

This innovation allowed healthcare facilities to integrate advanced cardiac imaging directly into their workflows, addressing scheduling challenges and reducing patient wait times. The growing prevalence of chronic diseases, including cancer and cardiovascular disorders, further accelerated demand for PET systems. Government support for early disease detection and rising healthcare expenditures strengthened the market’s expansion.

Additionally, collaborations between manufacturers and research institutions drove technological innovation, resulting in improved imaging precision and reduced radiation exposure. A surge in clinical trials leveraging PET imaging to evaluate treatment efficacy further highlighted its critical role in personalized medicine. Investments in expanding PET imaging infrastructure, especially in rural areas, enhanced service availability. The strong presence of key market players in the U.S. and Canada provided a competitive edge, ensuring constant advancements and market growth.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

Asia Pacific is expected to grow with the fastest CAGR owing to increasing investments in healthcare infrastructure and rising demand for advanced imaging solutions. The launch of Minfound Medical System Co., Ltd’s ScintCare TOF PET/CT system in Hangzhou, China, underscored the region’s emphasis on adopting cutting-edge medical technologies. Expanding awareness about early cancer detection and treatment is likely to drive demand for PET imaging.

Growing healthcare spending in countries like China, India, and Japan is anticipated to support market growth. Government initiatives promoting local production of advanced imaging systems are expected to reduce costs and enhance accessibility. Increasing prevalence of cancer and neurological disorders across the region is estimated to bolster demand for precise diagnostic tools.

Rising medical tourism, driven by affordable treatment options and advanced technology, is likely to further stimulate the market. Collaborations between international manufacturers and local distributors are expected to enhance the availability of PET systems. Technological advancements in hybrid imaging, such as PET/CT and PET/MRI, are anticipated to revolutionize diagnostic capabilities, attracting greater adoption in Asia Pacific.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Key Players Analysis

Key players in the positron emission tomography (PET) market focus on advancing imaging technologies to enhance diagnostic accuracy and expand applications in oncology, cardiology, and neurology. Companies invest in research and development to create hybrid systems, such as PET/CT and PET/MRI, which combine functional and anatomical imaging.

Collaborations with healthcare providers and research institutions support innovation and improve accessibility to cutting-edge diagnostic tools. Geographic expansion into emerging markets with growing investments in healthcare infrastructure drives additional growth. Many players emphasize integrating artificial intelligence into imaging systems to optimize workflows and improve patient outcomes.

Siemens Healthineers is a leading company in this market, offering advanced PET imaging systems like the Biograph Vision series. The company focuses on delivering high-resolution imaging solutions and integrating AI to enhance diagnostic efficiency. Siemens Healthineers’ global reach and commitment to innovation position it as a key player in advancing molecular imaging technologies.

Top Key Players

• Shimadzu Corporation
• Positron
• PerkinElmer
• Mediso Ltd
• Koninklijke Phillips N.V.
• Kindsway Biotech
• GE Healthcare
• Canon Medical Systems

Recent Developments

• In May 2022, Mediso Ltd finalized the acquisition of Bartec Technologies Ltd, a UK-based company known for its expertise in Nuclear Medicine and Molecular Imaging equipment. This acquisition enhances Mediso’s capabilities in offering advanced imaging solutions and support services.
• In March 2021, Shimadzu Corporation, based in Kyoto, Japan, introduced the Time-of-Flight PET (TOF-PET) system, “BresTome.” This specialized imaging solution targets breast and head diagnostics, catering exclusively to the Japanese healthcare market.

Report Scope