Global PET Scanners Market by Type (Full Ring PET Scanner, Partial Ring PET Scanner), by Modality (PET-CT, PET-MRI), by Application (Oncology, Cardiology, Neurology, and Others), by Detector Type (Bismuth Germanium Oxide (BGO), Lutetium Oxyorthosilicate (LSO), Gadolinium Oxyorthosilicate (GSO), Other Detector Types), by End-User (Hospitals and Clinics, Diagnostic Centres, PET Centres, and Research Institutes), by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Global Pet Scanners Market size is expected to be worth around USD 3,595.7 Million by 2032 from USD 2,056.1 Million in 2022, growing at a CAGR of 5.9% during the forecast period from 2023 to 2032.

PET imaging or a PET scan is also called positron emission tomography. It is a type of nuclear medicine imaging. Technical advancement in PET Scanners Market is driving the growth of this market. Significant driving factors in this market are PET imaging for advanced diagnostics applications and oncology and increasing demand for PET analysis in radiopharmaceuticals.

Also, the expanding shift against image-guided acceptance and integration of X-ray tomography with PET is expected further to drive the development of the PET scanner market worldwide. PET scanners can generate three-dimensional (3D) images of abnormal cells, tissues, and organs to notice diseases similar to coronary artery disease, cancer, and brain diseases such as epilepsy, Alzheimer’s disease, dementia, etc. Changes in the human body contrast structural changes seen in other imaging modalities.

*Actual Numbers Might Vary In The Final Report

In real-time, a few radioactive tracers are injected into the patient’s body to analyze cellular differences in tissues and organs. A PET scan followed by a CT or MRI scan creates a high-contrast picture for proper diagnosis, cancer prognosis, decision support, and detection of seizures and other central nervous systems.

Additionally, the Government supports the companies driving the market and is anticipated to increase the technological advancements in this market; the rise in the number of chronic diseases is also an essential factor driving the market growth.

Key Takeaways

• Market Expansion: The PET scanner market has experienced rapid expansion due to rising consumer demand for noninvasive diagnostic imaging, technological innovations and applications beyond cancer care.
• Applications: PET scanners have become an indispensable component of cancer detection, staging and treatment monitoring in oncology. Furthermore, PETs are utilized by neurology for studying brain function assessment as well as cardiology to measure myocardial perfusion assessment.
• Hybrid Imaging: PET/CT and PET/MRI hybrid systems have become an increasingly popular means for combined anatomical and functional imaging.
• Radiopharmaceuticals: PET imaging employs radiopharmaceuticals injected directly into a patient’s body; which one will depend on which diagnostic application.
• Technological Advancements: Recent advances in PET scanner technology have resulted in improved image quality, decreased radiation dose, and shorter scan times. Time-of-Flight (TOF) PET scanners offer enhanced imaging capabilities.
• Emerging Tracers: Current research and development efforts are yielding radiopharmaceutical tracers which allow visualization of specific disease markers, expanding PET applications.

Product Type Analysis

Full Ring PET Scanners Hold the Largest Market Share in 2022 With 84.3%.

Based on product type PET Scanners market is divided into 2 types: Full Ring PET Scanner and Partial Ring PET Scanner; among these types, full-ring PET scanners hold the largest market share in 2022 with 84.3%. Therefore, the segment is expected to register a CAGR of 5% over the forecast period.

Furthermore, the full-ring PET scanner segment is expected to hold an extensive market share during the forecast period since the full-ring PET scanner has no error and is inconvenient to use when the patient is scanned, next lying on the therapy bed proton. In addition, the better temporal resolution (e.g., 300 ps) leads to lower errors even with a full-ring PET scanner.

Modality Analysis

PET-CT Dominated the Market in 2022

Based on modality, the market is divided into PET-CT and PET-MRI; among these two, PET-CT dominated the market in 2022 with a significant share of 81.98% 2022 and is also anticipated to continue the growth with a growing CAGR of 5.5% till the forecasted period.

A PET-CT contains two scanning techniques: traditional CT and PET scans, which are used by advanced imaging technology and computer software. For example, to produce 3D or color images of the human body’s functional movements to diagnose disorders, other treatment techniques use X-rays or sound waves to generate pictures.

By combining these technical advancements, a PET/CT technique allows professionals to diagnose, treatment plan, and monitor the disorder quickly and correctly.

Application Analysis

Oncology Segment Dominated the Market with 47.0% In 2022

Based on applications analysis, the PET scanners market is categorized into Oncology, Cardiology, Neurology, and other applications. Among these oncology segment dominated the market with 47.0% in 2022. This is because of the increasing number of cancer patients worldwide and the rising demand for efficient and effective treatment solutions for reducing radiation exposure.

The cardiology segment is anticipated to grow at a CAGR of 5.8% by the forecasted period. This is because of the increasing number of cardiovascular diseases and the rising need for non-invasive techniques to avoid cardiovascular diseases and their management.

Detector Type Analysis

(FDG) Fluorodeoxyglucose was the Dominating Segment in 2022

Based on the detector type (FDG), fluorodeoxyglucose was the dominating segment in 2022 and is expected to continue this trend during the forecasted period because of an increase in applications of fluorodeoxyglucose, a decrease in the number of side effects of fluorodeoxyglucose, and rise in several chronic diseases.

End-User Analysis

The Hospital Segment Dominates the Market of PET Scanners and Holds the Largest Revenue Share of 47.13%

Among end-users, the hospital segment dominates the PET scanners market and holds the largest revenue share of 47.13% in 2022. The hospital segment dominates the market because it has several patients with chronic diseases, and they have access to use advanced diagnostic techniques which cannot make available easily, including PET scanners which are very useful for diagnosing, detecting, and quickly treatment of chronic diseases.

Key Market Segments

By Product Type

• Full Ring PET Scanner
• Partial Ring PET Scanner

By Modality

• PET-CT
• PET-MRI

By Application

• Oncology
• Cardiology
• Neurology
• Other Applications

By Detector Type

• Bismuth Germanium Oxide (BGO)
• Lutetium Oxyorthosilicate (LSO)
• Gadolinium Oxyorthosilicate (GSO)
• Lutetium Fine Silicate (LFS)
• Lutetium Yttrium Orthosilicate

By End-User

• Hospitals and Clinics
• Diagnostic Centres
• PET Centres
• Research Institutes

Drivers

Increase in Heart Diseases Worldwide and Driving the Global PET Scanner Market

According to the World Health Organization (WHO), about 9.6 million individuals died from cancer in 2018, making it the second leading cause of death worldwide. The growing acceptance of pets worldwide is accelerating market growth.

Furthermore, the increasing geriatric population has led to increased heart diseases worldwide and is driving the global PET scanner market. Also, the growing consciousness of the benefits of positron emission tomography drives the market over the forecast period.

Increase in Cardiovascular Disease Cases

PET is increasingly used in cardiology to visualize myocardial perfusion; hence, the increase in cardiovascular disease cases will contribute to the development of the market. The growth of healthcare facilities in countries like India and China will mainly drive the market’s growth at a regional level. The availability of Medicare PET coverage is a significant opportunity for the PET scanner market.

It is estimated that increasing public and private funding to provide patients with the best treatment will drive the market in the years to come. Additionally, the progress of healthcare facilities in developing countries such as India and China will drive the market’s growth. The increase in chronic diseases worldwide, the growing demand for efficient diagnostic systems, and the increasing coverage of PET-CT scanners under Medicare drive the market.

PET techniques include cancer surveillance and diagnostic applications. Still, the forthcoming release of several new radiotracers that help diagnose common neurodegenerative diseases such as Alzheimer’s disease has spurred the adoption of PET in neurology.

Restraints

PET is an expensive process

An important challenge for the market is countries where the technology required to scan PTEs is less available. In addition, PET is an expensive process; making it accessible to all individuals is also a challenge for the market.

As a result, investment and purchase value have become a priority for customers who recognize the uncertainties of business and healthcare and are aware of the system’s characteristics in terms of potential return on investment, configuration scalability, and clinical versatility.

The increased prices of (PET) positron emission tomography are hampering the market growth. Furthermore, the temporary half-life of radioisotopes limits the development of the PET scanner market. Also, strict regulatory requirements for the use of PET scanners are coming into the market. In addition, the low stock of radiopharmaceuticals is another obstacle to market growth.

Opportunity

Increase in The Number of Incidence Cardiovascular Diseases and Cancer

The increase in incidence and prevalence of disorders such as Alzheimer’s disease, cardiovascular diseases, and cancer are rising globally and generating the need for medical equipment such as PET scanner devices. This is one opportunity for the PET scanners market due to the advancements in the technology these devices are making high need in developed and developing nations.

In addition, these devices also provide anatomical and surgical information, which is very important for tumor patients.

Regional Analysis

North America Dominates the Global PET Scanner Market

Based on regional analysis, North America dominated the global PET scanner market with a significant % revenue share of 34.20% in 2022. This is because of rapid technological advances in the diagnostic and medical imaging sector and the advances in healthcare facilities developed in the region.

Additionally, the presence of significant market players, mergers among the players, FDA approvals, and new product launches are anticipated to boost the global PET scanner market growth.

Key Regions

North America

• The US
• Canada
• Mexico

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

Leading operating companies in the PET scanner market are attempting to expand their product portfolio by modifying their products and pursuing government support in order to increase their customer base and gain more market share.

Market Key Players

With many local and regional players, the market for PET scanners is fragmented. As a result, market players are subject to intense competition from top players, particularly those with strong brand recognition and high distribution networks. As a result, companies have gained various expansion strategies, such as partnerships and product launches, to stay on top of the market.

The following are some of the major players in the global PET scanners market industry

• General Electric Company
• Hitachi Ltd.
• Koninklijke Philips N.V.
• Mediso Ltd.
• PerkinElmer, Inc.
• Positron Corporation
• Shimadzu Corporation
• Siemens AG
• Toshiba Corporation
• Yangzhou Kindsway Biotech Co. Ltd
• Other Key Players

Recent Development

• In March 2022, A diagnostic technology producer and researcher, Cerveau Technologies Inc., collaborated with Alector, LLC, to market its new imaging agent (MK-6240) for use in PET scanners to screen the evolution and status of neurofibrillary knots in the brain.
• In February 2021, Siemens Healthineers revealed a new Biograph Vision PET/computed tomography structure in February 2021, fixed at the Hospital of the University Of Pennsylvania in Philadelphia, making it the first healthcare institution in the United States to organize so.

Report Scope