PET Scanners Market Size, Share & Trends Analysis Report By Modality (PET-CT, PET-MRI), By Application (Oncology, Cardiology, Neurology, Others), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global PET scanners market was valued at USD 1.94 billion in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. Technical advancements in PET imaging for advanced diagnostics applications and oncology and rising demand for PET analysis in radiopharmaceuticals are expected to drive market growth. Additionally, the increasing shift towards image-guided interventions and X-ray Tomography (CT) integration with PET is expected to further propel the growth of the PET scanners market globally. PET scanners can produce 3-dimensional (3D) images of abnormal cells, tissues, and organs to detect conditions such as cancer, coronary artery diseases, and brain disorders like Alzheimer’s, dementia, epilepsy, etc. PET scans identify chemical and physiological changes in the body, unlike structural changes in other imaging modalities. A small number of radioactive tracers are injected into the patient’s body to diagnose cellular changes in tissues and organs in real time. A PET scan is conducted followed by CT or MRI to produce high-contrast images for accurate diagnosis, help in decision-making, evaluate the prognosis of cancer, and identifies seizures and other central nervous systems.

Additionally, the necessity for advanced tools for early and precise diagnosis, the increasing need for innovative technologies requiring a minimal dose of radioactive tracer, and the demand to reduce radiologists’ workload, are some of the key factors influencing the PET scanners market growth. According to the World Nuclear Association April 2021, around 10,000 hospitals use radioisotopes in medicine worldwide, and about 90% of the procedures are for diagnosis. Also, in developed countries (about one-quarter of the world population), the frequency of diagnostic nuclear medicine is 1.9% per year, and the frequency of therapy with radioisotopes is about one-tenth. However, continuous changes in reimbursement policies and a lack of skilled technicians are restricting the market growth.

Positron Emission Tomography (PET) is an indispensable medical imaging method. The ongoing innovations are pushing the limits of PET detector technology to enhance sensitivity and are helping to improve molecular imaging in the future. The utilization of PET/CT imaging has increased across the diagnostic and imaging sector since it was combined with computed tomography (CT), most commonly in oncology imaging. PET sensitivity is a crucial element of the imaging data analysis used to decide on the treatment, especially for cancer-diagnosed patients. The global burden of cancer patients has increased the demand for research and developments in PET/CT imaging worldwide, which has also fueled the PET scanners market. The imaging agent named 18F-fluorodeoxyglucose (FDG) and advanced detector technology is used in the PET imaging method to describe oncologic cancer cells based on molecularly based biochemical alterations.

Furthermore, government support to key companies operating in the market is expected to further increase the technological advancements of PET imaging techniques. For instance, In December 2020, Gallium 68 PSMA-11 (Ga 68 PSMA-11), the first medication for PET imaging techniques of prostate-specific membrane antigen (PSMA) positive lesions in males with prostate cancer has been authorized by the U.S. Food and Drug Administration (FDA). PSMA-targeted PET imaging helps to identify if cancer cells have spread to other body parts. Similarly, in March 2022, Novartis, a major pharmaceutical company, received FDA approval for PluvictoTM. The company stated that “Pluvicto” was the first FDA-approved targeted radioligand therapy (RLT) and it helps in the treatment of patients with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC). Magnetic resonance imaging (MRI) scans computed tomography (CT) scans, and bone scans are the conventional methods that was commonly used to image patients with prostate cancer. However, these approaches are limited in the detection of prostate cancer lesions.

Modality Insights

PET-CT dominated the PET scanner market and held the largest revenue share of 81.98% in 2022 and is expected to continue its dominance with the fastest CAGR of 5.5% over the forecast period.

A PET-CT combines two different scanning techniques in one examination that are a traditional CT scan and a PET scan, which is combined using computer software and advanced imaging technology. A PET scanner utilizes gamma radiation from radioactive tracers to produce 3-dimensional (3D), color images of the functional activities within the human body to identify diseases while several other procedures use sound waves or x-rays to generate images. By the combination of these two scanning technologies, a PET/CT scanner allows physicians to detect, plan treatment, and monitor diseases earlier and more precisely.

Furthermore, the key companies in the market are trying to provide a better range of advanced imaging products combined with advanced technology boosting the growth of the PET scanners market. For instance, In October 2022, GE Healthcare, a major provider of healthcare devices, launched “Omni” its advanced PET/CT platform which was designed to improve operational efficiency. The company stated that Omni, PET/CT platform has been developed to support the healthcare sector to overcome problems by collecting intuitive workflow solutions upgraded by artificial intelligence (AI), involving its AI-based Auto Positioning Camera and innovative Precision DLi solution for deep learning image processing in PET/CT.

Application Insights

The oncology segment is dominant with the largest revenue share of 47.0% in 2022. This is owing to the increasing prevalence of cancer cases globally and the increasing demand for effective and efficient diagnostic solutions while reducing radiation exposure. As per the scientific paper published in “A Cancer Journal for Clinicians” by the American Cancer Society journal. There were an estimated 1.9 million new cancer cases diagnosed in 2021 and 608,570 deaths caused due to cancer in the U.S. PET scanners use a radioactive drug or tracer that shows both abnormal and normal metabolic activity. It can also detect the abnormal metabolism of the tracer in the conditions before the disease shows up on other imaging tests.

The cardiology segment is expected to witness the fastest growth rate with a CAGR of 5.8% over the forecast period. This is owing to the rising incidence of cardiovascular diseases and increasing demand for non-invasive treatments for cardiovascular disease management. As per the article "Epidemiological Features of Cardiovascular Disease in Asia" published by JACC journals, cardiovascular disease (CVD) continues to be the leading cause of death and premature death worldwide. In 2019, 18.6 million CVD fatalities occurred globally and 58% of them were in the Asia Pacific region. PET scans can detect changes in blood flow and metabolism in the heart, allowing doctors to identify areas of reduced blood flow and other abnormalities that may indicate heart disease. Advancements in PET scanner technology have led to improved image quality and reduced scan time, which has made the PET scanning method more efficient and accessible for patients. Furthermore, cardiologists and healthcare providers are aware of the advantages of PET scanning in cardiology and are more likely to recommend PET scans as a diagnostic tool for patients with suspected heart disease.

End-use Insights

The hospitals segment dominates the PET scanners market in terms of revenue and held the largest revenue share of 47.13% in 2022. Hospitals have comparatively high patient volume and also have access to advanced diagnostic technologies which may not be available in other healthcare facilities including advanced PET scanners, which allow them to provide comprehensive medical care to patients. Furthermore, Hospitals have established referral networks with the insurance providers. PET scans are considered an expensive diagnostic method and are generally covered by health insurance, so patients can use their health insurance for PET scans that are performed in hospitals.

The diagnostic imaging centers are expected to witness the fastest growth rate with a CAGR of 5.7% over the forecast period. Diagnostic imaging centers are expanding their array of services to provide a more comprehensive range of diagnostic options for patients. PET scan imaging method is a valuable add-on to these services, allowing these centers to offer more complete testing for a variety of diseases. In addition, PET scanners were traditionally expensive and were mainly used in hospitals, but advanced and innovative technology has decreased the costs, and diagnostic imaging centers are capable of investing in PET scanners and trying to provide imaging services at a lower cost to their patients.

Regional Insights

North America dominated and accounted for the largest revenue share of 34.20% in 2022. This is owing to the rapid technological developments in the medical imaging & diagnostic sector and the advanced healthcare infrastructure of the region. In addition, the presence of the major companies, mergers among the key competitors, new product launches, and FDA approvals are expected to fuel the global market growth. For instance, in November 2019, United Imaging, a global provider of radiotherapy equipment and advanced medical imaging collaborated with Shared Medical Services (SMS) and became the first in the U.S. to introduce a mobile digital PET-CT unit. This collaboration will help to significantly improve patient access to advanced imaging and diagnostic tests across the country.

Furthermore, the increased spending capabilities of governments in the North American region could potentially have a positive impact on the PET scanner market in the region. For instance, in January 2021, the Western Regional Hospital Foundation in Canada received USD 2 million from the provincial government to be used to get a PET scanner for the new intensive care hospital in Corner Brook. The declaration was made by the Minister of Health and Community Services, Minister of Immigration, Skills and Labor, and MHA for Corner Brook. The Western Regional Hospital Foundation will hold USD 2 million in trust and the funding will be made available for the installation of a PET scanner that gives the evolving and innovative nature of health care in the region.

The market in Asia Pacific is anticipated to witness the fastest CAGR of 5.9% over the forecast period. The quick economic growth in the region is likely to drive the demand for innovative & personalized technologies and attempts to provide the most suitable solutions and products for the imaging and diagnostic sector. In addition, improving healthcare infrastructure and increasing medical device companies providing advanced healthcare solutions in highly populous Asian countries like Japan, China, and India are providing potential market opportunities and attracting stakeholders to expand their portfolios in the Asia Pacific medical imaging and PET scanners market.

For instance, in March 2021 Kyoto Japan, Shimadzu Corporation announced the new Time-of-flight PET (TOF-PET) “BresTome”, a functional imaging solution dedicated to breast and head within the Japanese domestic healthcare market. It provides double resolution of conventional whole-body PET systems. It can be utilized to encourage the clinical treatment of Alzheimer’s disease and other degenerative neurological disorders in addition to the clinical applications for epilepsy and brain tumors and is covered by Japanese public health insurance. The TOF-PET can easily switch the detector configuration from the head position to the breast mode simply by pressing a button. Similarly, in February 2021, Artificial Intelligence (AI) integrated PET-CT was launched at Yashoda Hospitals in Hyderabad (India). The Hospital is equipped with a complete Nuclear Medicine setup that provides essential services like PET-CT, radionuclide therapy, and gamma camera imaging at one destination.

Key companies & Market share insights

The key companies operating in the PET scanners market are trying to improve their product portfolio by renewing their products and seeking government authorizations to increase their client base and acquire a larger market share. Furthermore, the key companies are executing strategies such as new product and service launches, partnerships, mergers & acquisitions, joint ventures, expansion & collaboration to improve their position in the marketplace. For instance, 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 and was supported by GE Healthcare through its diagnostic & medical imaging equipment expertise. Some of the prominent players in the global PET scanners market include:

• Siemens Healthineers

• GE Healthcare

• Koninklijke Phillips N.V.

• Canon Medical Systems, USA.

• Mediso Ltd.

• Shimadzu Corporation

• Neusoft Medical Systems Co., Ltd.

• MinFound Medical Systems Co., Ltd 

• Perkin Elmer, Inc.

• Positron Corporation

• Yangzhou Kindsway Biotech Co. Ltd.

PET Scanners Market Report scope

Global PET Scanners Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each sub-segment from 2018 to 2030. For this study, Grand View Research has segmented the PET scanners market report based on modality, application, end-use, and region:

• Modality Outlook (Revenue, USD Million, 2018 - 2030)

  •  PET-CT

  • PET-MRI

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Oncology

  • Cardiology

  • Neurology

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Imaging Centers

  • Academic & Research Institutes

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  •  Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait