The positron emission tomography (PET) scanners market is estimated to be valued at USD 1.3 billion in 2023 and is rising to USD 2.1 billion by 2033. The market is likely to grow at a CAGR of 5.3% during the forecast period. Various factors driving the market for positron emission tomography (PET) scanners are:
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Although the efficacy of PET scanners has been established, continuous reimbursement cutbacks are affecting the market's growth. Players have been declined reimbursement for these products worldwide, which has resulted in a reduced number for outpatient volume, thus affecting access to high-quality and cost-effective diagnostic imaging services.
Apart from this, radiopharmaceuticals used during PET scanning procedures have a short life. The systems utilize radioisotope tracers to gain better imaging capabilities, thus providing more specific information about organ function or dysfunction.
The most common radiotracer is fluorodeoxyglucose (FDG), which incorporates fluorine-18 as a tracer. It is the most used radiotracer in PET scanning and imaging. However, the radiotracer has a half-life of just under 2 hours, limiting its utility.
The growing adoption of PET and X-ray transmission computed tomography (CT) scans is expected to boost the market in the forthcoming years. This innovative technology reduces acquisition time and provides precise attenuation correction and fusion imaging, resulting in high diagnostic sensitivity and specificity.
Moreover, the combination of PET and CT helps in the better staging of disease by defining prognostic and treatment monitoring capabilities of the functional and metabolic information given by conventional nuclear imaging techniques. Most PET scanning procedures use fluorodeoxyglucose (FDG) as it can capture tissue glucose metabolism and increase its parameters. However, fluorodeoxyglucose has a few shortcomings, such as low specificity.
Additionally, several potential radiotracers are under investigation to address the unmet clinical needs of diagnosis of diseases. In response, manufacturers are launching new products with higher sensitivity regarding metabolic activity to achieve detailed scans. Players are also investing in mergers and acquisitions to improve their product portfolios.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 5.3% |
| Market Valuation (2023) | USD 1.3 billion |
| Market Valuation (2033) | USD 2.1 billion |
Future Market Insights projects the global emission tomography (PET) scanners market to expand at a healthy 5.3% CAGR during the forecast period. Historically, the market registered a CAGR of 4.6% between 2017 and 2022.
Short Term (2022 to 2025): Increasing demand for radiopharmaceuticals, integrating computed tomography with PET, and advancements in hybrid imaging systems boost the market expansion.
Medium Term (2025 to 2028): PET scanners employ a type of nuclear medicine process to measure the metabolic activity of the body tissues and cells. They are mostly used in patients with heart or brain conditions and cancer. The process involves visualization of biochemical changes in the body, such as the metabolism of the heart muscle.
Long Term (2028 to 2033): PET scanners are widely adopted due to their ability to visualize and quantify tumoral features on molecular levels, compared to traditional techniques. Rising awareness regarding the advantages of radiotherapy and radiation oncology and a growing disposition towards non-invasive procedures are driving market opportunities.
The market is estimated to reach USD 2.1 billion during the forecast period. In the historical period, the market stood at a valuation of USD 1.2 billion from 2017 to 2022.
| Segments | Product Type |
|---|---|
| Top Category | Full-ring PET Scanner |
| Historic CAGR | 4.7% |
| Forecast CAGR | 5.2% |
| Segments | Application |
|---|---|
| Top Category | Oncology |
| Historic CAGR | 4.1% |
| Forecast CAGR | 4.9% |
Based on product type, demand for full-ring PET scanners is projected to surge at a CAGR of 5.2% during the forecast period. The product offers high efficiency and contains multiple rings of scintillator detectors. These detectors cover a full 360-degree angular rotation around the volume to be imaged. Historically, the full-ring PET scanner secured a CAGR of 4.7% between 2017 and 2022.
In terms of applications, the oncology segment dominates the global market by securing a CAGR of 4.9% during the forecast period. The adoption of PET scanners in oncology for imaging techniques is growing the market share.
The rising demand for PET scanner in clinical trials to determine therapeutic response for novel cancer are increasing the market expansion. Historically, the oncology segment captured a CAGR of 4.1% between 2017 to 2022.
Based on the detector type, sales of lutetium oxyorthosilicate (LSO) led to more than 37.3% of the total market share in 2020. The lutetium oxyorthosilicate (LSO) segment is expected to grow at a 7.0% CAGR over the assessment period.
Based on end users, hospitals and diagnostic centers held more than 60% of the total market share in 2020. Sales in these segments are expected to grow on the back of an increasing number of diagnostic centers installed with PET imaging machines.
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| Country | The USA |
|---|---|
| CAGR (2017 to 2022) | 4.9% |
| CAGR (2023 to 2023) | 5.4% |
| Valuation (2023 to 2033) | USD 876.0 million |
| County | The United Kingdom |
|---|---|
| CAGR (2017 to 2022) | 3.5% |
| CAGR (2023 to 2023) | 4.0% |
| Valuation (2023 to 2033) | USD 41.0 million |
| Country | Germany |
|---|---|
| CAGR (2017 to 2022) | 3.4% |
| CAGR (2023 to 2023) | 4.1% |
| Valuation (2023 to 2033) | USD 54.7 million |
| Country | China |
|---|---|
| CAGR (2017 to 2022) | 6% |
| CAGR (2023 to 2023) | 6.6% |
| Valuation (2023 to 2033) | USD 98.9 million |
| Country | India |
|---|---|
| CAGR (2017 to 2022) | 5.4% |
| CAGR (2023 to 2023) | 4.8% |
| Valuation (2023 to 2033) | USD 70.7 million |
The USA is expected to dominate the North American market, securing a CAGR of 5.4% with a valuation of USD 876.0 million during the forecast period. The rising prevalence of cancer in the country underpins the need for advanced PET scanners, thereby creating sales prospects in the market.
According to the National Cancer Institute, in 2020, an estimated 1,806,590 new cancer cases were expected to be diagnosed in the United States, and 606,520 people were expected to die from the disease. The rate of new cases of cancer (cancer incidence) is 442.4 per 100,000 men and women per year (based on 2013 to 2017 cases), as per the National Cancer Institute. Therefore, this is expected to boost The USA positron emission tomography (PET) scanners market during the forecast period. Historically, the USA market secured a CAGR of 4.9% between 2017 and 2022.
China is capturing a CAGR of 6.6% with a valuation of USD 98.9 million during the forecast period. Increasing efforts by manufacturers to incorporate value-based detectors in their PET machines are expected to drive sales in China.
The increasing adoption of LFS scintillation crystals for a new line of PET scanners is expected to boost the Chinese positron emission tomography (PET) scanners market. Historically, the China market secured a CAGR of 6% between 2017 and 2022.
India is capturing a CAGR of 4.8% with a valuation of USD 70.7 million during the forecast period. The country's widespread technology diffusion drives the demand for positron emission tomography (PET) scanners. Also, the increasing number of PET scanning facilities in India is expected to continue boosting their installation over the assessment period.
The present key players, advanced technology in the healthcare sector, and growing investment are driving the Indian positron emission tomography (PET) scanners market. Historically, the Indian market secured a CAGR of 5.4% between 2017 and 2022.
Key players focus on novel and innovative approaches to develop positron emission tomography scanners. Production facility expansions, new product launches, and product approvals can strengthen their market presence
Some of the prominent players in the market are:
Recent Developments in the Positron Emission Tomography (PET) Scanners Market
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The USA, Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, Application, Detector Type, End User, Region |
| Key Companies Profiled | GE Healthcare; Toshiba Corporation; Koninklijke Philips N.V.; Siemens Healthineers; Hitachi Medical Corporation; Positron Corporation; Mediso Ltd.; Yangzhou Kindsway Biotech Co.Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
As of 2023, the PET scanners market holds a valuation of about USD 1.3 billion.
The PET scanners market is projected to attain a value of USD 2.1 billion by 2033, driven by a CAGR of 5.3% between 2023 and 2033.
Innovative niches within the PET scanners market include hybrid imaging systems, compact mobile units, and AI-powered image analysis advancements.
With a projected market revenue of USD 876.0 million by 2033, the United States exerts primary control over the PET scanners market.
Integrated AI diagnostics and improved radioisotope availability are driving trends shaping the PET scanners market landscape.
| Market Size (2024E) | USD 5210.7 million |
|---|---|
| Market Projected Size (2034F) | USD 7566.1 million |
| Value CAGR (2024 to 2034) | 3.8% |
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Positron Emission Tomography (PET) Scanners Market
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