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 - 2032

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 2032. 

Key Pointers

• The oncology segment is dominant with the largest revenue share of 47.0% in 2022.
• The cardiology segment is expected to witness the fastest growth rate with a CAGR of 5.8% over the forecast period.
• The hospitals segment dominates the PET scanners market in terms of revenue and held the largest revenue share of 47.13% in 2022.
• The diagnostic imaging centers are expected to witness the fastest growth rate with a CAGR of 5.7% over the forecast period.
• North America dominated and accounted for the largest revenue share of 34.20% in 2022.
• The market in Asia Pacific is anticipated to witness the fastest CAGR of 5.9% over the forecast period.

Report Scope of the PET Scanners Market:

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.

PET Scanners Market Segmentation: