Positron Emission Tomography [PET] Scanners Market Size, Share, Trends, Growth, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

The positron emission tomography (PET) scanners market size surpassed at US$ 915 million in 2019 and to reach US$ 1 billion by 2027, increase in per capita healthcare expenditure, rise in nuclear imaging & health care infrastructure such as cardiac & oncology institutes and hospitals, and rapid urbanization in developing countries in Asia leading to high influx of immigrants who require sufficient healthcare services to address the unmet medical needs are projected to drive the global positron emission tomography (PET) scanners market.

The global positron emission tomography (PET) scanners market is anticipated to grow at a CAGR of 3.2% during the forecast period 2020 to 2027. The market growth is driven by increasing prevalence of chronic diseases, advancements in the medical imaging space, onset of novel digital technologies, rising demand for non-invasive medical procedures, and focus on research and development. Market players should focus on improving the overall imaging quality of their products by utilizing new technologies to gain a competitive edge in the market.

Major drivers of the global positron emission tomography (PET) scanners market are expansion activities of key radiopharma players, applications in clinical trials, and increase in the geriatric population and disease indication mortality. Shutdown of a few nuclear reactors has led to the development of cyclotron as an alternate source of production of radioisotopes. Rise in prevalence of cancer and increase in demand for nuclear scans for precise diagnosis are key factors propelling the global positron emission tomography (PET) scanners market. Cost advantage over outsourced radioactive tracers and access to technologically advanced diagnostic devices, such as positron emission tomography scan (PET/CT) and single-photon emission computerized tomography (SPECT), augment the global positron emission tomography (PET) scanners market.

The hospitals end user segment accounted for a major share of the global positron emission tomography (PET) scanners market in terms of revenue in 2019. The segment is expected to expand at a moderate CAGR during the forecast period. Hospitals are major end users of radiopharmaceutical products, which are used in the treatment of diseases such as cancer, cardiovascular heart diseases, neurological disorders, and others. Hospitals are an important channel for the usage of radioisotopes as nuclear medicine. According to government healthcare facilities, hospitals have reimbursement plans and advanced technology systems for disease treatment. Radiopharmaceutical products are made of radioactive agents, which are required to be handled by experts for treating cancer and other diseases. Hence, patients prefer treatment available in hospitals. The easy availability of new diagnostic systems due to government initiatives is another factor for high patient preference for treatment at hospitals.

High Adoption to Manage Oncological Diseases to Aid Market Growth

Due to the growing awareness pertaining to the benefits of radiation oncology, radiotherapy, along with increasing demand for non-invasive procedures worldwide, the global positron emission tomography (PET) scanners market is staring at a bright future during the assessment period. The increasing adoption of radiation oncology to treat a range of oncological diseases and improve target volume delineation for the radiotherapy procedures in the pipeline is expected to augment the demand for positron emission tomography (PET) scanners during the assessment period. Positron emission tomography (PET) has gained considerable spotlight, particularly in a clinical environments to improve the management of oncological patients that are undergoing radiotherapy. In addition, as PET enables the quantification and visualization of tumoral features on a molecular level in comparison with the conventional imaging techniques, the adoption of PET is increasing worldwide– a factor that is expected to boost the growth of the global positron emission tomography (PET) scanners market.

Hardware Improvements and Advancements in PET Instrumentation to Fuel Market Growth

Over the past few years, PET instrumentation has evolved at a rapid pace due to which, the medical imaging sphere has garnered considerable attention. Some of the most noteworthy advancements include development of new hardware, integration of designs with digital photomultipliers, and fast electronics, which have enabled the implementation of time-of-light reconstruction. Furthermore, players involved in the positron emission tomography (PET) scanners market landscape have increasingly focused toward improving PET sensitivity, which requires 3D imaging and a larger axial field. Considerable efforts have been made to increase the adoption of positron emission tomography (PET) scanners for cardiac and respiratory patients to improve the overall quality of imaging and resolution. Numerous positron emission tomography (PET) scanner manufacturers are increasingly focusing on improving the quality of PET images by increasing the spatial resolution and sensitivity of the image, while simultaneously augmenting the spatial accuracy. Rapid advancements made by new detector technologies is expected to play an imperative role in boosting the overall growth of the global positron emission tomography (PET) scanners market during the assessment period.

Major Shift from SPECT to PET/CT

  • The field of nuclear medicine is dominated by applications related to positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). Increase in applications of the PET technology in oncology, cardiac, and neurological disorders is anticipated to propel the positron emission tomography (PET) scanners market.
  • Hybrid imaging modalities in the field of nuclear medicine is an emerging trend in the diagnostic imaging industry. Hybrid PET/CT machines have largely contributed toward better imaging and diagnosis of cancer. This is projected to augment the global positron emission tomography (PET) scanners market over the next few years.
  • Launch of value-based PET/CT with high diagnostic accuracy, strong prognostic power, and low radiation dose have resulted in increase in adoption of PET/CT machines in hospitals and diagnostic centers. This is likely to accelerate the global positron emission tomography (PET) scanners market.

Stringent Regulatory Guidelines to Hamper Positron Emission Tomography (PET) Scanners Market

  • Production, storage, and usage of radioisotopes require proper precautions, as radioisotopes generate radiation that can affect the mass population and the environment. Approval from the Food and Drug Administration and the Medicines and Healthcare Products Regulatory Agency is mandatory for any usage, storage, or production of radioisotopes.
  • According to the Nuclear Regulatory Commission, approximately 6,000 licenses are maintained for the use of radioactive materials; violation of agreement leads to enforcement actions, including loss of license

Prominent Regions

North America held a prominent share of the global positron emission tomography (PET) scanners market in 2019. The demand for medical devices and services continues to be high in the U.S. It is likely to increase in the future due to rapid increase in the geriatric population. Additionally, the demand for advanced medical products and technologies is rising. This is projected to boost the growth of the positron emission tomography (PET) scanners market in North America. Asia Pacific accounted for a significant share of the global positron emission tomography (PET) scanners market in 2019. The market in the region is anticipated to grow at a rapid pace during the forecast period.

Governments in Asia Pacific and the Middle East are making substantial investments to develop their respective healthcare sectors. They are focusing on establishing more specialized care centers and medical & research institutes. Furthermore, increase in the total healthcare expenditure per capita has been observed in some countries. The positron emission tomography (PET) scanners market in Asia Pacific is expected to grow at a rapid pace due to higher production rate of isotopes.

The production of radioisotopes is higher in Japan, China, India, Australia, and South Korea, which held a major share of the positron emission tomography (PET) scanners market in Asia Pacific. Japan is likely to be a prominent market for positron emission tomography (PET) scanners during the forecast period, due to activities of players such as Canon Medical Corporation and Siemens, which supplies PET/CT scanners. The introduction of a new accelerator system for production of radioisotopes in Japan and Australia is projected to propel the positron emission tomography (PET) scanners market in Asia Pacific. The Middle East is a highly dynamic region and categorized by a distinct combination of cultures. The region is undergoing rapid demographic and socioeconomic changes.

Key Players

Key players are expanding their footprint to strengthen their positions in the global positron emission tomography (PET) scanners market. These players collaborate with other companies to secure and strengthen their positions in the positron emission tomography (PET) scanners market. Leading players in the global positron emission tomography (PET) scanners market include GE Healthcare, Philips Healthcare, Siemens Healthineers, Neusoft Medical Systems Co., Ltd., ONCOVISION, MiE GmbH, and Canon Corporation.

Market  Segmentation

By Application

  • Oncology
  • Cardiology
  • Neurology
  • Others

By Product

  • Partial Ring PET Scanner
  • Full Ring PET Scanner

By End User

  • Hospitals
  • Diagnostic Centers
  • Other End Users

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Scope of the Report

VRR’s report on the global positron emission tomography (PET) scanners market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides revenue of the global positron emission tomography (PET) scanners market for the period 2018–2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global positron emission tomography (PET) scanners market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involves bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involves referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global positron emission tomography (PET) scanners market.

Secondary research also includes Internet applications, statistical data from government agencies, websites, companies’ presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global positron emission tomography (PET) scanners market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global positron emission tomography (PET) scanners market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global positron emission tomography (PET) scanners market.

The report delves into the competition landscape of the global positron emission tomography (PET) scanners market. Key players operating in the global positron emission tomography (PET) scanners market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global positron emission tomography (PET) scanners market that have been profiled in this report.

Key Questions Answered in Positron Emission Tomography (PET) Scanners Market Report

  • What is the scope of growth of products in the positron emission tomography (PET) scanners market?
  • What will be the Y-o-Y growth of the global positron emission tomography (PET) scanners market between 2020 and 2030?
  • What is the influence of changing trends in nuclear medicine and PET/CT on the global positron emission tomography (PET) scanners market?
  • Will North America continue to be the most profitable market for positron emission tomography (PET) scanner providers?
  • Which factors are anticipated to impede the growth of the global positron emission tomography (PET) scanners market during the forecast period?
  • Which are the leading companies in the global positron emission tomography (PET) scanners market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global positron emission tomography (PET) scanners market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global positron emission tomography (PET) scanners market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the positron emission tomography (PET) scanners market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the positron emission tomography (PET) scanners market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global positron emission tomography (PET) scanners market with accuracy. The study also uses the top-down approach to assess the revenue for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global positron emission tomography (PET) scanners market more reliably and accurately.


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