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
Stringent Regulatory Guidelines to Hamper Positron Emission Tomography (PET) Scanners Market
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
By Product
By End User
By Region
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
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.
Table of Contents
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Positron Emission Tomography (PET) Scanners Market
4. Market Overview
4.1. Introduction
4.1.1. Type Definition
4.1.2. Industry Evolution / Developments
4.2. Overview
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. Global Positron Emission Tomography (PET) Scanners Market Analysis and Forecast, 2018–2027
4.4.1. Market Revenue Projections (US$ Mn)
4.5. Porter’s Five Force Analysis
5. Key Insights
5.1. Pet Scanner Installed Base Data, by Regions
5.2. Diagnostic Imaging Procedures: Cost Comparison
5.3. Key Resources and Personnel at PET/CT Facilities
5.4. Site Planning and Annual Operational Costs
5.5. Number of PET/CT Scan, by Regions
5.6. Tracers in clinical trials
5.7. Pricing Analysis
5.8. COVID-19 Impact
6. Global Positron Emission Tomography (PET) Scanners Market Analysis and Forecast, by Application
6.1. Introduction & Definition
6.1.1. Key Findings / Developments
6.2. Global Positron Emission Tomography (PET) Scanners Market Value Forecast, by Application, 2018–2027
6.2.1. Oncology
6.2.2. Cardiology
6.2.3. Neurology
6.2.4. Others
6.3. Global Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis, by Application
7. Global Positron Emission Tomography (PET) Scanners Market Analysis and Forecast, by Product
7.1. Introduction & Definition
7.1.1. Key Findings / Developments
7.2. Global Positron Emission Tomography (PET) Scanners Market Value Forecast, by Product, 2018–2027
7.2.1. Partial Ring PET Scanner
7.2.2. Full Ring PET Scanner
7.3. Global Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis, by Product
8. Global Positron Emission Tomography (PET) Scanners Market Analysis and Forecast, by End-user
8.1. Introduction & Definition
8.1.1. Key Findings / Developments
8.2. Global Positron Emission Tomography (PET) Scanners Market Value Forecast, by End-user, 2018–2027
8.2.1. Hospitals
8.2.2. Diagnostic Centers
8.2.3. Other End-users
8.3. Global Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis, by End-user
9. Global Positron Emission Tomography (PET) Scanners Market Analysis and Forecast, by Region
9.1. Key Findings
9.2. Global Positron Emission Tomography (PET) Scanners Market Value Forecast, by Region
9.2.1. North America
9.2.2. Europe
9.2.3. Asia Pacific
9.2.4. Latin America
9.2.5. Middle East & Africa
9.3. Global Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis, by Region
10. North America Positron Emission Tomography (PET) Scanners Market Analysis and Forecast
10.1. Introduction
10.1.1. Key Findings
10.2. North America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Application, 2018–2027
10.2.1. Oncology
10.2.2. Cardiology
10.2.3. Neurology
10.2.4. Others
10.3. North America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Product, 2018–2027
10.3.1. Partial Ring PET Scanner
10.3.2. Full Ring PET Scanner
10.4. North America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by End-user, 2018–2027
10.4.1. Hospitals
10.4.2. Diagnostic Centers
10.4.3. Other End-users
10.5. North America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Country, 2018–2027
10.5.1. U.S.
10.5.2. Canada
10.6. North America Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis
10.6.1. By Application
10.6.2. By Product
10.6.3. By Country
11. Europe Positron Emission Tomography (PET) Scanners Market Analysis and Forecast
11.1. Europe Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Application, 2018–2027
11.1.1. Oncology
11.1.2. Cardiology
11.1.3. Neurology
11.1.4. Others
11.2. Europe Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Product, 2018–2027
11.2.1. Partial Ring PET Scanner
11.2.2. Full Ring PET Scanner
11.3. Europe Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by End-user, 2018–2027
11.3.1. Hospitals
11.3.2. Diagnostic Centers
11.3.3. Other End-users
11.4. Europe Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2027
11.4.1. Germany
11.4.2. U.K.
11.4.3. France
11.4.4. Spain
11.4.5. Italy
11.4.6. Rest of Europe
11.5. Europe Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis
11.5.1. By Application
11.5.2. By Product
11.5.3. By Country/Sub-region
12. Asia Pacific Positron Emission Tomography (PET) Scanners Market Analysis and Forecast
12.1. Asia Pacific Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Application, 2018–2027
12.1.1. Oncology
12.1.2. Cardiology
12.1.3. Neurology
12.1.4. Others
12.2. Asia Pacific Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Product, 2018–2027
12.2.1. Partial Ring PET Scanner
12.2.2. Full Ring PET Scanner
12.3. Asia Pacific Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by End-user, 2018–2027
12.3.1. Hospitals
12.3.2. Diagnostic Centers
12.3.3. Other End-users
12.4. Asia Pacific Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2027
12.4.1. China
12.4.2. Japan
12.4.3. India
12.4.4. Australia & New Zealand
12.4.5. Rest of Asia Pacific
12.5. Asia Pacific Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis
12.5.1. By Application
12.5.2. By Product
12.5.3. By Country/Sub-region
13. Latin America Positron Emission Tomography (PET) Scanners Market Analysis and Forecast
13.1. Latin America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Application, 2018–2027
13.1.1. Oncology
13.1.2. Cardiology
13.1.3. Neurology
13.1.4. Others
13.2. Latin America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Product, 2018–2027
13.2.1. Partial Ring PET Scanner
13.2.2. Full Ring PET Scanner
13.3. Latin America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by End-user, 2018–2027
13.3.1. Hospitals
13.3.2. Diagnostic Centers
13.3.3. Other End-users
13.4. Latin America Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2027
13.4.1. Brazil
13.4.2. Mexico
13.4.3. Rest of Latin America Latin America
13.5. Latin America Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis
13.5.1. By Application
13.5.2. By Product
13.5.3. By Country/Sub-region
14. Middle East & Africa Positron Emission Tomography (PET) Scanners Market Analysis and Forecast
14.1. Middle East & Africa Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Application, 2018–2027
14.1.1. Oncology
14.1.2. Cardiology
14.1.3. Neurology
14.1.4. Others
14.2. Middle East & Africa Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Product, 2018–2027
14.2.1. Partial Ring PET Scanner
14.2.2. Full Ring PET Scanner
14.3. Middle East & Africa Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by End-user, 2018–2027
14.3.1. Hospitals
14.3.2. Diagnostic Centers
14.3.3. Other End-users
14.4. Middle East & Africa Positron Emission Tomography (PET) Scanners Market Value (US$ Mn) Forecast, by Country/Sub-region, 2018–2027
14.4.1. GCC Countries
14.4.2. South Africa
14.4.3. Rest of Middle East & Africa
14.5. Middle East & Africa Positron Emission Tomography (PET) Scanners Market Attractiveness Analysis
14.5.1. By Application
14.5.2. By Product
14.5.3. By Country/Sub-region
15. Competition Landscape
15.1. Market Player - Competition Matrix (by tier and size of companies)
15.2. Market Share / Position Analysis, by Company, 2018
15.3. Competitive Business Strategies
15.4. Company Profiles
15.4.1. Koninklijke Philips N.V.
15.4.1.1. Company Overview (HQ, Business Segments, Employee Strength)
15.4.1.2. Growth Strategies
15.4.1.3. SWOT Analysis
15.4.2. Canon Medical Systems Corporation
15.4.2.1. Company Overview (HQ, Business Segments, Employee Strength)
15.4.2.2. Growth Strategies
15.4.2.3. SWOT Analysis
15.4.3. Siemens Healthineers
15.4.3.1. Company Overview (HQ, Business Segments, Employee Strength)
15.4.3.2. Growth Strategies
15.4.3.3. SWOT Analysis
15.4.4. GE Healthcare
15.4.4.1. Company Overview (HQ, Business Segments, Employee Strength)
15.4.4.2. Growth Strategies
15.4.4.3. SWOT Analysis
15.4.5. Neusoft Medical Systems Co., Ltd.
15.4.5.1. Company Overview (HQ, Business Segments, Employee Strength)
15.4.5.2. Growth Strategies
15.4.5.3. SWOT Analysis
15.4.6. ONCOVISION
15.4.6.1. Company Overview (HQ, Business Segments, Employee Strength)
15.4.6.2. Growth Strategies
15.4.6.3. SWOT Analysis
15.4.7. MiE GmbH
15.4.7.1. Company Overview (HQ, Business Segments, Employee Strength)
15.4.7.2. Growth Strategies
15.4.7.3. SWOT Analysis
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