PET Scanners Market size was over USD 2.67 billion in 2023 and is projected to exceed USD 4.28 billion by 2036, growing at over 3.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of PET scanners is assessed at USD 2.75 billion.
The growth of the market can be attributed primarily to the rising incidence of cancer worldwide. As per the statistics of the American Cancer Society, 1.9 million new cancer cases are expected to be diagnosed by the end of 2022, and 609,360 cancer deaths are expected to occur in the United States. Moreover, growing demand for non-invasive medical procedures, adoption of hybrid imaging, and medical tourism are some of the other factors expected to enlarge market size during the forecast period.
Positron emission tomography (PET) scanners are widely used for medical examinations, providing information on the activity of cells in the human body in a non-invasive way. For PET scans, radioactive drugs (tracers) are generally injected into the hand or arm to detect abnormal metabolism in diseases. This tracer then collects where metabolic or biochemical activity is higher, which often identifies the area of disease. market trends such as molecular imaging approaches for breast cancer and hybrid imaging systems including PET/CT and PET/MRI are expected to drive market growth during the forecast period. Furthermore, growing demand for PET analysis in radiopharmaceuticals along with developments in nuclear medicine imaging is expected to enlarge the PET scanners market size during forecast period. Nuclear medicine is widely used in hospitals, owing to the extensive application of radiopharmaceuticals in treatment. For instance, nuclear medicine procedures account for over 35 million procedures annually, and demand for radioisotopes is rising by up to 4% each year.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
3.7% |
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Base Year Market Size (2023) |
USD 2.67 billion |
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Forecast Year Market Size (2036) |
USD 4.28 billion |
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Regional Scope |
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The PET scanners market is segmented and analyzed for demand and supply by end user into hospitals, diagnostic centers, PET centers, and research institutes. Among these segments, the end user segment is anticipated to capture the largest market size in the market owing to the increasing number of medical professionals specialized in PET and the rising demand for early diagnosis and treatment of cancer. Additionally, the growing use of PET scanners in hospitals is expected to drive segment growth over the forecast period. It was observed that in 2019 approximately 2,050,000 clinical PET scans were performed in about 2,300 hospitals in the United States. In addition, the number of PET scans performed in 2018 increased by 6% over 2017.
Our in-depth analysis of the global market includes the following segments:
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Regionally, the PET scanners market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is predicted to account for largest revenue share by 2036, led by rapid technical developments, increasing awareness of early diagnosis, and rising prevalence of the geriatric population in the region are major factors estimated to drive the market growth during the forecast period. For instance, it was observed that, every year, approximately 2 to 2.5 million PET scans are performed in the United States. Moreover, the increasing expenditure on healthcare is expected to propel the growth of the PET scanners market in the region over the forecast period. For instance, in 2018, the United States spent 16% of its gross domestic product (GDP) on health care.
March 20, 2020: Cerveau Technologies, Inc., announced an agreement to license its investigational imaging agent to Alector Inc. to determine how neurofibrillary tangles (NFTs) progress in the brain.
Author Credits: Radhika Pawar
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