PET Scanners Market Size

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.