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The pet scanners market size is estimated to grow by USD 455.90 million at a CAGR of 4.36% between 2023 and 2028. The market is driven by rising chronic disease cases demanding advanced diagnostic tools. Integration of AI into medical imaging enhances diagnostic accuracy and efficiency, driving market growth. Moreover, vendors' substantial investments in R&D to develop innovative PET scanning technologies contribute to market expansion. These factors collectively bolster the demand for PET scanners, addressing the diagnostic needs of various medical conditions efficiently.
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The market share growth by the Hospitals segment will be significant during the forecast period. The demand for PET scanners is high among hospitals. PET scanners are highly effective in diagnosing and staging various medical conditions, including cancer, heart diseases, and neurological disorders. They provide doctors with an overview of metabolic and functional processes within the body, which allows them to identify abnormalities before they occur.
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The hospitals segment shows a gradual increase in the market share of USD 775.10 million in 2018. PET imaging is vital for clinical research, particularly in the fields of oncology, neurology, and cardiology. It enables researchers to study disease progression, evaluate the effectiveness of new drugs or therapies, and monitor treatment outcomes.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in Europe is expected to witness moderate growth during the forecast period. It is driven by factors such as the increasing prevalence and incidence of cancer, the growing geriatric population, the high adoption of technologically advanced diagnostic devices, the ease in the process of regulatory approval, the surge in the number of PET scanners procedures, and the favorable reimbursement policies in the region. European countries with well-developed healthcare systems and a focus on advanced medical imaging are likely to have a higher demand.
The market is pivotal in diagnosing complex conditions like coronary artery diseases, brain disorders including Alzheimer’s, dementia, and epilepsy through advanced 3-dimensional imaging techniques such as X-ray tomography. These scanners utilize radioactive tracers for molecular imaging, complementing CT or MRI technologies supported by radioisotopes from the World Nuclear Association. Skilled technicians operate PET scanners equipped with PET detector technology to detect conditions like mCRPC using radioligand therapies like Gallium 68 PSMA-11. The market's innovations include PluvictoTM for precise FDG and PSMA scans, crucial in CT imaging and bone scans, contributing to ongoing research studies for medical advancements in healthcare. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of chronic diseases is notably driving the market growth. The increasing number of chronic diseases has contributed to an increase in demand for PET scanners. PET scanners are advanced medical imaging devices used to visualize and measure metabolic processes in the body. Chronic diseases such as cancer, cardiovascular disorders, neurological conditions, and metabolic disorders often require accurate diagnosis and monitoring. PET scans provide detailed information about the functional processes within the body, allowing for early detection, precise localization, and effective management of these diseases.
Moreover, a personalized approach improves treatment outcomes and reduces adverse effects. PET scanner technology has witnessed significant advancements in recent years, leading to improved image quality, reduced scanning times, and enhanced diagnostic capabilities. These advances have increased the availability, efficacy, and accuracy of PET scans leading to a further increase in their demand. The demand will thus be driven by the increasing prevalence of chronic diseases.
Technological advancements are a primary market trend. PET scanner technology has been continuously evolving to provide better image quality, faster scanning times, and improved patient comfort. PET scanners have seen significant improvements in image quality over the years. Advanced reconstruction algorithms and iterative reconstruction techniques have been developed to enhance image resolution, reduce noise, and improve overall image clarity. These improvements have made it possible to diagnose and visualize tiny lesions more accurately.
There has been an increased incidence of TOFPET scanners in recent years. TOF technology measures the time it will take for positrons to be transferred from a patient's body into detectors. For the determination of the precise location of the source of emissions, this information shall be used. In addition, TOF PET enhances the image quality, reduces noise, and enhances scanner sensitivity resulting in quicker scans and a more accurate delineation of abnormalities.
The high cost of PET scanners is a major challenge in the market. PET scanners are expensive to purchase and maintain, making them a significant investment for healthcare facilities. The initial cost of acquiring a PET scanner, along with the ongoing expenses of radiopharmaceuticals and equipment maintenance, can be a barrier for many healthcare providers. The cost burden for users and patients can be higher with the high costs of medical imaging equipment and procedures.
Preventable maintenance, parts, labor charges, and technical assistance costs shall be included in the service maintenance cost. The cost of the end user, for example, hospitals, diagnostics centers, and clinics, is, therefore, further increased. The main reason for this is, therefore, the large costs and related procedures.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Siemens Healthineers AG. - The company offers PET scanners such as Biograph vision, Biograph vision quadra, and Biograph mCT.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Positron Emission Tomography (PET) Market: Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast
Refurbished Medical Imaging Equipment Market: Analysis North America, Europe, Asia, Rest of World (ROW) - US, China, Japan, Germany, UK - Size and Forecast
Medical Imaging Market: by Product, End-user, and Geography - Forecast and Analysis
The market continues to evolve with advancements in 3D imaging technology, pivotal in diagnosing conditions such as breast cancer metastases and lymph nodes through precise CT scans and MRI systems. It supports radioligand therapy for treatment response assessment, especially in oncology research and neoadjuvant chemotherapy studies. Research studies and patent analysis drive innovation, highlighted in conferences and webinars focusing on precision medicine and healthcare investment. Operating in diverse healthcare settings including imaging clinics and ambulatory surgical centers, PET systems require specialized personnel for calibration and repair, ensuring optimal performance with minimal turnaround time. As capital costs influence buying behavior, technology review advisories by organizations like the World Health Organization guide advancements in PET scanner technology for improved healthcare outcomes.
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Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
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Market growth 2024-2028 |
USD 455.9 million |
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Market structure |
USD Fragmented |
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YoY growth 2023-2024(%) |
4.11 |
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Regional analysis |
Europe, North America, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 42% |
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Key countries |
US, Germany, France, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Blue Earth Diagnostics Ltd., Canon Inc., CellSight Technologies Inc., CMR Naviscan Corp., GE Healthcare Technologies Inc., General de Equipment for Medical Imaging S A, Koninklijke Philips N.V., Mediso Ltd., MinFound Medical Systems Co. Ltd., Modus Medical Devices Inc., Neusoft Corp., Novartis AG, Perkin Elmer Inc., PETsys Electronics SA, Positron Corp., Radiology Oncology Systems Inc., RefleXion Medical Inc., Shimadzu Corp., Siemens Healthineers AG, and Yangzhou Kindsway Biotech Co. Ltd. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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