Positron emission tomography–magnetic resonance imaging (PET-MRI) systems combine the functional molecular imaging capabilities of positron emission tomography (PET) with the anatomic imaging capabilities of magnetic resonance imaging (MRI). This integrated system can provide complementary biological and morphological information. PET-MRI is beneficial in various clinical applications such as in neurology, cardiology and oncology. The increased use of PET-MRI systems in tumor detection and cancer screening is expected to drive the growth of this market.
The PET MRI systems market is estimated to be valued at USD 126.7 Mn in 2024 and is expected to reach USD 236.5 Mn by 2031, growing at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
Key Takeaways
Key players operating in the PET MRI Systems are GE Healthcare, Siemens Healthcare, Koninklijke Philips and United Imaging.
The increasing application of PET-MRI in disease diagnosis and tumors imaging is expected to create lucrative opportunities for market players. Greater accessibility of PET MRI Systems Market with technological advancements will further aid market growth.
Major players are focusing on geographic expansion strategies and establishing presence in emerging markets to gain larger market share. Rising healthcare expenditure in developing nations will assist players in penetration of untapped markets.
Market drivers
The growing prevalence of cancer and neurological disorders globally is the major market driver. PET-MRI helps in precise diagnosis, effective treatment planning and monitoring of these conditions. According to WHO, cancer burden is expected to grow by over 70% in the next two decades. This will significantly increase the demand for PET-MRI systems in hospitals and diagnostic centers.
PEST Analysis
Political: Regulations regarding usage of radioactive materials are stringent in many nations. Positive healthcare policies in some countries create opportunities.
Economic: Rising disposable incomes increase affordability of premium diagnostic procedures. Economic crises may reduce investments in healthcare infrastructure.
Social: Growing prevalence of chronic diseases drives demand. However, social stigma around usage of radiation deters some patients.
Technological: Technological advancements enable higher resolution imaging. Multi-modality systems integrating PET, CT and MRI offer improved diagnostics.
Value Concentration by Geographical Regions
The United States accounts for the highest share in terms of value, owing to high healthcare spending and availability of advanced diagnostic technologies. The US PET MRI Systems Market is supported by strong demand from research institutes and hospitals.
Fastest Growing Region
The Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising healthcare investments, growing diabetes and cancer patient pools, increasing adoption of nuclear medicine diagnostics and technological developments across nations like China, India and Japan.
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