PET MRI imaging systems combine two medical imaging techniques - positron emission tomography (PET) and magnetic resonance imaging (MRI). PET MRI systems help physicians obtain metabolic information and anatomical data simultaneously, providing a comprehensive representation of the human body. These systems help detect changes in tissue and organ function at the molecular level, allowing for earlier disease detection and more precise diagnosis and treatment monitoring. PET MRI imaging can identify tumors that may be missed on separate PET and MRI scans.
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 Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare, Bruker, and Mediso Ltd.
Growing demand for combined anatomical and metabolic imaging from the medical community is expected to drive the PET MRI Systems Market over the forecast period. PET MRI offers improved lesion detection and characterization over standalone PET or MRI.
Leading manufacturers are focusing their efforts on expanding their product portfolio and geographical presence through mergers and acquisitions and new product launches. For instance, in 2021, Siemens Healthineers acquired Varian Medical Systems to strengthen its position in oncology.
Market Drivers
Rising cancer incidence globally is a major factor boosting the demand for PET MRI systems. According to WHO, cancer is the second leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. Combined PET MRI scanners improve the detection, diagnosis and management of various cancers.
Furthermore, increasing investments and research activities focusing on the development of new applications of combined imaging modalities such as neurology, cardiology and translational research will continue driving the PET MRI systems market over the next few years.
The current geopolitical uncertainties across many regions are posing challenges for the growth of the PET MRI Systems market. Political instabilities, conflicts and international sanctions in some key markets are disrupting supply chains and trade flows. This has made it difficult for market players to establish new manufacturing facilities and distribution networks in volatile regions.
North America currently accounts for the largest share of the PET MRI Systems market in terms of value. This is attributed to factors such as high healthcare spending, rising cancer prevalence, technological advancements and strong foothold of key industry players in the region. However, ongoing trade tensions between the US and other countries pose risks to the supply of certain components for PET MRI Systems manufacturing.
Asia Pacific is expected to witness the fastest growth in the PET MRI Systems market during the forecast period. Rapid economic development, growing middle class population, increasing healthcare spending and rising awareness about early disease diagnosis are fueling market demand. China remains a lucrative market owing to its huge patient population and government initiatives to modernize healthcare infrastructure. However, geopolitical issues in the Indo-Pacific region between major nations introduce uncertainties.
Manufacturers must closely monitor changing trade policies and diversify their supply networks to minimize disruptions. They should also focus on building local manufacturing capabilities especially in high growth emerging markets. Companies need to adopt flexible pricing and financing strategies to continue catering to diverse regional needs. Collaborations with local distributors can help gain foothold amidst geopolitical and economic barriers. Overall, understanding geo-strategic dynamics will be critical for industry players to mitigate risks and tap growth opportunities over the next decade.
Get More Insights On- PET MRI Systems Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191