Europe PET Scanners Market

Europe PET Scanners Market Size (2022 to 2027)

The size of the European PET Scanners Market is estimated to grow USD 265.20 million by 2027 and USD 226.44 million in 2022, growing at 3.21% CAGR during the forecast period.

The European pet scanner market is majorly driven by the rising prevalence of chronic diseases, increasing demand for pet analysis in radiopharmaceuticals, and increased coverage for PET-CT scanning under Medicare. Also, Technological advances, such as the introduction of Time of Flight (TOF) and the growing popularity of hybrid imaging systems, are essential to the nuclear imaging market's growth. In addition, hybrid imaging with combining scanners such as SPECT/CT, PET/CT, and PET/MRI is expected to drive market growth. Growing use of dual-modality imaging methods, also known as hybrid imaging, is projected to provide attractive growth prospects for regional market players. Hybrid imaging, which combines PET and X-ray transmission CT scans, is becoming more popular throughout Europe due to its ability to reduce acquisition time and offer precise attenuation correction and fusion imaging, resulting in improved diagnostic sensitivity and specificity.

The rise in research and development activities by the companies in the region to develop new products is expected to increase the market growth. The aging population has increased the prevalence of illnesses such as cancer and heart disease; using a PET scanner to treat patients with these ailments is a successful medical practice. This will increase demand for PET scanners throughout Europe. Furthermore, the growing demand for improved diagnostic procedures and increased use of positron emission tomography scanners in different medical disciplines such as oncology are projected to uplift market growth during the forecast period. Additionally, the availability of Medicare coverage for PET scanning is projected to boost the market growth. PET/computed tomography (PET-CT) scanners that use the radioisotope 18F-fluorodeoxyglucose (FDG) for cancer detection have a high success rate. Lung cancer, breast cancer, melanoma, lymphoma, head and neck cancer, esophageal cancer, colorectal cancer, cervical cancer, myeloma, thyroid cancer, and ovarian cancer all benefit from enhanced PET imaging coverage.

Moreover, increasing investment and funding by the government and non-government organizations in the region ensures the way for the new market participants, which is expected to rise the market over the forecast period.

However, short scanner life cycles, high product costs, and a scarcity of radiopharmaceuticals are some of the factors which might limit market growth over the forecast period.

This research report on the Europe PET Scanners Market has been segmented and sub-segmented into the following categories:

By Application:

• Oncology 
• Neurology               
• Cardiology              
• Other Applications

By Product Type:

• Partial Ring PET Scanners 
• Full Ring PET Scanners

By Detector Type:

• Gadolinium Oxyorthosilicate           
• Lutetium Fine Silicate         
• Bismuth Germanium Oxide             
• Lutetium Oxyorthosilicate               
• Lutetium Yttrium Orthosilicate       

By End Users:

• Diagnostic Centres               
• Hospitals  
• PET Centres            
• Research Institutes      

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Geographically, The European Pet Scanners Market is estimated to have a significant market share globally during the forecast period. The growing demand for precision diagnostics and the adoption of technologically advanced pet canners is expected to accelerate the market growth. Government programs such as Medicare and Obama Care, which give healthcare to patients under democratic control, contribute to the PET market's rise in Europe. The establishment of guidelines for the manufacturing of radiopharmaceuticals, on the other hand, is expected to accelerate regional market growth. In February 2020, the International Atomic Energy Agency approved a project to offer support and expertise in producing cyclotron-based gallium-68 radioisotope and related radiopharmaceuticals. The developed countries such as UK, Germany, and France are adopting advanced Pet scanners in the hospitals. The Germany and UK are projected to witness a significant share of the pet scanner market owing to the increasing healthcare expenditure and evolving healthcare infrastructure and support from the government and private organizations in these countries.

KEY MARKET PLAYERS:

Some of the major players operating in the European PET scanners market profiled in this report are Positron Corporation, Mediso Ltd., Siemens AG, Hitachi, Ltd., General Electric Co., Toshiba Corporation, Koninklijke Philips N.V., and Yangzhou Kindsway Biotech Co. Ltd., among others.