PET/MRI System Market Size, Share, Growth, And Industry Analysis, By Type (Fully Integrated, Separate Devices, and Pulse Oximetry Screening), By Application (Oncology, Cardiology, Neurology, and Other), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

PET/MRI System Market Report Overview

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global PET/MRI system market size was USD 152 million in 2022 and market is projected to touch USD 319.30 million by 2031 at CAGR 8.6% during the forecast period.

The PET/MRI System Market has got fame and prominence because of the accuracy of the services delivered by it in the healthcare industries. Positron emission tomography (PET) is widely adopted in neurological treatments to provide the advantages of giving 3-dimensional imaging of several tests with clear resolutions. Anatomic structures can also be analyzed when PET devices are used along with other devices such as magnetic resonance imaging.

The PET/MRI System market has recently grown. The market has seen a rise in demand because of its use in the medical field. After the pandemic people have become more cautious about their health and they do not want to take any chances. This is why they for treatment after getting a proper analysis by using PET/MRI systems. The PET/MRI system is a boon in the field of neurology. The aim of providing accurate information after the molecular or functional tests has become easy as well. 

COVID-19 Impact: Strict Government Regulations Resulted in Fall in Production

There was not a single sector that was unaffected by COVID-19. The PET/MRI System Market was disturbed as well. The COVID-19 pandemic did affect the demand for the PET/MRI System Market. People were not allowed to even step out of their homes and the government of almost all countries announced lockdowns. Due to this, there was no medical tourism and also it resulted in delayed treatment. This is why the PET/MRI system faced a negative trend during the pandemic.

Latest Trends

"An Upgradation in the System is Done to Bring More Efficiency "

The PET/MRI System Market is as dynamic as any other market. In the market, there is everyday development to add more benefits to it. Recently, it has been noted that the PET system is being combined with the CT system. This is used in diagnosing lung cancer, and artery diseases, and evaluating epilepsy as well. This up gradation makes the process of treatment more efficient and effective.  3T MRI is also innovative that has more powerful magnetic fields which provide clearer pictures.

PET/MRI System Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into fully integrated, separate devices, and pulse oximetry screening. In terms of services, Fully Integrated, is the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into oncology, cardiology, neurology, and others.

Driving Factors

"The Need for Reducing Radiation Exposure has Increased the Demand in the Market "

The PET/MRI System Market has witnessed massive growth because of several factors but the prime factor promoting the PET/MRI System Market growth involves the need for technological advancements. Patients today are more aware and hence they demand a treatment that can protect them from the radiation exposure they have to face while going through certain neurological tests. PET/MRI system exposes patients to comparatively fewer radiations that too after providing better results. The benefits that it brings to patients have resulted in the PET/MRI System market growth. 

"The Rising Need for Hybrid Imaging Systems Influences the Demand in the Market "

Recently, it has been observed that people are looking for advanced versions of everything. So when it comes to the field of medicine or neurology, the expectations of the people remain unchanged. The patients are looking for a system that can show clear images which can help the doctors provide the best medication to them. This is why the PET/MRI system market has seen a rise in demand.  PET/MRI System provides high-resolution pictures which encourages a clear path for doctors as well. And hence the efficiency delivered by it creates a positive impact on the PET/MRI System Market growth. 

Restraining Factors

"Expensive Cost Incurred During Productions leads to a Negative Trend in the market "

It is a known fact that once you get into the trap of medicines and treatment it is a vicious circle to get out of. Getting the best treatment is the desire of every patient but not everyone can afford it. The PET/MRI system is made for patients with particular diseases but if the patients with such problems cannot afford the medical expense then what will be the benefit of innovating it? The amount that one has to pay is quite a lot and this expense can become a declining factor in the market.

PET/MRI System Market Regional Insights

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"North-America Region Dominates the market due to an Increase in the Expenditure on Healthcare in this Region "

Asia-Pacific region holds the dominant PET/MRI System Market share in the global market. This is because of various factors. One of the primary factors is that in this region there has been a rapid increase in the expenditure on healthcare. This is because there has been a rise in awareness of self-care after the pandemic. There has been an increase in the disposable income of the people and they do want to spend more on getting the best treatment. 

Key Industry Players

"Key Players Plans on Development of the Product & Col "

The key players have noted the technological advancements in the medical field. The key players in the PET/MRI system market focus on innovating new devices that can be paired with PET or MRI to make them more useful. The rise in expenditure on healthcare has influenced the key players to keep investing more in the PET/MRI system market. The increasing will of producers to reach more people has influenced the companies to collaborate and innovate new creative ideas.

List of Market Players Profiled

• Siemens
• Philips
• GE Healthcare

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.