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. PET MRI scanners combine the technology of a Positron Emission Tomography (PET) scanner and a Magnetic Resonance Imaging (MRI) scanner into a single unit. Prospects of new applications of PET MRI and drug development is further expected to complement the market growth during the forecast period.

Market Driver - Increasing Number of Alzheimer's Disease, Strokes, and Other Neurological Conditions

As per estimates, over 50 million people globally suffer from dementia with around 10 million new cases every year. Alzheimer's disease itself is one of the major causes of dementia and its prevalence is expected to triple in the coming years owing to an aging population. PET MRI systems are hugely beneficial in diagnosing such neurological illnesses especially in their early stages. The multi-modality approach allows physicians to get functional as well as anatomical details of the brain.

PET MRI systems are emerging as an important tool in this aspect. Their non-invasive whole body scanning abilities help map intricate disease pathways and gain a systems level understanding of the illness. This fosters more personalized care approaches.

Several clinical trials are ongoing to evaluate PET MRI for conditions like epilepsy, Parkinson's, Huntington's, etc. Its role in improving early detection rates as well as aiding drug development is being actively explored. The growing mental healthcare needs especially in developing countries will further propel demand.

Overall, with neurological conditions posing a significant economic threat, PET MRI systems offer a feasible solution, contributing to the growth of the PET MRI systems market.

Market Driver – Cancer Burden Driving PET MRI Adoption

Rising worldwide incidence of cancer has made it one of the leading causes of mortality. As per estimates, around 19 million new cancer cases and 10 million cancer deaths occurred in 2020 globally.

PET MRI systems are increasingly utilized for cancer staging, treatment monitoring and drug development. The molecular diagnostic abilities of PET finds application right from initial staging to determine tumor involvement and metastases. Simultaneously, high resolution anatomical MRI aids in precise localization and surgical planning.

Cancer types where PET MRI is proving especially valuable include breast cancer and lung cancer. As per some studies, PET MRI may obviate unnecessary biopsies in breast cancer by more accurate lesion characterization compared to conventional imaging.

It provides a radiation-free whole-body assessment with improved specificity over standalone modalities. With newer targeted therapies and immunotherapies entering the market, non-invasive functional assessment of therapeutic efficacy is crucial.

Overall, multi-parametric imaging holds potential for individualizing cancer care. Role of PET MRI in oncology management continues to expand through ongoing research. Thereby, its adoption rates for leading cancer types are expected to rise in the coming years.

Market Challenge - Extremely High Pricing of PET MRI Systems

One of the major challenges faced by the PET MRI systems market is the extremely high pricing of these systems. Integrating these complex imaging modalities into a single system leads to a very high manufacturing cost. On average, a PET MRI system can cost between $4-6 million which is significantly higher than conventional PET or MRI scanners individually. This steep pricing puts the technology out of reach for many hospitals and imaging centers, especially those in developing regions.

The high capital requirement also results in a longer return on investment timeline. While the dual diagnostic capabilities provide valuable clinical advantages, the exorbitant price tag poses a serious barrier for widespread adoption of PET MRI technology. Manufacturers will need to focus on innovative design approaches and use of newer materials to decrease production costs in order to make these systems more affordable for the mass market.

Market Opportunity - Continuous R&D Efforts Leading to Better Imaging Capabilities

One key opportunity for the PET MRI Systems market lies in continuous research and development efforts that are leading to better imaging capabilities and newer system versions. PET MRI is an emerging molecular imaging technology that combines the functional imaging power of PET with the high-resolution anatomical imaging of MRI.

Ongoing advancements in hardware design, computing technology as well as image reconstruction algorithms are helping to overcome initial challenges and improve the diagnostic performance of PET MRI scanners. This includes development of newer generation PET and MRI components with enhanced sensitivity and resolution.

In addition, system manufacturers are launching improved hybrid configurations with features like time-of-flight PET detection. Continuous innovation is also expanding clinical applications from brain imaging to whole-body oncological diagnostics.

R&D investments are thus enhancing the value proposition of PET MRI over time compared to separate PET and MRI exams. This will help drive increased adoption rates as new version launches deliver improved clinical utility.

Focus on product innovation and technological advancements: Major players like Siemens Healthineers and Philips Healthcare have consistently invested in R&D to develop innovative and advanced PET MRI systems. In 2016, Philips launched the Voyager PET/MR system with latest generation Ingenuity PET and 3.0T MRX-S MRI scanners. This system enhanced throughput, image quality and workflow efficiency.

Strengthen sales and marketing networks in key regions: GE Healthcare strengthened its sales network in Asia Pacific and Europe between 2015-2018 through strategic acquisitions and partnerships. This helped drive higher sales of its Signa PET/MR in these fast-growing regional markets. Similarly, in 2017, United Imaging expanded its European sales force by 30% to market the uExplorer total-body PET MRI system more aggressively.

Strategic partnerships and collaborations: Players have formed key technology partnerships to complement their product portfolios. For example, in 2012 Siemens partnered with Oncovision to develop oncology-specific software for its Biograph mMR. This helped provide a comprehensive oncology solution to customers. Similarly, in 2018 Phillips signed a clinical research collaboration with University Medical Centre Utrecht to validate applications of its PET/MR technology.

Insights, By Phase: Increased R&D Investments Drive Preclinical PET MRI Systems Market Share

The preclinical segment is estimated to account for 58.4% share to the PET MRI systems market in 2024, due to the extensive research and development activities taking place in this phase. Preclinical PET MRI systems are extensively used by pharmaceutical companies and contract research organizations to study the behavior, absorption, distribution, metabolism and excretion of drug candidates in small living organisms and animal models.

With drug development becoming more complex, risky and lengthy, companies are focusing on improving R&D productivity through advanced preclinical studies. PET MRI systems help provide complementary molecular and anatomical information simultaneously, allowing researchers to better understand disease mechanisms and evaluate new drugs at the preclinical stage.

The development of novel anti-cancer therapeutics has been a major area of focus for many pharmaceutical firms. Preclinical PET MRI is regularly employed to characterize cancer models, optimize drug dosing and design combination therapies. Some systems even offer cutting-edge capabilities like dynamic whole-body PET imaging which generates 4D datasets to track molecular changes over time. This detailed functional and physiological insight aids in selecting the most promising drug candidates early on.

Government agencies also fund preclinical research through grants aimed at accelerating development of new treatments for conditions like Alzheimer's, Parkinson's and rare genetic disorders. Such funding support has prompted institutions to increasingly adopt multimodal preclinical imaging for grant-funded projects.

Insights, By Type: Increasing Applications Drive Demand for Traditional PET MRI Systems

Within the types segment, traditional PET MRI systems account for 64.7% share in 2024. This can be attributed to their broad appeal for clinical cancer imaging applications. Traditional PET MRI systems, which use discrete PET and MRI scanners installed in the same room, are well-suited to scan a variety of oncology patient cohorts.

Some common uses in clinical practice include detecting suspicious lesions, analyzing tumor response after treatment, surveillance scanning for recurrence and radiation therapy planning. As the prevalence of cancers rises worldwide, the volume of associated scans will continue growing steadily. Traditional PET MRIs offer proven clinical utility in staging and characterizing a wide range of tumors.

Cardiology represents another major area of clinical usage. Traditional systems enable sophisticated cardiovascular exams combining functional assessments via MR with metabolic evaluations through PET. This aids diagnosis of coronary artery disease, myocardial ischemia and viability.

Given the huge and growing burden of heart conditions globally, especially in developed nations with aging populations, demand is expected to remain robust from diagnostic cardiac imaging centers and hospitals. Furthermore, neurological, musculoskeletal and women's health applications of combined anatomic and molecular imaging are expanding scope for traditional PET MRI market success. With well-established clinical workflows and acceptance, these systems remain the standard bearers.

Insights, By End User: Diagnostic Advantages Drive Hospital Adoption of PET MRI Systems

Within the end users’ segment, hospitals contribute the maximum share as they serve as the main hub for diagnostic imaging. PET MRI systems provide numerous advantages to hospitals that have prompted widespread adoption across inpatient and outpatient medical settings. By incorporating both modalities, hospitals are able to deliver faster, more conclusive diagnoses for cancer, neurological disorders, cardiovascular diseases and various other conditions.

Compared to standalone machines, PET MRI scanners allow reading physicians to gain a more holistic understanding of pathology from a single study session. This streamlines the diagnostic process and supports treatment planning through improved characterization of lesions, metastases and therapeutic responses.

From an administrative viewpoint, PET MRI allows hospitals to consolidate budgets and equipment footprints while offering advanced clinical services. Integrating modalities also enhances radiology department efficiencies by reducing inter-modality registration errors and decreasing inter-scan variation through precise co-registration of functional and anatomic datasets in real time patient exams.

• According to WHO, nearly 50 million people were living with dementia globally in 2020, and Alzheimer's disease accounts for 60–70% of those cases. This massive prevalence supports the increasing demand for hybrid imaging systems like PET-MRI to aid in diagnosis and research.
• Alzheimer’s Disease Impact: The prevalence of Alzheimer's disease is contributing significantly to the demand for PET-MRI systems, particularly for research and diagnostics.
• R&D and Preclinical Studies: Ongoing research utilizing preclinical PET-MRI systems for neurological and cancer-related studies is helping drive demand for these advanced systems.
• The oncology application accounts for over 50% of the market share due to the high demand for precise cancer imaging.
• North America holds approximately 40% of the global market, attributed to advanced healthcare systems and higher adoption rates of new technologies.

The major players operating in the PET MRI systems market include Siemens Healthineers AG, GE Healthcare, Bruker Corporation, Mediso Ltd, MR Solutions, United Imaging Healthcare Co., Ltd., Koninklijke Philips N.V., Cubresa Inc., Inviscan Imaging Systems, and Canon Medical Systems Corporation.

• In November 2023, Philips Healthcare introduced an upgrade to their PET MRI systems, integrating advanced software for better image reconstruction and reduced patient exposure. Philips also unveiled several AI-driven innovations at RSNA, including upgrades to their MRI technology with solutions like the SmartSpeed, which enhances image reconstruction and efficiency, potentially reducing scan times and improving patient care. Philips also expanded its mobile MRI systems, offering improved accessibility and sustainable operations.
• In July 2023, GE Healthcare partnered with leading research institutions to develop AI-enabled PET MRI solutions, aiming to improve early disease detection. GE Healthcare has been actively advancing AI-enabled solutions, including their AI-driven SIGNA PET/MR systems, which focus on improving the accuracy and speed of scans for complex conditions such as prostate cancer and Alzheimer's disease. These innovations aim to enhance early disease detection and diagnosis through AI-enhanced image reconstruction and workflow improvements​.
• In March 2023, Siemens Healthineers launched the Biograph Vision Quadra PET/CT scanner, which is designed for whole-body imaging with an extended axial field of view (106 cm). This system enhances imaging capabilities by enabling clinicians to scan the patient from head to thigh in one position, delivering faster scan times and reduced radiation doses.

• By Phase
  • Preclinical
  • Clinical
• By Type
  • Traditional PET-MRI Systems
  • Helium-Free PET-MRI Systems
• By End User
  • Hospitals
  • Diagnostic Centers
  • Academic & Research Institutes
  • Others