One PET Scanner per Million PolesNarrow moat

Synektik (SNT) — moat facet

Poland has two-thirds of Czechia's PET scanners per person, and the state decides how fast that changes.

Synektik's radiopharmaceutical market is set by the number of PET scanners and the number of scans the NFZ pays for. Poland has 37 PET-CT scanners, one per million people1. Czechia and Slovakia have 1,5 per million and Denmark 6,82. In 2011 Poland had 0,42 per million3.

NFZ-funded PET studies in Poland (thousand)4,1200727,7201252,1201759,6202096,12024NFZ data as reported in Synektik annual report, year to September 2025
Growth in every year but one.

The scans have grown steadily. NFZ-funded PET studies rose from 4,1 thousand in 2007 to 96,1 thousand in 2024, and NFZ spending on them from 17,8 million złoty to 353,7 million złoty4, with a dip only in 2020.

For Synektik each new scanner is a customer for tracers, delivered daily. The low density means room to grow; it also means growth comes when public or private buyers install scanners, not when Synektik decides.

Other countries show how far the density can go. By the company's comparison, Finland has 3,1 PET scanners per million people, the Netherlands 2,3, France 2,0 and Slovakia 1,55.

NFZ-funded PET studies are the measure. Their growth sets the ceiling on basic tracer demand.

Moat trajectory: Widening

NFZ-funded PET studies grew every year but one since 2007.

The number that tests this moat
Reported
NFZ-funded PET studies
96,1 thousand in 2024 (89,3 thousand in 2023)

The demand for Synektik's tracers.

Source: Synektik annual management board report, year to September 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Scanners Are the State's Decision
Synektik's tracer demand grows at the pace of the NFZ's PET budget.
References
  1. ReportedPoland has 37 PET-CT scanners, one per million people.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  2. ReportedCzechia and Slovakia have 1,5 per million and Denmark 6,8.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  3. ReportedIn 2011 Poland had 0,42 per million.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  4. ReportedNFZ-funded PET studies rose from 4,1 thousand in 2007 to 96,1 thousand in 2024, and NFZ spending on them from 17,8 million złoty to 353,7 million złoty, with a dip only in 2020.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
  5. ReportedBy the company's comparison, Finland has 3,1 PET scanners per million people, the Netherlands 2,3, France 2,0 and Slovakia 1,5.
    Synektik annual management board report for the fiscal year to 30 September 2025 - description of the markets: robotic surgery in Poland, PET scanners, cyclotrons and NFZ-funded PET studies. — October 2024 - September 2025 · publ. December 2025 · source ↗
Sources
Generated September 24, 2026