The molecular imaging market is poised to witness substantial growth driven by the increasing adoption of advanced medical imaging techniques. Molecular imaging enables visualization, characterization, and measurement of biological processes at cellular and subcellular levels within intact living systems through detection and measurement of probes. It encompasses various imaging modalities such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), optical imaging, and magnetic resonance imaging (MRI).
Molecular imaging plays a crucial role in medical diagnosis by providing real-time physiological and functional information about organs, tissues and cells. It complements anatomical imaging techniques like computed tomography (CT) and MRI scans by offering molecular insight into disease pathology at the earliest stages. Molecular Imaging Market Demand is widely used in cancer detection and management, cardiology, neurology and other therapeutic areas. It aids in drug development by evaluating target engagement and treatment response non-invasively. The growing prevalence of chronic diseases, rising healthcare expenditures, technological advancements in imaging modalities and probes are fueling the demand for molecular imaging in clinical settings as well as academia and research.
The Global Molecular Imaging Market is estimated to be valued at US$ 4.8 billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the molecular imaging market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V, Bruker, Mediso Ltd, MILabs B.V., MR Solutions, Aspect Imaging.
The rising incidence of cancer and cardiac diseases around the world has augmented the utilization of Molecular Imaging Companies techniques for diagnosis and monitoring treatment response. According to WHO, cancer burden is expected to reach 27.5 million new cases and 16.3 million cancer deaths by 2040.
Leading manufacturers are expanding their presence in emerging economies of Asia Pacific, Latin America, and Middle East & Africa through partnerships and acquisitions. In addition, various ongoing clinical trials assessing molecular imaging agents are anticipated to boost the market growth during the forecast period.
Market key trends
The integration of artificial intelligence and machine learning capabilities into molecular imaging systems is one of the key trends witnessed in the market. AI-powered molecular imaging enhances quantification, automation of imaging workflows, and diagnostic accuracy. For instance, GE Healthcare’s Eclipse molecular imaging software uses AI to analyze PET scans and provide automated, consistent and accurate readings.
Another significant trend is the development of innovative molecular probes targeting specific biomarkers for specific applications. Probe development is focused on improving pharmacokinetic properties, signal intensity, and specificity to further augment clinical utility. New molecularly targeted probes are being explored for tumor heterogeneity analysis, neurotransmitter imaging, and beta-amyloid plaque imaging in Alzheimer’s disease.
Molecular Imaging Market Porter’s Analysis
Threat of new entrants: Low capital requirements for molecular imaging technology attract new players, increasing competition.
Bargaining power of buyers: Large healthcare providers negotiate prices down by leveraging their high purchase volumes.
Bargaining power of suppliers: Few global players dominate the supply of molecular imaging systems, instruments, and radiotracers, giving them pricing power.
Threat of new substitutes: Alternative non-invasive diagnostic modalities pose substitutability threat to molecular imaging, slowing demand.
Competitive rivalry: Intense competition among global giant manufacturers to develop advanced imaging platforms widens competitive intensity.
Geographical Regions
North America: North America dominated the global market with largest share in 2018 mainly due to growing adoption of molecular imaging systems in research and clinical trials.
Asia Pacific: Asia Pacific expected to see highest CAGR over forecast period with rising healthcare expenditures, increasing patient pool, and growing awareness about molecular imaging advantages over conventional diagnostic methods.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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