June 13, 2024
Global Bio-imaging Market

Global Bio-imaging Market is Estimated to Witness High Growth Owing to Rising Prevalence of Chronic Diseases

The global bio-imaging market represents a range of cutting-edge technologies used for non-invasive visualization of physiological and biological processes within the body. Bio-imaging finds wide applications in neurology, cardiology, oncology and orthopedics among others. With the advantages of higher accuracy, reduced risks and improved diagnosis, bio-imaging modalities such as MRI, PET/CT, ultrasound and mammography are increasingly replacing invasive diagnostic procedures.

The Global bio-imaging Market is estimated to be valued at US$ 5.74 BN in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global bio-imaging market are Bracco Imaging S.P.A, Bayer HealthCare Pharmaceuticals, Esaote S.p.A, Digirad Corporation, FONAR Corporation, GE Healthcare, Hologic Inc., Hitachi Medical Corporation, Lantheus Medical Imaging, Inc., Covidien Pharmaceuticals, Mindray Medical International Limited., Gamma Medica Inc., Samsung Medison Co., Ltd., and Philips Healthcare. Key players are focusing on new product launches and expansion in emerging markets to strengthen their market position.

The rising incidence of chronic diseases such as cancer, cardiovascular diseases and neurological disorders have increased the demand for early and accurate diagnosis. Global Bio-imaging Market Size has opened up opportunities for bio-imaging modalities in clinical applications as well as in drug discovery and development processes. With increasing awareness about benefits, rising healthcare expenditures and expanding applications such as functional brain imagining, the global adoption of bio-imaging technologies is expected to surge over the forecast period.

Key players are focusing their efforts on expanding their presence in high potential emerging markets such as Asia Pacific, Latin America and Middle East & Africa through partnerships and joint ventures. Global healthcare infrastructure development initiatives are anticipated to boost the uptake of advanced bio-imaging systems in these regions. Manufacturers are investing in R&D to develop innovative platforms with multifunctional capabilities and artificial intelligence integration. This will help gain wider acceptance and propel the market growth globally over the coming years.

Market Drivers

The high incidence of chronic and lifestyle diseases worldwide is one of the major factors contributing to the growth of the global bio-imaging market. According to the WHO, chronic diseases accounted for over 70% of global deaths in 2015. With the rising elderly population base and changing disease patterns, the demand for non-invasive and accurate diagnostic methods is increasing. Bio-imaging allows for early-stage disease detection and superior evaluation of disease progression and treatment responses over conventional methods. This is expected to drive the uptake of various bio-imaging modalities significantly.

PEST Analysis

Political: With growing awareness regarding health issues and disease diagnostic technologies, governments across various regions are supportive in terms of favorable regulations for adoption and advancement of bio-imaging modalities.

Economic: Rising health expenditure globally due to increasing incidence of chronic diseases is driving demand for advanced diagnostic systems including bio-imaging technologies. Affordability of such systems in developing regions pose economic challenges.

Social: A major factor driving adoption of bio-imaging modalities is increasing public acceptance of such non-invasive techniques for screening and diagnosis of various health conditions. They offer advantages over invasive diagnostic procedures.

Technological: Rapid technology advancement is enabling development of newer imaging modalities with high resolution and functionality. Integration of artificial intelligence and machine learning capabilities is further enhancing accuracy and efficiency of bio-imaging systems. Miniaturization of devices also allows portability and use in point-of-care settings.

The global bio-imaging market in terms of value is currently concentrated highly in regions like North America and Europe owing to developed healthcare infrastructure and availability of technologically advanced systems. However, the Asia Pacific region is emerging as the fastest growing market attributed to rising healthcare expenditure, growing incidence of chronic diseases and increasing adoption of various diagnostic modalities especially in countries like China and India.

The bio-imaging market in the United States currently accounts for the largest share in terms of value owing to favorable reimbursement policies, presence of leading market players and easy access to advanced healthcare facilities. Meanwhile, China and India are projected to experience fastest growth in the coming years supported by expanding healthcare infrastructure, large patient pools and increasing preference of diagnostic procedures over surgical options.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it