Molecular imaging provides high-resolution visualization and functional characterization of biologic processes on the molecular and cellular levels. It involves capturing images of biochemical and physiologic processes in living systems using non-invasive techniques without harming the subject. Molecular imaging encompasses various techniques like positron emission tomography (PET), single-photon emission computed tomography (SPECT), magnetic resonance imaging (MRI), ultrasound, and optical imaging. It plays a pivotal role in drug discovery, functional cellular imaging, neuroscience, and diagnosing diseases at the earliest possible stage. The global Molecular Imaging Market is estimated to be valued at US$ 4,786.94 Mn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing use of radiopharmaceuticals for molecular imaging is a key trend in this market. Radiopharmaceuticals are radioactive compounds consisting of a radioisotope attached to a targeting molecular structure for imaging or therapy applications. They are commonly used with PET and SPECT techniques for functional imaging of gene expression, receptor status, and enzyme activity at the cellular level. The increasing demand for early and accurate diagnosis of various diseases like cancer is accelerating the adoption of radiopharmaceuticals in molecular imaging procedures. This is positively impacting the growth of the overall molecular imaging market.
Threat of new entrants: The molecular imaging market requires huge investments in R&D for technological advancements. The need for approval from regulatory bodies also acts as a barrier for new entrants.
Bargaining power of buyers: The presence of several molecular imaging technology providers gives buyers leverage to negotiate on price and quality.
Bargaining power of suppliers: Key suppliers of components for molecular imaging systems have established distribution networks globally. This enables them to exert pressure on technology providers.
Threat of new substitutes: Development of new medical imaging techniques can replace molecular imaging systems in the long run if found to be more effective and affordable.
Competitive rivalry: Major players competing in technological innovations to gain market share and create entry barriers for small companies in the molecular imaging market.
The global Molecular Imaging Market Growth is expected to witness high growth.
Regional analysis: North America dominates the molecular imaging market owing to presence of major players and availability of support from government and private organizations for funding clinical trials & research activities. Asia Pacific expected to grow at fastest pace due to rising healthcare expenditures, increasing chronic disease prevalence and infrastructure developments
Key players operating in the Molecular Imaging market are Seattle’s VillageReach, Flirtey, Ehang, ZipLine, TU Delft, Google Drones, Project Wing, Healthcare Integrated Rescue Operations (HiRO), Vayu Drones.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it