by 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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Molecular Imaging enables visualization, characterization and measurement of biological processes in living organisms at molecular and cellular levels. It includes technologies such as positron emission tomography (PET), single-photon emission computed tomography (SPECT) and optical imaging which have applications in drug development, clinical research and medical diagnostics.
Market key trends:
Rising prevalence of cancer and cardiovascular diseases has increased the demand for early diagnosis through molecular imaging modalities such as PET and SPECT scans. According to WHO, cancer burden is expected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040. Advancements in PET and SPECT imaging technologies such as time of flight PET and cadmium zinc telluride detectors are improving image quality and resolution for better diagnostic outcomes. Growing application of molecular probes for targeted drug delivery and therapy monitoring is also driving the market.
SWOT Analysis
Strength: Molecular imaging offers visualization of molecular and biological processes at cellular and sub-cellular levels in humans and other living systems. It has higher sensitivity and specificity compared to anatomical imaging modalities.
Weakness: High costs associated with molecular imaging systems and radiotracers limit their widespread adoption. Stringent regulatory approvals also increase clinical translation time.
Opportunity: Rising prevalence of chronic and lifestyle diseases requiring early disease diagnosis presents lucrative growth prospects. Untapped potential in emerging economies also provides opportunities.
Threats: Availability of cheaper alternatives can impede market growth. Stringent regulations associated with handling radioactive tracers and disposal of medical waste pose challenges.
Key Takeaways
The global Molecular Imaging Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of chronic diseases. Molecular imaging aids early and accurate diagnosis of cancer, cardiovascular, neurological and other diseases.
Regional analysis: North America dominated the molecular imaging market in 2023, owing to rising healthcare expenditure, early technology adoption and presence of leading market players in the region. Asia Pacific is anticipated to be the fastest growing market during the forecast period due to growing economy, increasing healthcare awareness and infrastructure development in countries such as China and India.
Key players operating in the molecular imaging market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, United Imaging Healthcare Co., Ltd., Mediso Kft., Positron Corporation, Esaote SpA, Carestream Health, Mirada Medical Limited, and Hermes Medical Solutions. Major players are focusing on new product launches, acquisitions and geographic expansions to garner higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
