by Molecular imaging refers to visualizing, characterizing, and measuring biological processes at the molecular and cellular levels in humans and other living systems. Positron emission tomography (PET) and single-photon emission computed tomography (SPECT) are primary molecular imaging modalities that enable visualization of functional and molecular processes taking place inside the human body. Molecular imaging is used in several applications such as detection and diagnosis of cancer, neurological disorders, and cardiovascular diseases. Molecular imaging is an integral part of clinical research and holds immense potential in developing personalized medicine approach.
The global molecular imaging market is estimated to be valued at US$ 4786.94 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 Dynamics
The growing adoption of personalized medicine approach is expected to drive the growth of the molecular imaging market over the forecast period. Personalized medicine is an evolving field in medical science that uses a person’s genetic profile to guide decisions made in regard to prevention and treatment of diseases. Molecular imaging plays a vital role in advancing personalized medicine by providing physicians with functional and molecular information to understand the biological processes in an individual patient. Moreover, increased availability of molecular imaging techniques like PET and SPECT has expanded the applications of personalized medicine in oncology, neurology, and cardiology. However, high cost of molecular imaging modalities and limited reimbursement for molecular imaging procedures in developing countries may restrain the market growth.
Segment Analysis
The global molecular imaging market can be segmented based on product, technology, application, end user and region. Based on product, the segments include nuclear imaging systems, magnetic resonance imaging (MRI) systems, ultrasound imaging systems, computed tomography (CT) scanning systems and others. The nuclear imaging systems segment dominated the market in 2023 due to high usage of nuclear imaging technologies like PET and SPECT for diagnosis of various chronic diseases.
PEST Analysis
Political: Governments across countries are supporting various initiatives to spread awareness about early diagnostic techniques like molecular imaging. They are also focusing on expanding healthcare infrastructure and funding for R&D.
Economic: Growth in geriatric population and rising prevalence of chronic diseases are driving healthcare spending. Molecular imaging helps reduce healthcare costs by enabling early detection and monitoring of diseases.
Social: Increasing preference for minimally invasive diagnostic techniques and growing health consciousness in society are boosting demand for molecular imaging systems.
Technological: Advancements in molecular imaging technologies such as development of hybrid PET/CT and PET/MR systems, nanoparticles and imaging agents are expanding applications and improving diagnostic accuracy.
Key Takeaways
The Global Molecular Imaging Market Size is expected to witness high growth over the forecast period led by increasing incidences of chronic diseases, growing geriatric population and technological advancements. The global molecular imaging market is estimated to be valued at US$ 4786.94 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regionally, North America dominated the market in 2023 due to presence of majority key players and affordability for advanced healthcare technologies. However, Asia Pacific is likely to emerge as the fastest growing market owing to improving healthcare infrastructure, rising medical tourism and increasing healthcare spending in countries like China, India and Japan.
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. Among them, GE Healthcare holds the leading market position currently due to its wide range of molecular imaging solutions and strong global presence. Bruker Corporation follows GE Healthcare in market share terms.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
