Molecular Imaging Market Expected to Rise CAGR of 11.3% by 2031 End
Molecular imaging targets molecular pathways and mechanisms associated with a particular disease present inside a living body. It enables to study of the molecular abnormalities taking place inside the body to carry out early detection of disease and to optimize medications aiming for disease-related molecular targets.
Nuclear medicine plays a vital role in conducting a molecular imaging process and can be broadly used for the treatment of distinct cancer and related diseases.
Molecular imaging is an emerging diagnostic technology that allows visualization, differentiation, and quantify various biological processes occurring inside a living organism at the molecular and cellular level.
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The global molecular imaging market is estimated to be valued approximately at US$ 4 Bn in 2021, finds Future Market Insights (FMI) in a study.
Clinical molecular imaging is trending towards hybrid modalities such as PET-CT, SPECT, or PET-MR that provide high-resolution anatomical imaging. PET-CT is anticipated to gain maximum revenue share over the forecast period, and the segment is projected to expand at a CAGR of 16.3% during the forecast period.
Molecular imaging has evolved as a promising tool for early detection of cancers and cardiac diseases, providing a more complete picture of the tumor genome, as well as monitoring tumor emergence during disease.
Molecular imaging provides the ability to accurately evaluate biological responses to the treatment of individual patients over time, opening the door to personalized medical techniques directed by molecular imaging reporters.
Molecular Imaging Needs Rising In Response to Increasing Cancer Cases
According to the World Health Organization (WHO) in 2020, breast cancer emerged as the most common type of cancer, affecting 2.2 million people around the world. Lung cancer has been the leading cause of death with over 1.7 Mn of total deaths in 2020. North America has the highest incidence rate of cancer followed by East Asia. This rise in the cancer population is leading to a rise in the demand for diagnostic imaging, thereby catalyzing the demand for molecular imaging.
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Who is Winning?
Key players in the molecular imaging market are keenly focusing on carrying out strategic activities such as acquisitions, collaborations, and mergers, product launch, global expansion to create a strong position in the market is leading to vigorous developments which are helping the market to grow at a considerable rate.
- For instance, in 2019, Bruker Corporation launched a benchtop magnetic resonance spectrometer with a high-field 9.4 Tesla small animal MRI system with integrated in-line PET. Thus strengthening its product portfolio.
Strategies adopted by key players are often intended at global expansion. They largely focus on product launches and mergers & acquisitions. There have been a few strategic partnerships among leading players to enhance the product line and better facilities for end-user.
- In September 2020, Bruker Corporation announced the acquisition of Canopy Biosciences, LLC. This acquisition enhances Bruker’s offering in targeted multi-omics and fluorescence-based imaging techniques.
Some of the key players are Key market players covered by Future Market Insights in the report are is Hermes Medical Solutions, Bruker Corporation, GE Company, Fujifilm Holdings Corp., Koninklijke Philips N.V., Siemens AG, Toshiba Medical System Corp., Mirada Medical Limited, Carestream Health, Inc., Esaote SpA, Positron Corporation, Medisco Ltd., Hitachi Medical Corp., MIM Software Inc.
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Key Takeaways from Molecular Imaging Market Study
- Molecular imaging market will register accelerating demand, enabling a y-o-y growth of nearly 11% in 2021
- Backed by presence of a state-of-the-art healthcare infrastructure, the U.S. accounts for nearly 65% sales in North America
- Driven by rising cases of cancer, the U.K. market will exhibit above 14% y-o-y growth in 2021
- Government initiatives aimed at offering advanced medical care will enable growth in Germany and France
- The market in China is expected to surge at a CAGR of over 10% from 2021 to 2031
- Positron Emission Tomography (PET)
- Positron Emission Tomography- Computed Tomography (PET-CT)
- Positron Emission Tomography- Magnetic Resonance (PET-MR)
- Single Photon Emission Computed Tomography (SPECT)
- On Premises Solutions
- Cloud Based Solutions
- Magnetic Resonance
- Molecular Ultrasound Imaging
- Gastrointestinal Disorders
- Neurology Disorders
- 500+ Beds
- 200-499 Beds
- Less than 200 Beds
- Ambulatory Surgical Centres
- Diagnostic Centres
- North America
- Latin America
- East Asia
- South Asia
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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