Molecular Imaging Market is expected to value at US$ 7.3 Billion by 2032
In 2022, the global molecular imaging market is anticipated to be worth $4.31 billion USD. During the projection period of 2022 to 2032, the market is expected to grow at a CAGR of 5.41%, with a total value of US$ 7.3 billion. The increasing prevalence of chronic sickness around the world can be related to the market’s rise.
Increasing demand for early detection and cost-effective diagnosis of chronic diseases along with the rising geriatric population across the globe are likely to fuel demand for the molecular imaging system. The advent of modern devices and developing healthcare infrastructure in evolving economies are some of the salient factors escalating market growth.
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The rising prevalence of chronic diseases such as cancer and other hereditary illnesses is predicted to drive demand for efficient and early disease diagnostics, benefiting the worldwide molecular imaging market over the forecast period. Growing use of molecular imaging for new applications, continued development and innovation in molecular imaging technologies, and rising economies are all expected to present substantial potential for market expansion in the future years.
The introduction of AI-powered products is expected to increase market growth in the near future. Fujifilm Corporation, for example, will deploy AI-based technology for lung nodule identification in May 2020. This method detects pulmonary nodules in chest CT scans to aid in the identification of lung cancer. In another case, Canon Medical Systems Corporation introduced One-Beat Spectral Cardiac CT in November 2020, with quick kVp switching and deep learning spectral reconstruction to obtain whole-heart spectral pictures in one beat. As a result, the introduction of improved goods is expected to help the industry during the forecast period.
During the forecast period, the increased use of AI-based diagnostic equipment for the rapid diagnosis of illnesses is expected to be a key potential for the worldwide molecular imaging market. Market participants are launching AI-based technology that will assist the market in reaping big profits. Siemens Healthineers introduced the Acuson Redwood ultrasound system in 2019, which provides an imaging solution for clinical departments such as cardiology, radiology, and obstetrics.
The high costs associated with advanced molecular imaging systems, on the other hand, are expected to stifle market expansion throughout the projection period. In developing nations, the presence of unfavourable reimbursements and a lack of knowledge might stifle industry expansion.
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Key Takeaways from the Market Study:
- In 2022, the global molecular imaging market is anticipated to be worth $4.309 billion.
- The molecular imaging market in Europe is estimated to grow at a CAGR of 4% during the forecast period.
- The hospital category is expected to account for 46.5% of global sales in 2021.
- The molecular imaging market in APAC is estimated to grow at a CAGR of 6% during the forecast period.
- The North American molecular imaging market is estimated to account for 33% of worldwide revenue in 2021.
“Deployment of modern technologies in the healthcare sector and growing demand for early detection of chronic illness are likely to propel the demand for efficient molecular imaging equipment which will benefit the market during the forecast period,” says an FMI analyst.
Key players in the global molecular imaging market include Hermes Medical Solutions, Bruker Corporation, GE Company, Fujifilm Holdings Corp., Siemens AG, Koninklijke Philips N.V., and Toshiba Medical System Corp.
Recent Developments in the Market:
- Hermes Medical Solutions and Isotopia Molecular Imaging established a new relationship with Isotopia in September 2021 to create awareness and co-promote the benefits of dosimetry, tailored medicine, and radiopharmaceutical therapy.
- Royal Philips announced the acquisition of BioTelemetry, a US-based provider of remote cardiac diagnosis and monitoring, in February 2021. BioTelemetry’s purchase fits well with Philips’ cardiac care portfolio and its aim to enhance care delivery across the health continuum with integrated solutions.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global molecular imaging market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022 to 2032.
The study reveals essential insights on the basis of Modality (Positron Emission Tomography (PET), Positron Emission Tomography- Computed Tomography (PET-CT), Positron Emission Tomography- Magnetic Resonance (PET-MR), Single Photon Emission Computed Tomography (SPECT), Software, Magnetic Resonance, Molecular Ultrasound Imaging), by Application (Cardiology, Oncology, Gastrointestinal Disorders, Neurology Disorders, Others), by End User (Hospitals, Ambulatory Surgical Centres, Diagnostic Centres), & Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
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