The global Molecular Imaging Market is expected to secure USD 5,437.2 million in 2023. During the forecast period, the market is projected to exhibit a CAGR of 11.0% while garnering USD 15,457.48 million.
The growth of the market can be attributed to the increasing incidences of chronic illness across the globe.
The increasing prevalence of chronic diseases like cancer and other genetic illnesses are expected to propel the demand for an efficient and early disease diagnosis, which is projected to benefit the global market during the forecast period.
Increasing adoption of molecular imaging for new applications, ongoing development and innovation in molecular imaging technologies, and developing economies are likely to provide significant opportunities for growth in the market in the coming time.
Furthermore, molecular imaging procedures have various benefits which are projected to augment the molecular imaging sector. Molecular imaging procedures are non-invasive, safe, and painless and are used to treat heart diseases, cancer, and disorders like Alzheimer’s and Parkinson’s disease, kidney and thyroid disorders, and others.
Early detection of the diseases allows treatment on time when there may be a better prognosis.
Additionally, the introduction of new devices is likely to augment the market size during the forecast period. In January 2021, Molecular Devices LLC., a renowned provider of high-performance life science technology, launched its next-generation, high-content imaging system.
The new system provides faster image acquisition and multiplexing flexibility with high-performance lasers. Image analysis with machine learning allows researchers to quickly uncover new insights that are provable and repeatable with clarity, and accuracy. Such initiatives are expected to benefit the market growth in the forecast period.
| Attribute | Details |
|---|---|
| Molecular Imaging Market CAGR (2023 to 2033) | 11% |
| Molecular Imaging Market Size (2023) | USD 5437.2 million |
| Molecular Imaging Market Size (2033) | USD 15,457.48 million |
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Expenses Associated with Molecular Imaging Systems to Hinder the Market
High expenses associated with advanced molecular imaging systems are projected to hamper the market growth during the forecast period. The presence of unfavorable reimbursements and a lack of expertise in developing countries hinder market growth.
However, the rapid growth of the geriatric population, and growing cases of Alzheimer’s disease, arthritis, dementia, and Parkinson’s disease, are expected to escalate the demand for molecular imaging devices, thus, benefitting the industry in the forecast period.
AI-Based Medical Equipment to Offer Remunerative Opportunities to the Molecular Imaging Business
The increasing application of AI-based diagnostic equipment for the rapid detection of illnesses is anticipated to act as a significant opportunity for the global market during the forecast period. Players in the market are introducing AI-based equipment which helps the market in fetching significant dividends.
In 2019, Siemens Healthineers introduced an ultrasound system, Acuson Redwood, which provides an imaging solution for clinical departments including cardiology, radiology, and gynecology.
Also, growing approvals of products by authorities further benefit the market. For instance, in December 2020, Hologic, Inc., announced that the USA FDA had approved Genius AI Detection technology for early detection of breast cancer. The advent of AI-based devices is projected to benefit the market in the coming time.
Principal Consultant
From 2018 to 2022, the global molecular imaging sector is expected to have displayed a CAGR of 9.3%. Expansion during the given time frame can be attributed to the growing demand for early detection tools, growth initiatives, and reimbursement initiatives undertaken by the government.
Also, the introduction of advanced equipment is another factor that is likely to have participated in market development. For instance, in August 2020, Philips expanded its cardiovascular ultrasound portfolio by launching Affinity CVs.
Attributed to such factors, the market is likely to have displayed growth opportunities in the aforementioned forecast period.
During the forecast period, the global market is anticipated to display a CAGR of 11.0%. The development of the market is attributed to the introduction of advanced technologies. For instance, in 2021, GE Healthcare, a US-based player, launched Venue Fit.
It is a streamlined and compact POCUS system, along with the industry’s first AI offering for cardiology. Such initiatives are expected to benefit the market during the assessment tenure.
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.
The launch of AI-based devices is projected to augment the market size in the coming time. For instance, in May 2020, Fujifilm Corporation launched AI-based technology for lung nodule detection. This technology is used to detect pulmonary nodules in chest CT scans to aid in lung cancer detection.
In another instance, in November 2020, Canon Medical Systems Corporation launched One-Beat Spectral Cardiac CT, with rapid kVp switching and deep learning spectral reconstruction to acquire whole-heart spectral images in one beat.
Thus, the launch of advanced products is anticipated to benefit the industry during the forecast period.
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Availability of Modern Equipment in Hospitals to Boost the Segment Growth
As per the analysis, based on end-users, the hospital segment is anticipated to dominate the global molecular imaging sector. In 2022, the segment is projected to have claimed 56.5% of the global revenue.
Increasing demand for modern techniques and the availability of advanced services are likely to benefit segmental growth during the forecast period. Developed countries have shown a significant rise in demand for such setups. Attributed to such factors, the segment is projected to grow significantly in the forecast period.
Growing Demand for On-time Disease Detection to Propel the Segment Growth
Increasing demand for on-time detection and treatment of diseases is expected to benefit the molecular diagnostic segment during the forecast period. The growing number of diagnostic centers owing to consolidation in the market is likely to contribute to segmental growth in the forecast period.
Furthermore, increasing adoption of advanced technology and developed infrastructure are other factors contributing to the development of the segment.
According to the analysis, the global molecular imaging market is projected to be dominated by North America during the forecast period. In 2022, the region accounted for the leading market share of about 35.1%.
Domination of the region is attributed to the presence of established players in the region taking various initiatives to launch new products.
Further, growing clearances of the product by the FDA are likely to widen the market growth scope in the coming time. For instance, in January 2019, United Imaging Healthcare announced the United States FDA of uEXPLORER total-body scanner.
It is the globe’s first medical imaging scanner that captures a 3D image of the human body. Such factors are expected to benefit the global molecular imaging sector.
According to the analysis, the market for molecular imaging in Europe is anticipated to display a CAGR of 4% during the forecast period. In 2022, Europe held a significant share of 28.5%.
Development of the market is attributed to the ongoing technological development in the market. For instance, in 2021, Koninklijke Philips launched the spectral detector-based Spectral Computed Tomography (CT) 7500 solution for accurate diagnosis.
Players receiving FDA clearances is another salient factor that is likely to develop the industry in the forecast period. For instance, in 2021, Siemens Healthineers received FDA clearance for the Biograph Vision Quadra, a CT scanner for clinical application. Such factors are likely to make a significant contribution to developing the market in Europe.
According to the analysis, APAC is projected to be the fastest-growing market for the molecular imaging sector during the forecast period. The region is likely to display a CAGR of 6% during the timeframe of 2023 to 2033.
The development of the regional market is attributed to the increasing prevalence of chronic illness and the growing demand for developed diagnostic devices. Further, the rapid growth of healthcare infrastructure in evolving countries is another salient factor that strengthen the industry in the coming time.
VoxelCloud (United States), Aldoc (Israel), Qure.ai (India), Zebra Medical Vision (Israel), HeartFlow (United States), Arterys (United States), Kheiron Medical Technologies (United Kingdom), and Lunit (South Korea), among others, are some of the emerging names in the global market.
Recent Updates from the Startup Landscape:
In March 2022, Healthtech Startup Qure.ai raised USD 40 Million in a funding round led by Novo Holdings and HealthQuad. The existing investor MassMutual Ventures also participated in the round. The capital is used to strengthen its reach in the USA and Europe.
Recent Developments by Key Players in the Market:
In September 2021, Hermes Medical Solutions and Isotopia Molecular Imaging announced a new collaboration with Isotopia to raise awareness and co-promote the benefits of dosimetry, personalized medicine, and radiopharmaceutical therapy.
In February 2021, Royal Philips announced the acquisition of BioTelemetry, a USA-based player that provides remote cardiac diagnostics and monitoring. The acquisition of BioTelemetry is a strong fit with Philips’ cardiac care portfolio, and its strategy to transform the delivery of care along the health continuum with integrated solutions.
The CAGR for the market is 11% until 2033.
In 2022, the region accounted for the leading market share of about 35.1%.
The market is valued at USD 5,437.2 million in 2023.
The market will reach USD 15,457.48 million by 2033.
The Asia Pacific market is likely to display a CAGR of 6% through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Modality 5.1. Positron Emission Tomography (PET) 5.2. Positron Emission Tomography-Computed Tomography (PET-CT) 5.3. Positron Emission Tomography-Magnetic Resonance (PET-MR) 5.4. Single Photon Emission Computed Tomography (SPECT) 5.5. Software 5.5.1. On-Premises Solutions 5.5.2. Cloud-Based Solutions 5.6. Magnetic Resonance 5.7. Molecular Ultrasound Imaging 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Cardiology 6.2. Oncology 6.3. Gastrointestinal Disorders 6.4. Neurology Disorders 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. Hospitals 7.1.1. 500+ Beds 7.1.2. 200-499 Beds 7.1.3. Less than 200 Beds 7.2. Ambulatory Surgical Centres 7.3. Diagnostic Centres 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Competition Analysis 17.1. Hermes Medical Solutions 17.2. Bruker Corporation 17.3. GE Company 17.4. Fujifilm Holdings Corp. 17.5. Koninklijke Philips N.V. 17.6. Siemens AG 17.7. Toshiba Medical System Corp. 17.8. Mirada Medical Limited 17.9. Carestream Health, Inc. 17.10. Esaote SpA 17.11. Positron Corporation 17.12. Medisco Ltd. 17.13. Hitachi Medical Corp. 17.14. MIM Software Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Molecular Imaging Market
