During the forecast period of 2022 to 2032, the global Molecular Imaging Market is expected to be worth US$ 7.3 billion and grow at a CAGR of 5.41%. The increasing incidences of chronic illness around the world can be attributed to the market’s growth.
The growing demand for early detection and cost-effective diagnosis of chronic diseases, as well as the world’s ageing population, are expected to drive demand for molecular imaging systems. The introduction of modern devices and the development of healthcare infrastructure in developing economies are two key factors driving market growth.
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The rising prevalence of chronic diseases such as cancer and other genetic illnesses is expected to drive demand for efficient and early disease diagnosis, benefiting the global molecular imaging market during the forecast period. Growing adoption of molecular imaging for new applications, ongoing development and innovation in molecular imaging technologies, and developing economies are all expected to provide significant opportunities for market growth in the coming years.
The introduction of AI-powered devices is expected to increase market size in the near future. Fujifilm Corporation, for example, will launch AI-based technology for lung nodule detection in May 2020. This technology detects pulmonary nodules in chest CT scans to aid in the detection of lung cancer. In another case, Canon Medical Systems Corporation introduced One-Beat Spectral Cardiac CT in November 2020, with rapid kVp switching and deep learning spectral reconstruction to acquire whole-heart spectral images in one beat. As a result, the introduction of advanced products is expected to benefit the industry during the forecast period.
During the forecast period, the increasing use of AI-based diagnostic equipment for the rapid detection of illnesses is expected to be a significant opportunity for the global molecular imaging market. Market participants are introducing AI-based equipment that will assist the market in reaping significant dividends. Siemens Healthineers introduced the Acuson Redwood ultrasound system in 2019, which provides an imaging solution for clinical departments such as cardiology, radiology, and gynaecology.
However, high expenses associated with advanced molecular imaging system is projected to hamper the market growth during the forecast period. The presence of unfavorable reimbursements and lack of expertise in developing countries can hinder the market growth.
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Key Takeaways from the Market Study:
- In 2022, the global molecular imaging market is expected to be worth $4.309 billion.
- The molecular imaging market in Europe is expected to grow at a CAGR of 4% during the forecast period.
- The hospital segment is expected to account for 46.5% of global revenue in 2021.
- The molecular imaging market in APAC is expected to grow at a CAGR of 6% during the forecast period.
- The North American molecular imaging market is expected to account for 33% of global 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.
Competition Analysis
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 announced a new collaboration with Isotopia in September 2021 to raise awareness and co-promote the benefits of dosimetry, personalised medicine, and radiopharmaceutical therapy.
- Royal Philips announced the acquisition of BioTelemetry, a US-based provider of remote cardiac diagnostics and monitoring, in February 2021. BioTelemetry’s acquisition fits well with Philips’ cardiac care portfolio and its strategy to transform 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 2022-2032.
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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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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