May 29, 2024
Global Bio-imaging Market

Global Bio-imaging Market Trends in Hybrid Imaging Modalities by 2024

The global bio-imaging market involves imaging equipment and software used in biomedical sciences such as diagnosis and drug discovery. Some of the major products include MRI systems, ultrasound imaging systems, CT scanners, nuclear imaging systems and X-ray imaging systems. These imaging modalities are widely used for disease diagnostics, treatment planning and drug development. Bio-imaging provides non-invasive functional and molecular insights into biological processes in living systems which helps physicians in clinical decision making.

The Global Bio-imaging Market is estimated to be valued at US$ 5.74 Bn in 2024 and is expected to exhibit a CAGR of 15.% over the forecast period 2024 To 2031. Rapid advancement and adoption of hybrid imaging modalities such as PET/CT and SPECT/CT has emerged as a key trend in the market.

Key Takeaways

Key players operating in the Global Bio-imaging Market Demand are Bracco Imaging S.P.A, Bayer HealthCare Pharmaceuticals, Esaote S.p.A, Digirad Corporation, FONAR Corporation, GE Healthcare, Hologic Inc., Hitachi Medical Corporation, Lantheus Medical Imaging, Inc.. Major players are focusing on offering innovative hybrid imaging systems to capitalize on the growing opportunities.

The growing geriatric population and rising incidence of chronic diseases like cancer, CVDs are fueling the demand for advanced diagnostic imaging modalities. Bio-imaging finds widespread applications in drug development, disease monitoring and treatment response evaluation which is propelling the market growth.

With investments in research and manufacturing facilities across emerging markets, key players are expanding globally. Asia Pacific region is projected to witness highest growth in the forecast period attributed to increasing healthcare spending, large patient population and growing medical tourism.

Market Key Trends

Advent of hybrid technologies has emerged as a key trend in the Global Bio-imaging Market Demand. Hybrid imaging combines anatomical and functional imaging capabilities to provide molecular characterization of disease pathology. Techniques like PET/CT and SPECT/CT utilise complementary information from different modalities for accurate diagnosis. This trend is expected to continue as hybrid systems provide high resolution functional & anatomical details important for clinical decision making. Increased adoption of hybrid imaging for oncology, cardiology and neurology applications will further accelerate this trend.

Porter’s Analysis

Threat of new entrants: The global bio-imaging market requires high initial investments and established distribution channels limiting the threat of new entrants.

Bargaining power of buyers: Large customers like hospitals and research institutions have significant bargaining power over pricing and demand transparency on technology capabilities.

Bargaining power of suppliers
: Major equipment suppliers differentiate their products, develop strong brand recognition and follow stringent quality and regulatory standards reducing buyer power.

Threat of new substitutes: While new applications are being explored, there are limited substitute technologies that can provide similar diagnostic capabilities as modern bio-imaging solutions.

Competitive rivalry: The global market is highly consolidated with large multinational firms competing on the basis of advanced technologies, global service networks and strategic partnerships.

Geographical Regions

North America remains the largest geographical region for the global bio-imaging market in terms of value owing to widespread medical coverage, rising healthcare spending and early technology adoption across the United States and Canada.

The Asia Pacific region is expected to experience the fastest growth during the forecast period supported by increasing patient disposable incomes, improving healthcare infrastructure and massive government investments in countries like India, China and South Korea.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it