by Molecular imaging, also known as molecular medicine, uses targeted molecular probes combined with different imaging technologies like positron emission tomography (PET), single-photon emission computed tomography (SPECT) and magnetic resonance imaging (MRI) for non-invasive visualization and quantification of biological processes at the molecular and cellular levels in living subjects. It helps improve disease detection and diagnosis, develop new treatments that target disease pathways, and personalize patient care through real-time visualization of drug interactions and determination of treatment response. The global molecular imaging market is estimated to be valued at US$ 4786.94 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The ability of molecular imaging to enable personalized treatment is expected to flourish the molecular imaging market over the forecast period. Molecular imaging helps physicians determine if a treatment is working for a specific patient by imaging molecular pathways and treatment targets before anatomical changes occur. It allows early assessment and modification of therapy which leads to better health outcomes and cost savings through avoiding ineffective treatments. Another key driver fueling the growth of the market is increasing applications of molecular imaging in oncology. With molecular imaging techniques like PET and SPECT, cancer can be detected earlier and its molecular features and spread through the body can be characterized, enabling personalized cancer management approaches. Molecular imaging helps better understand cancer at a molecular level, guide biopsies, enable image-guided interventions, assess response to targeted therapies, and detect recurrence or metastases. These advantages are expected to boost the adoption of molecular imaging in oncology over the forecast period.
Segment Analysis
The global molecular imaging market can be segmented based on product, technology, application and end user. Based on product, the market is segmented into PET tracers, SPECT probes, pre-targeted imaging agents and tri-functional imaging agents. Among these, PET tracers dominates the market and holds around 45% share owing to its higher sensitivity and ability to provide functional and quantitative information. Based on technology, the market is bifurcated into PET, SPECT and tri-modality. Among these, PET technology accounts for the largest share as it helps deliver better spatial resolution and sensitivity.
PEST Analysis
Political: Government regulations regarding use of radiotracers and radioactive tracers in imaging are stringent however government support for funding molecular imaging research is encouraging the market growth.
Economic: Rising healthcare spending, growing diagnosis rate of chronic and lifestyle diseases, increasing numbers of cancer cases are fueling the demand for molecular imaging techniques.
Social: Growing awareness about early disease diagnosis, rising preference for non-invasive procedures and advancements in healthcare infrastructure is positively impacting the market growth.
Technological: Adoption of hybrid imaging systems, advances in radionuclide production, development of novel targeted probes and agents are supporting innovations in molecular imaging procedures.
Key Takeaways
The global Molecular Imaging Market Growth is expected to witness high growth at a CAGR of 15% during the forecast period of 2023 to 2030.
Regionally, North America holds the major share of over 40% owing to high adoption and technological advancements. Europe remains the second largest regional market due to government support for research.
Key players operating in the molecular imaging market are Seattle’s VillageReach, Flirtey, Ehang, ZipLine, TU Delft, Google Drones, Project Wing, Healthcare Integrated Rescue Operations (HiRO), Vayu Drones. Key players are involved in new product launches, collaborations and mergers to strengthen their market position. For instance, Flirtey partnered with Matternet to expand medical drone deliveries in US and APAC regions.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
