July 20, 2024
Molecular Imaging Market

Growth of Molecular Diagnostics to boost the growth of the Global Molecular Imaging Market

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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Molecular imaging helps to visualize, characterize, and measure biological processes at the molecular and cellular levels within intact living systems. It provides both anatomical and physiological information and helps in early diagnosis of diseases. Key molecules and biological processes involved in cancer and cardiovascular, neurological and other diseases can be imaged and quantified. Molecular imaging techniques such as positron emission tomography (PET), single photon emission computed tomography (SPECT), optical imaging, and magnetic resonance imaging (MRI) are gaining importance for non-invasive diagnosis.

Market key trends:
One of the key trends in the molecular imaging market is the development of combined PET/CT and PET/MRI imaging systems. Combining molecular imaging modalities such as PET with anatomical imaging modalities such as CT and MRI has significant clinical benefits. It helps in getting functional and molecular information together with anatomical details from a single scanning session. Several market players are focusing on launching new combined PET/CT and PET/MRI systems. For instance, in 2022, Siemens Healthineers launched Biograph Vision Quadra, an integrated whole-body PET/CT imaging system.
Porter’s Analysis

Threat of new entrants: Low capital requirements and established brands create barriers for new companies. Regulatory approvals also create barriers.

Bargaining power of buyers: Large healthcare providers and government organizations have significant bargaining power over pricing.

Bargaining power of suppliers: A few large companies dominate the supply of key molecular imaging equipment and technologies, giving them strong influence over pricing.

Threat of new substitutes: New imaging technologies pose threats, but molecular imaging provides unique capabilities for precision diagnosis and treatment monitoring.

Competitive rivalry: The market is dominated by a few large multinational corporations competing on technology innovations, service quality, and product pricing.

Key Takeaways

The global Molecular Imaging Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing demand for non-invasive procedures and advanced diagnostic techniques.

Regional analysis: North America is expected to dominate the global market owing to the rising aging population and widespread healthcare infrastructure and insurance coverage. Asia Pacific is poised to grow at the fastest pace due to improving accessibility and affordability of healthcare in China, India and other developing countries.

Key players: Key players operating in the Molecular Imaging Market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, United Imaging Healthcare Co., Ltd., Mediso Kft., Positron Corporation, Esaote SpA, Carestream Health, Mirada Medical Limited, and Hermes Medical Solutions. GE Healthcare continues to dominate owing to its wide product portfolio and global distribution network.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it