by Molecular imaging enables visualization, characterization, and measurement of biological processes at the molecular and cellular levels in humans and other living systems. Positron emission tomography (PET) and single photon emission computed tomography (SPECT) are two important non-invasive molecular imaging techniques used in disease diagnosis. PET measures gamma rays emitted by positron-emitting radiopharmaceutical tracers, which are administered to patients, providing views of physiological processes in the body. SPECT also uses gamma-emitting radioactive tracers, which enable visualization and measurement of organ function and structure. These imaging modalities find wide applications in neurology, oncology, and cardiology for diagnosis and treatment monitoring.
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 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for non-invasive imaging techniques, as referred to in the heading, is one of the major factors driving the growth of the molecular imaging market. Non-invasive imaging techniques such as PET and SPECT provide crucial physiological and functional information about tissues and organs without causing any harm to the patients. This drives their increased adoption across various clinical applications. Moreover, the rising prevalence of chronic diseases such as cancer and cardiovascular diseases necessitates advanced diagnostic imaging techniques for accurate diagnosis and treatment monitoring. According to the American Cancer Society, there were an estimated 1.9 million new cancer cases diagnosed in the U.S. in 2022. Molecular imaging finds wide utility in cancer diagnosis and staging. These factors are expected to propel the demand for molecular imaging over the forecast period.
Segment Analysis
The global molecular imaging market is dominated by the Positron Emission Tomography segment which accounts for over 45% share of the market. PET imaging provides precise diagnostic information about biochemical processes in the body at the molecular level. It finds wide application in oncology for diagnosis, staging and monitoring of cancer. With rising cancer prevalence, the demand for PET imaging is seeing strong growth.
PEST Analysis
Political: Regulations promoting precision medicine and advanced medical imaging techniques are driving growth. However, pricing controls can impact profits.
Economic: Rising healthcare budgets and spending on diagnostic technologies are supporting demand. High equipment costs pose challenges for widespread adoption.
Social: Increasing awareness about early disease detection benefits is positively impacting the market. Aging demographics also contribute to market expansion.
Technological: Developments in radiotracers, innovations in hybrid imaging and portable molecular imaging devices are expanding applications.
Key Takeaways
The Global Molecular Imaging Market Size is expected to witness high growth over the forecast period supported by technological advancements, rising cancer incidence and growing geriatric population. 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 5.2% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the molecular imaging market accounting for over 40% share due to advanced healthcare infrastructure and rapid technology adoption. Asia Pacific is poised to be the fastest growing region owing to increasing healthcare expenditure, large patient population and growing medical tourism.
Key players operating in the molecular imaging market are BASF SE, AkzoNobel N.V., Henkel AG & Co.KGaA, Solvay SA, Huntsman Corporation, Eastman Chemical Company, Lonza Group Limited, Procter & Gamble Co., Croda International Plc., The Dow Chemical Company, Betco Corporation, Sealed Air Corporation and Ecolab Inc. BASF SE and GE Healthcare are the leading players in the market with strong product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
