Molecular imaging technology acts as a method for measurement and characterization of biological processes at the molecular and cellular level by using the imaging detectors. Majority of the molecular imaging techniques involve an imaging agent, probe and an imaging device. Different types of imaging agents are used for visualizing the cellular activity including the oxygen use, blood flow and chemical processes that are involved in metabolism. Molecular imaging technology provides more personalized approach to the management and evaluation of cardiovascular diseases such as heart failure, atherosclerosis, ischemic injury, left ventricular remodeling and thrombosis. This technology acts as an integral part of the standard care for various types of cancer including lung, gastrointestinal and breast cancer.
Medical imaging techniques consist of computed tomography (CT), ultrasound, x-rays and others. These techniques offer structure and molecular imaging which helps physicians for analyzing the malformation. Molecular imaging technology is a non-invasive technique. A big advantage of the molecular imaging technique is it is safe and non-invasive. SPECT and gamma camera are the latest technologies that are used. Gamma camera is used for detecting the radiotracer. Increasing functionality of products and widespread presence of the cancer disorders are fuelling the market demand whereas the lack of awareness about such devices among the public and expensive investment are hindering the market growth. Increasing demand from emerging market such as China and India, due to rising disposable income among middle families will create new opportunities for market expansion.
The global molecular imaging market is expected to grow at a compound annual growth rate (CAGR) of around 7.9% over the period of next 5 years.
The molecular imaging market growth are attributed to key factors such as rising advancements in the technology, new product launches, strategic collaborations, mergers and acquisition by the leading market players. Investments in healthcare and research & development and government initiatives for better regulatory measures are expected to boost the molecular imaging products demand. These factors will help the companies in creating opportunities for the product developments. For example, Bruker Corporation introduced a new bench top magnetic resonance spectrometer along with a high-field 9.4 Tesla small animal MRI system and integrated in-line PET in 2019.
MOLECULAR IMAGING MARKET SEGMENTATION:
- Gamma Camera
- Magnetic Resonance Spectroscopy
- Optical Imaging
- Molecular Ultrasound Imaging
- Gastrointestinal Disorders
- Neurology Disorders
- Bone Disorders
- Hospital & Clinics
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America is projected to gain dominance in the molecular imaging market. The market growth in this region can be attributed to the well-established healthcare infrastructure which provides all the molecular imaging modalities in several parts of the region. Furthermore, growing health awareness among people with prevalence of several diseases including cancer, brain and cardiovascular disorders is propelling the demand for molecular imaging market. For instance, according to the American Cancer Society, Inc., in 2018, about 6,93,000 cancer deaths and 1.9 million cancer cases were expected to have occurred in North America. Moreover, increasing ageing population in this region will augment the growth of the industry in the next few years. For instance, as per data obtained by the U.S. Census Bureau, in the 2010 Census, there were more than 40.3 million United States residents whose age is above 65 years and older. In addition, in 2019, more than 54 million United States residents whose age is above 65 years and older. Hence, increasing ageing population in the United States are expected to boost the demand for molecular imaging market during the forecast period.
Asia Pacific expected to project the fastest growth in the future years. This owes to the factors such as new technological advancements and increasing healthcare spending. Moreover, the continuous technological developments have served the identification of the multimodality molecular imaging technique as an innovative approach for the functional as well as anatomical diagnosis. The usage of multimodality imaging techniques such as PET-CT, SPECT-CT and PET-MRI is projected to lead the target market growth.
FEW KEY PLAYERS IN MOLECULAR IMAGING MARKET:
- Carestream Health
- Fujifilm Holdings Corporation
- GE Healthcare
- Hitachi Ltd.
- Hologic, Inc.
- Siemens AG
- Philips Healthcare
- Samsung Medison
- Shimadzu Corporation
- Toshiba Medical Systems Corporation
- In April 2020, Carestream Health has increased the production of portable diagnostic imaging devices. Carestream’s DRX-Revolution Nano Mobile X-ray System and DRX-Revolution Mobile X-ray System help in bringing the X-ray system to the patient’s bedside and delivers higher quality digital radiography image to the healthcare providers to aid in the patient diagnosis.
- In May 2019, the GE Healthcare (United States) Company has announced to collaborate with Indi Molecular, a biotechnology company. Thus, this collaboration will help for for developing a diagnostic tool for the clinical management of the patients receiving immunotherapy
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