by Molecular imaging is a non-invasive imaging technique that helps visualize biological processes at the molecular and cellular levels for accurate diagnosis as well as identification and treatment of a disease. Molecular imaging enables targeted drug delivery and treatment monitoring by specifically detecting and measuring biomarkers associated with disease pathology and therapeutic response in vivo. It finds diverse applications in fields including oncology, cardiology, neurology, and other clinical areas. As cancer remains a leading cause of morbidity and mortality worldwide, molecular imaging techniques are being increasingly utilized to provide insights into tumor characteristics, metastasis patterns, and therapeutic responsiveness. Positron emission tomography (PET) and single-photon emission computed tomography (SPECT) are the most commonly used molecular imaging modalities to detect tumors, evaluate treatment response, and guide targeted therapy in oncology.
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 key trends:
One of the key trends contributing to the growth of the molecular imaging market is the growing demand for non-invasive techniques. Traditional imaging methods requiring invasive biopsies often carry risks of complications. Molecular imaging allows sensitive and repeated assessment of molecular targets and biological processes in vivo without causing harm to the patient. This has increased the preference for molecular techniques among healthcare providers and patients alike for diagnosis and treatment monitoring. Moreover, ongoing advancements in molecular probes and tissue-specific targeted radiopharmaceuticals have improved the diagnostic accuracy of molecular imaging modalities. Introduction of nano-sized and biospecific contrast agents has enhanced visualization of molecular alterations down to the cellular level. This is anticipated to further expand the clinical applications of molecular imaging in the coming years.
Porter’s Analysis
Threat of new entrants: The molecular imaging market requires high R&D investment and regulatory approvals which make it difficult for new companies to enter.
Bargaining power of buyers: The presence of several key players in the market provides buyers with variety of options at competitive prices.
Bargaining power of suppliers: Key raw material suppliers possess moderate bargaining power due to availability of substitute materials.
Threat of new substitutes: Alternatives like X-ray, CT, PET, SPECT have limited applicability in molecular imaging thus posing low threat.
Competitive rivalry: The market comprises prominent global players offering customized products intensifying competition.
Key Takeaways
The Global Molecular Imaging Market Size is expected to witness high growth. 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.
North America region currently dominates the market due major research activities and FDA approvals. Asia Pacific is expected to witness fastest growth owing to improving healthcare infrastructure and rising healthcare spending.
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 focuses on developing novel targeted MRI contrast agents for improved diagnostics. AkzoNobel N.V. offers a wide range of PET imaging radiotracers for neurology and oncology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
