by Molecular imaging aids in detecting molecular and cellular processes using specific contrast agents and receptors. These techniques help determine the effectiveness of new drugs and therapies in pre-clinical and clinical trials by monitoring biological processes at the molecular level. Molecular imaging provides quantitative information about normal and disease states at the cellular and subcellular levels.
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 key trends:
One of the key trends fueling the growth of the molecular imaging market is the increasing adoption of molecular imaging in drug development and research. Molecular imaging helps gain insights into disease pathology and monitor treatment response during various stages of clinical drug trials. It aids in developing personalized medicine approaches by identifying patients who are most likely to benefit from a particular drug. Molecular imaging techniques such as PET and SPECT are increasingly being used in clinical trials to track drug distribution and pharmacokinetics in the body. This facilitates optimization of drug dosages for improved therapeutic efficacy and safety. Further, molecular imaging helps accelerate drug development processes by reducing costs and time associated with clinical trials. The ability of molecular imaging to provide quantitative analytics is strengthening its role in pharmaceutical R&D.
SWOT Analysis
Strength: Molecular Imaging offers highly sensitive diagnostic techniques for earlier detection of diseases like cancer at the molecular level. This helps in better disease management and treatment planning.
Weakness: High costs involved in molecular imaging technologies and procedures limits widespread adoption. Stringent regulatory approval processes also delay market introduction of new molecular imaging products.
Opportunity: Rising geriatric population and increasing cancer incidence worldwide is driving the demand for molecular imaging. Rapid technological advancements are also enhancing the capabilities of molecular imaging solutions.
Threats: Reimbursement cuts and unfavorable pricing pressures from regulatory bodies can negatively impact revenue growth of market players. Intense competition among existing players further poses pricing and market share threats.
Key Takeaways
The Global Molecular Imaging Market Size is expected to witness high growth in the forecast period from 2023 to 2030. 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.
North America is currently dominating the market due to rapid technological advancements and significant healthcare spending in the region. The American College of Radiology and National Institutes of Health are also supporting the development of molecular imaging through research funding which is boosting the regional market growth.
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 currently leads the market with its broad portfolio of SPECT and PET imaging systems. Major players are focused on developing integrated PET/CT and PET/MR hybrid modalities with advanced resolution to facilitate early disease detection.
*Note:
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, chemicals and materials, defense and aerospace, consumer goods, etc.
