MOLECULAR IMAGING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Molecular imaging is an emerging field that involves molecular biology, chemistry, computer, engineering, and medicine. Various modern imaging technologies have been widely used to monitor structural, functional, and molecular changes in cancer tissues, including optical imaging (either by bioluminescence or fluorescence), computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), single-photon emission computed tomography (SPECT), and ultrasound (US).

The global molecular imaging market is estimated to be valued at US$ 4,309.0 million in 2021 and is expected to exhibit a CAGR of 5.4% during the forecast period (2021-2028).

Figure 1. Global Molecular Imaging Market in Terms of Value (US$ million), By Region, 2021

The high incidence of various chronic diseases is estimated to drive the global molecular imaging market growth during the forecast period.

The increasing prevalence of various chronic diseases such as cancer and other genetic disorders are propelling the demand for early disease diagnosis, which is expected to drive the global molecular imaging market growth. According to the Centers for Disease Control and Prevention’s (CDC) February 2018 data, in the U.S., around 22,000 men and 9,000 women suffer from liver cancer, and around 16,000 men and 8,000 women die from liver cancer annually.

Figure 2.Global Molecular Imaging Market Share (%), By Product Type, 2021

Growing demand for molecular imaging techniques is anticipated to propel the global molecular imaging market growth over the forecast period.

Demand for molecular imaging techniques such as positron emission tomography (PET), computed tomography (CT), magnetic resonance (MR) imaging, and others have increased, as these techniques are widely used for the diagnosis and prognosis of cancer. This is expected to augment the growth of the global molecular imaging market over the forecast period. According to an article published in the Journal of Clinical Medicine of Kazakhstan, in July 2021, around 60 million of magnetic resonance imaging (MRI) scans are performed every year globally, in order to diagnose structural disorders in the human body without the use of ionizing radiation.

Global Molecular Imaging Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus or COVID-19 outbreak that started from Wuhan, China has spread across continents, affecting various industries globally. The supply of key materials has been severely disrupted due to forced quarantine and the lack of labor and raw materials. Regional warehouse operations are not smooth and the transportation of raw materials between regions cannot be carried out successfully. The shortage of raw materials and components has consequently affected the supply chain of the global molecular imaging equipment market. However, molecular imaging techniques such as positron emission tomography/computed tomography (PET/CT) used for the detection and management of the COVID-19 augmented the global molecular imaging market growth during the pandemic.

According to an article published in Seminars in Nuclear Medicine, a review journal in nuclear medicine, in July 2021, MRI showed excellent concordance with chest CT in visualizing typical features of COVID-19 pneumonia.

Global Molecular Imaging Market: Restraints

The high cost of imaging equipment such as MRI machines and CT scanners is a major factor which is expected to hinder the global molecular imaging equipment market growth. For instance, the price of a magnetic resonance imaging (MRI) device starts from US$ 150,000 and a high-end device costs over US$ 1 million.

Key Players

Major players operating in the global molecular imaging market include 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.