The 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 Overview:
Molecular imaging is an advanced medical technology used for visualization, characterization and measurement of biological processes at cellular and subcellular level. It helps physicians diagnose, select appropriate and effective therapies for various cancer types and design medication. Techniques like Positron Emission Tomography (PET), Single-Photon Emission Computed Tomography (SPECT) and Magnetic Resonance Imaging (MRI) play a key role in molecular imaging.
Market key trends:
Advances in molecular imaging technologies are projected to drive the market growth over the forecast period. Key players are continuously focusing on development and commercialization of new generation devices with enhanced sensitivity and resolution. For instance, introduction of hybrid PET-MRI imaging systems integrating the functional data provided by PET with high-resolution anatomical information from MRI. It offers improved molecular characterization of tissues, detection of diseases at an early stage and can give information on disease pathways. As per studies, molecular imaging has huge potential to transform personalized medicine by enabling targeted drug development, disease risk stratification and treatment response monitoring.
Porter's Analysis
Threat of new entrants: Low capital requirements and access to modern technologies and large customer base lower the barriers of entry in the molecular imaging market.
Bargaining power of buyers: Presence of established players and new product innovations limits the bargaining power of the buyers in the molecular imaging market.
Bargaining power of suppliers: Intense competition among component suppliers keeps their bargaining power in check in the molecular imaging market.
Threat of new substitutes: Emerging non-invasive imaging modalities like magnetic resonance imaging (MRI) pose a constant threat to molecular imaging technologies.
Competitive rivalry: Strong competition exists among the established players to gain higher market share through new product launches and geographic expansions in the molecular imaging market.
SWOT Analysis
Strength: Molecular imaging helps non-invasively visualize, characterize and measure biological processes taking place inside living systems at the molecular and cellular levels. Advanced technologies provide high-resolution functional imaging of organs.
Weakness: High cost of equipment, limited reimbursement and shortage of trained professionals hamper the growth of molecular imaging market. Requirement of radioactive tracer limits its use.
Opportunity: Rising incidence of chronic diseases, increasing healthcare expenditure and adoption of personalized medicine create growth opportunities. Technological advancements will further expand applications.
Threats: Stringent regulatory approval process and clinical validations delays product commercialization. Economic slowdowns can decline demand. Alternative imaging modalities pose competition.
Key Takeaways
The global Molecular Imaging Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of chronic diseases, rapid growth in geriatric population and technological advancements.
North America dominates the global molecular imaging market owing to rising healthcare spending, presence of key players, availability of advanced healthcare infrastructure and growing cancer cases in the US and Canada. Europe ranks second in terms of molecular imaging market share supported by increasing funding for R&D and favorable government policies for diagnostic imaging.
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. Major players focus on product innovations through partnerships and geographic expansion strategies to strengthen their presence.
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