Bio-imaging, also known as medical imaging, refers to technologies that are used to visualize parts of the body, assist in clinical diagnoses and guide patient management. It involves capturing images of the inside of the body for clinical analysis and medical intervention, with technologies including X-ray, MRI, ultrasound and PET scanning. Bio-imaging finds applications in various clinical specialties including cardiology, oncology, neurology and obstetrics.
It helps detect and diagnose medical conditions at an early stage, enable non-invasive surgery with image guidance and allow timely monitoring of treatment responses. The growing geriatric population, rising cases of cancer and cardiovascular diseases and increasing awareness regarding benefits of early disease diagnosis are fueling demand for bio-imaging technologies globally.
The Global bio-imaging Market is estimated to be valued at US$ 5.74 BN in 2024 and is expected to exhibit a CAGR of 15.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Bio-imaging Market are Bracco Imaging S.P.A, Bayer HealthCare Pharmaceuticals, Esaote S.p.A, Digirad Corporation, FONAR Corporation, GE Healthcare, Hologic Inc., Hitachi Medical Corporation, Lantheus Medical Imaging, Inc., Covidien Pharmaceuticals, Mindray Medical International Limited., Gamma Medica Inc., Samsung Medison Co., Ltd., and Philips Healthcare. These players are focusing on new product launches, mergers and acquisitions to expand their global footprint.
There is immense potential for bio-imaging technologies for various applications such as neurology, cardiology and oncology. With the growing prevalence of chronic diseases, the demand for non-invasive and high-resolution bio-imaging modalities is increasing. Advancements in bio-imaging including PET tracers, MRI contrast agents and ultrasound probes offer opportunities for early disease identification.
North America dominated the Global Bio-imaging Market Size in 2021 due to growing healthcare expenditure. However, Asia Pacific is anticipated to witness fastest growth during the forecast period with rising medical tourism, healthcare infrastructure development and increasing discretionary spending. Key players are expanding their presence in emerging markets through partnerships and joint ventures.
Market Drivers
- Rising geriatric population worldwide prone to various age-related diseases
- Increasing prevalence of cancer and cardiovascular diseases propelling bio-imaging demand
- Growing awareness about benefits of early disease diagnosis among patients
Market Restraints
- High costs of bio-imaging equipment and procedures limiting widespread adoption
- Stringent regulatory approvals for new system launches delaying time to market
- Shortage of trained and skilled radiologists in developing regions
Segment Analysis
The global bio-imaging market has key segments such as MRI systems, Ultrasound imaging systems, CT scanners, Nuclear imaging systems, X-ray imaging systems and optical imaging systems. Among these, MRI systems is currently the dominating segment accounted for around 25% share of the overall bio-imaging market in 2024. MRI systems offers superior image quality with no radiation exposure and helps provide detailed pictures of soft tissues making it ideal for neurological and musculoskeletal imaging diagnoses.
Global Analysis
North America region currently dominates the global bio-imaging market accounting for more than 40% share in 2024. This is attributed to the advanced healthcare infrastructure, availability of reimbursement facilities, and increasing adoption of technologically advanced products in the region. Asia Pacific region is projected to exhibit highest CAGR during the forecast period owing to rapidly growing medical tourism industry, rising healthcare expenditures and increasing prevalence of chronic and lifestyle diseases.
Get more insights on Global Bio-imaging Market
This report aims to provide detailed insights into the global diagnostic imaging services market.
It provides valuable information on the type, procedure, application, and region in the market.
Expected Revenue Growth Analysis: The Medical Imaging Services Market is projected to reach USD 693.4 billion by 2024 from USD 539.7 billion in 2019, at a CAGR of 5.1% from 2019 to 2024.
On the other hand, factors such as the high cost of diagnostic imaging systems and the low reimbursement structure for outpatient imaging facilities are likely to restrain the growth of the Diagnostic Imaging Services Market to a certain extent in the coming years.
On the basis of modality, medical imaging services market is segmented into magnetic resonance imaging (MRI), ultrasound, computed tomography (CT), X-ray, nuclear imaging, and mammography.
On the basis of end user, medical imaging services market is segmented into hospitals, diagnostic centers, ambulatory care centers, and research & academia.
The global 3D Medical Imaging Devices Market scope was projected at US$ 10.8 billion in 2017.
Furthermore, progressions in the technology of 3D imaging and funds by private establishments and government are additional major reasons driving the market.3D imaging is an innovative technology of ocular imaging that delivers enhanced pictures on 2D display place.
This technology has the capability to propose superior imaging results in a number of segments.
These 3D images are enriched by way of the usage of 3D displays and 3D image sensors.Drivers and Restraints:In line with the United Nations (UN) information issued in 2017, persons having age 65 and beyond constitute nearly 13% share of the entire worldwide populace.
Osteoarthritis is the maximum communal problem for adulthood above 65 years.The 3D medical imaging is a constantly bolstering the market owing to growing demand of enriched visual pictures.
By Application, the global 3D medical imaging devices market can be classified as Orthopedic, Oncology, Cardiology.
