Molecular imaging is a non-invasive imaging technique used to study and detect biological processes at the cellular and subcellular levels. It aids in improving diagnostic accuracy and helps guide targeted treatment. This advanced imaging modality provide high resolution visualization of biological processes at the molecular level by using radiopharmaceuticals and probes labeled with gamma-emitting or positron-emitting radioisotopes. Rising prevalence of several chronic diseases such as cancer, cardiovascular diseases and neurological disorders have been driving the demand for advanced diagnostic imaging modalities and procedures leading to increasing healthcare expenditure worldwide.
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:
Growing healthcare expenditure across major economies continues to be a prominent driving factor for molecular imaging market. According to data from World Bank, global current healthcare expenditure reached US$ 7.8 trillion in 2019, up from US$ 7.5 trillion in 2018. This rise can be attributed to aging population and increasing incidence of chronic and lifestyle diseases. As per CDC estimates, chronic diseases account for majority of global healthcare expenditure. With molecular imaging playing a vital role in better diagnosis and management of chronic diseases, its demand is expected to significantly rise in tandem with growing healthcare spending worldwide over the forecast period.
SWOT Analysis
Strength: Molecular imaging offers high sensitivity and specificity for disease diagnosis. It provides functional and molecular information as compared to anatomical information from other conventional imaging modalities.
Weakness: High costs associated with molecular imaging limit its use. Additionally, molecular imaging requires expertise to perform and interpret the scans.
Opportunity: Growing applications of molecular imaging in drug discovery and development offer new opportunities. Increasing R&D for targeted radiotracers also presents opportunities.
Threats: Strict regulations for radiotracer use and limited reimbursent policies pose threats. Economic slowdowns can also impact market growth.
Key Takeaways
The Global Molecular Imaging Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size was valued at US$ 4786.94 Mn in 2023 and is anticipated to grow at a CAGR of 5.2% during the forecast period.
Regional analysis: North America dominates the global molecular imaging market currently. This can be attributed to growing research activities, technological advancements, and availability of reimbursements. However, Asia Pacific is expected to grow at the fastest pace owing to rising healthcare expenditures, increasing cancer incidence, and growing focus on drug development in countries like China, Japan, and India.
Key players: Key players operating in the molecular imaging market include 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. These leading market players are focusing on new product launches, mergers, acquisitions and collaborations to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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